We prefer if the Funds we administer set up a Macquarie Cash Management Account (CMA for short). This is a dedicated SMSF bank account. This account will act as a hub or transaction account for your Fund.
The main advantages for a SMSF using the Macquarie CMA account are:
- no account keeping fees
- interest rate the same as the official bank rate
- Superannuation Warehouse can debit your Fund monthly fee from this bank account
- deposits can be done at any NAB branch
- cheque book available with this account
- Superannuation Warehouse can view your account at year end to prepare financial accounts and tax returns
To open up a SMSF bank account, we will send you the procedure to do this when a new fund is set up. To open up a Macquarie bank account at any other time, please contact us.
More general info on bank accounts by clicking here.