As Macquarie started blocking transfers to all known Australian cryptocurrency exchanges in November 2024, many Grow customers are looking for alternative cash accounts for their SMSFs.
With Grow, you can add another cash account to your SMSF, and no additional fees will be incurred, provided the account meets the following criteria:
Grow can receive a data feed into our SMSF accounting platform.
Grow can obtain read-only accountant access to transactions and statements.
The above criteria enable us to complete your SMSF accounts efficiently and without additional fees.
If you choose to open another bank account independently of Grow, an additional $120 fee will be applied per account per year, and you will also be required to provide us with additional PDF statements for audit purposes each year.
Account Comparison
| Macquarie | ANZ |
Account Name | Macquarie Cash Management Account | ANZ V2 Plus Account |
Website | ||
Apply via Grow | ✅ | ✅ |
Interest Rate | CMA - 2.25% Accelerator - 4.15% | 3.75% |
Crypto-Friendly? | ❌
All transactions are blocked. | ✅ + ⚠️
Expect that first-time transactions are initially blocked but will be approved with intervention (you need to speak to ANZ Fraud team). |
Account Keeping Fees | None | None |
Account Opening Time | 1-2 business days | 1-2 business days |
Application Process | 100% Online | Online + signed PDF |
ID Verification | Strict/Rigid
| Reasonable |
Online Banking | Yes | Yes |
Comments | A good solution, especially for large transfers, excluding transfers to crypto exchanges. | If you are an existing ANZ customer, provide CRN with an account linked to the existing online banking profile. |
When you set up a new SMSF with Grow, you can select any of the above 2 accounts as your SMSF bank account.
The BOQ Money Market Account (via DDH Graham) is no longer available as an option to select when opening a new SMSF with Grow; however, we may still use the account upon request in limited scenarios.
Grow will assist with the account opening (based on your instructions).