Best DIY Super Savings Accounts

GOLD WINNERS BANK HSBC NON-BANK CUA Every dollar counts, so it pays for SMSFs to get their money working harder

Australia’s 597,000 selfmanaged super funds (SMSFs) own total assets worth $697 billion, and cash remains an important investment for do-ityourself funds. Tax office figures show that one in four dollars held by SMSFs is invested in cash. The problem is that not all savings accounts are open to super funds that’s why our list of winners is so valuable if you have – or are wanting to start – your own fund.

HSBC’s Flexi Saver comes with a base rate of 1.25%. But SMSFs can earn bonus interest of 1.25% if the account balance is $300 higher on the last business day of the month than on the first business day. Not only does this bring the total return up to 2.50%, unlike many savings accounts interest is paid on eligible balances up to $5 million.

Qudos Bank’s DIY Super Saver pays a base rate of 1.75% but funds can earn an extra 0.65% when the balance is $10,000 or more and no withdrawals made in a month. No minimum or maximum account balances apply though Qudos only offers one DIY Super Saver Account per SMSF.

Teachers Bank Reward Saver pays bonus interest when funds save $50 each month, make no withdrawals and have a credit balance at all times. Only one free withdrawal is permitted a month; further withdrawals attract a $1.50 fee.

CUA’s e-Saver Boost pays a base rate of 0.25% with bonus interest of 2.5% applying when funds deposit $250 each month and make no withdrawals. Bonus interest is only paid on balances up to $500,000.

Macquarie Credit Union’s Online Savings account pays a base rate of 1.75% but if the SMSF deposits $200 a month and makes no withdrawals a bonus rate of 0.8% applies.

Newcastle Permanent’s Smart Saver pays 2.40% on the entire balance as long as a fund deposits $150 in a month and makes no more than two withdrawals each month.