ING Direct Savings Account
Clients of ESUPERFUND are permitted to invest in Bank and Savings Account in addition to the Commonwealth Bank Accelerator Cash Account ("CommBank ACA"). To simplify the Online Savings Account Application Process, ESUPERFUND has established direct arrangements with ING Direct allowing clients to easily apply for an ING Direct Business Optimiser Account (“ING Direct Savings Account”) through our website.
By using the ING Online Savings Account ESUPERFUND is able to electronically access the transactions made by your SMSF in order to attend to the SMSF Annual Compliance Requirements. No bank records are required from you each year as we already have the data. It is important to understand that only electronic data files are provided to ESUPERFUND. We have absolutely no access to your ING Account and cannot actually login to your Bank Account to access the required data.
About the ING Direct Savings Account
The ING Direct Online Savings Account is called an ING Direct Business Optimiser Account. This account is an "Interest Only" paying account and cannot be used for SMSF Transactions (eg to accept SMSF contributions, rollovers and income and to pay fees and taxes). The ING Direct Savings Account will be "linked" to the CommBank ACA Transaction Account to enable you to deposit and withdraw monies to and from that Account.
Once your SMSF has been established by ESUPERFUND and monies have been transferred to the SMSF, you can apply to establish an ING Direct Savings Account for your SMSF. To establish an ING Direct Savings Account for your SMSF you simply need to visit our online application form here and complete your details.
On receiving your ING Direct Savings Account Application, ESUPERFUND will forward you the applicable prepopulated Application for signing. The documentation will need to be reviewed, signed and returned to our office. The documentation will need to be returned by mail to ESUPERFUND.
The ING Direct Savings Account Interest Rate can be found here.
Once your ING Direct Savings Accounts Application has been processed you will receive direct notification from ING confirming the Account has been established.
Accessing Information by ESUPERFUND
Data for the ING Direct Savings Account established directly through ESUPERFUND is electronically accessible by ESUPERFUND alleviating you of the responsibility of maintaining these records at financial year end. Importantly ESUPERFUND has absolutely no ability to enter or transact on the Account. Only you as the SMSF Trustee can transact on the Account. This gives you peace of your mind your super monies are totally secure.
Product Disclosure Statement
The Product Disclosure Statement for the ING Direct Savings Account should be carefully reviewed prior to applying for the Account. The relevant Product Disclosure Statement can be found here.
The ING Direct Savings Account qualifies for the Government Guarantee. That is balances of up to and including A$250,000 in total are guaranteed by the Federal Government without charge. The guarantee applies to the total balance held in one or more deposit accounts by each legal entity, up to a maximum amount of A$250,000. For further information please refer to the Financial Claims Scheme https://www.fcs.gov.au/.
Avoid Audit Issues
Based on the results of our annual audit compliance process, ESUPERFUND has identified a number of instances where Online Savings Accounts have been incorrectly established in the incorrect account name resulting in ATO compliance issues. As a result ESUPERFUND has introduced the ING Direct Savings Account ensuring that ALL client Online Savings Accounts are correctly established. This has ensured ATO compliance issues and associated penalties are eliminated and that client Investments are compliant with Super Regulations. We note that many Online Savings accounts whilst they offer High Interest Rates, do not extend these Interest Rates to SMSF's and are targeted at Individuals. Clients who establish an Online Savings Account in their Personal Name to take advantage of the Higher Rates are deemed by the ATO to have accessed their Super Early, which may result in severe civil penalties including losing up to 46.50% of your entire super balance! It is important to establish the account correctly, because once the account has been incorrectly established the breach cannot be corrected!
Avoid the Complicated Application Process
Importantly ESUPERFUND will attend to the ING Direct Savings Account Application and Lodgement process with minimum effort by you. There is no need to fill in complicated Application Forms, visit Bank Branches or provide documentation to evidence the existence of your SMSF. This is all handled by ESUPERFUND. The only requirement from you is to provide certified copies of your identification. In most cases there is even no requirement for certified documentation as this documentation has been previously provided. It could not be easier!
Funding your ING Direct Savings Account
Once the ING Direct Savings Account is established you will be notified directly by ING Direct. At that time you can transfer Funds to the ING Direct Business Optimiser Account by simply arranging an Internet Transfer from your Transaction Bank Account. This can be done online. Alternatively for larger transfers the transfer can be arranged via a Fax Authority that can be found here:
This Service by ESUPERFUND is provided on a No Advice Basis. Clients will need to determine if the ING Direct Savings Account is appropriate for their financial situation based on their particular needs.
Can your SMSF invest in Other Bank or Savings Accounts?
Yes. It is not compulsory to use the ING Savings Account and you are permitted to invest in as many additional Bank and Savings Accounts for your SMSF as desired. However if you establish additional Bank and Savings Accounts for your SMSF with Non Preferred Banks, data will not be accessible by ESUPERFUND and you will need to source and provide this data to ESUPERFUND annually. In addition ESUPERFUND provides a Client Login Portal to clients with real time data of all your SMSF Investments. Where you elect to use Non Preferred Banks that we do not receive daily data on, we will not be able to report details of these accounts in real time.