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 SMSF.
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 apply per account per year, and you will also be required to provide us with additional PDF statements for audit purposes every year.
Account Comparison
| Macquarie | BOQ | ANZ |
Account Name | Macquarie Cash Management Account | BOQ Money Market Deposit Account | ANZ V2 Plus Account |
Website | |||
Apply via Grow | ✅ | ✅ | ✅ |
Interest Rate | CMA - 2.75% Accelerator - 4.65% | 4.10% | 4.25% |
Crypto-Friendly? | ❌
All transactions are blocked. | ✅
Normal risk assessment. | ⚠️
Some transactions are blocked but approved with intervention. |
Account Keeping Fees | None | None | None |
Account Opening Time | 1-2 business days | 1-2 business days | 1-2 business days |
Application Process | 100% Online | Online + signed PDF | Online + signed PDF |
ID Verification | Strict/Rigid
| Reasonable | Reasonable |
Online Banking | Yes | Yes | Yes |
Comments | Good solution excluding crypto transfers. | Can run side-by-side with Macquarie. | If 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 either the Macquarie or BOQ Money Market account for your SMSF bank account.
Grow will assist with the account opening (based on your instructions).