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 an 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 branches
- 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 an 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.
Cash Management Accelerator Account
Accelerator Account allows Trustees to earn more on their cash kept within the CMA due to the Accelerator high interest. You can easily transfer into your Accelerator from any external bank account. However, to be able to open an Accelerator, you have to hold a Cash Management Account with Macquarie. For a further look at how to open and operate an Accelerator see here.
More general info on bank accounts by clicking here.