With Grow, you can instruct us to set up a Macquarie Cash Management (and Accelerator) account when you order your new SMSF.
You can also instruct us to set up an ANZ V2 PLUS Account (which is more suitable if you want the option of being able to transfer funds to a cryptocurrency exchange).
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 is usually active within 1-2 business days;
Macquarie, unfortunately, has overly strict electronic verification of new account holders, and people with non-Anglo names seem to have an unusually high rate of electronic ID verification failure with Macquarie;
Electronic ID failure means you will need to provide an independently certified ID for us to send through to Macquarie.
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?
Additionally, ANZ V2 is another recommended account provider, known for its seamless integration with SMSF platforms.
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 ANZ or 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
Opting for a non-preferred bank like those other than Macquarie or ANZ V2 incurs a minimum additional fee of $120 per annum and can lead to data feed disruptions, audit process complexities, and procedural delays.
Can I open a bank account for my SMSF before the ATO approves the registration?
With ANZ or Macquarie, no. Your SMSF must have the status 'Registered' before an account can be opened.
We do have another bank account option available where they will allow new account to be opened in the name of the SMSF prior to the ATO approving the registration, however this account does have other restrictions and it typically takes an extra few days to open.
Setting Up Automatic Transfers
To efficiently manage recurring transfers for your SMSF, the following steps can assist:
If using a Macquarie account, follow the steps outlined here: Macquarie Recurring Payments Setup.
Should recurring transfers pose challenges, consider requesting an ANZ V2 account via the "Forms & Letters" page in the Grow Portal.
For Accelerator accounts, set up one recurring transfer from Accelerator to CMA and another from CMA to your external account to ensure smooth cash management.
These steps will ease fund transfer activities, even when using multiple accounts.