With Grow, you can instruct us to set up a Macquarie Cash Management (and Accelerator) account when you order your new SMSF.
The ATO must approve the registration before a bank account can be set up for your SMSF.
This means your SMSF's status on Super Fund Lookup must be "Registered" or "Complying."
Grow checks the status of your SMSF registration with the ATO each morning. When it updates to "Registered," we will email you a notification and complete pre-filling your bank account application for your approval.
You can learn more about the different statuses here: SMSF Status - Super Fund Lookup.
Questions about setting up a bank account for your SMSF
How long does opening a bank account for my new SMSF take?
Provided all individual account holders pass ID verification, the new account (assuming Macquarie) is usually active within 1-2 business days;
Do I need to visit a bank branch to open my SMSF bank account?
No. The application process is entirely online.
Can I choose my bank account, or must I use the account specified by Grow?
As a trustee of an SMSF, it's always your choice regarding the accounts and investments your fund makes.
For example, it is not compulsory to use Macquarie; however, if you decide to use another bank account, this will impact the delivery of our services and applicable fees. More information here: Grow Advice Disclaimer
Can I open a bank account for my SMSF before the ATO approves the registration?
No. Your SMSF must have the status 'Registered' before an account can be opened.