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Which trading account for SMSF

Discussion in 'Shares' started by Billv, 3rd Mar, 2009.

  1. Billv

    Billv Getting there

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    Hi guys

    I've setup a SMSF and I am planning of buying shares monthly as my employer and salary sacrifice contributions hit the account.

    Any suggestions as to what type of online account I should open up for buying and selling shares?

    I was thinking of COMSEC or something similar but the funds will probably be in a rabobank online account. Is this a problem?

    I am thinking of concentrating on only a few stocks and want to keep my transactions costs to a minimum.

    Is anyone doing something similar and should I also be looking at different products? I will probably have $2K per month to spend.

    thanks
     
  2. Shady

    Shady Well-Known Member

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    I've seen this bank account promoted by a few smsf admin companies

    Its the ANZ V2 account
    ANZ V2 PLUS
     
    Last edited by a moderator: 4th Mar, 2009
  3. Billv

    Billv Getting there

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    Shady

    Thanks, the ANZ V2 is indeed a SMSF trading account but it's for the deposits of the employer contributions and I've already got one of those with Rabobank.

    What I am after is a share trading account for my SMSF like COMSEC.
    I want to get the structure of the whole thing right.

    COMSEC requires a Comm bank account and I don't have 1 of those so if I want to do a trade I'll need to transfer the money from the rabobank SMSF savings account to the comsec 1.
    I guess I can do that every month but I'd like to keep things simple if I can.

    cheers
     
  4. dudek

    dudek Well-Known Member

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    Bill,

    I got my SMSF with St George, I was hoping to keep things simple so I applied for directshares -all stGeorge. (directshare run by eTrade) I spent 45 minutes on the phone as I overlooked fine print witch says you can’t debit and deposit money between SMSF and directshares - all within Sg. George

    The way it works at St.George, you get your SMSF DIY account and they link it to any nominated saving account (even non St. George)

    I ended up setting CommSec account and linking it to St.George savings account. I will still need to move money for transaction from SMSF account to savings (within St.George, no delays on line) One thing about CommSec is that you can place buy/sale order without touching your money. You have delays to transfer your money. EG. if you have offset account and you paying daily interest it works for you. For eTrade you have to transfer funds before you can place order.


    All good but I am yet to test drive it. It takes ages to process every request etc.. but I am not in rush and it is kind of blessing as the longer it takes to finalise the lower market is dropping.
     
  5. Shady

    Shady Well-Known Member

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  6. Billv

    Billv Getting there

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    Dudek

    Thanks, it seems the account structure can be a bit of a challenge :)

    I wonder if I can use the COMSEC account or the SMSF's offset account which is provided with the property mortgage as my main SMSF transaction account?

    cheers
     
  7. Billv

    Billv Getting there

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    Shady

    Thanks, I will check them out.

    cheers