www.esuperfund.com.au

Questions & Answers - Term Deposits & Cash


+ How can my SMSF invest in Term Deposits with ESUPERFUND?

When you become a client of ESUPERFUND, you are permitted to invest in Term Deposit Investments for your SMSF. To simplify the Term Deposit Application Process ESUPERFUND has established direct arrangements with a number of Institutions allowing clients to easily apply for a Term Deposit Investment online. The ESUPERFUND Term Deposit Service is provided to simplify the Term Deposit Application Process. Clients who wish to invest in Term Deposits are strongly recommended to use our Term Deposit Service to simplify the annual administration process and avoid costly audit breaches. However at this time it is not compulsory to use our Term Deposit Service and clients can invest in Term Deposits directly with any Bank they choose if preferred. For further details click here.

+ What Institutions are available under the ESUPERFUND Term Deposit Service?

ESUPERFUND has arrangements in place with the following Institutions to provide Term Deposit Investments for your SMSF if you elect to use our Term Deposit Service. For further details click here.

  • ING Direct
  • AMP
  • Macquarie Bank
+ What is the application process using the ESUPERFUND Term Deposit Service?

Once your SMSF has been established by ESUPERFUND and monies have been transferred to the SMSF, you can apply to establish a Term Deposit for your SMSF. To establish a Term Deposit for your SMSF, please login to the ESUPERFUND Client Portal here. The application will request the Institution you wish to make the Term Deposit with and the amount of the Term Deposit. On receiving your online Term Deposit Application, ESUPERFUND will email you the applicable prepopulated Term Deposit Application for signing. The documentation will need to be reviewed, signed and returned to our office.

+ Where can I find the Interest Rates payable under the ESUPERFUND Term Deposit Service?

The Term Deposit Interest Rates can be found on our website here. The Interest Rates are subject to change and will be notified by updating our website. The Interest Rate that applies to a Term Deposit Application made by your SMSF will be the Interest Rate on the date that all necessary Term Deposit documentation is returned to our office and processed by the relevant institution.

+ Is there a Minimum Term Deposit Amount?

The Minimum Term Deposit Amount using the ESUPERFUND Term Deposit Service is $25,000..

+ Can using the ESUPERFUND Term Deposit Service avoid audit issues?

Yes. Based on the results of our annual audit compliance process, ESUPERFUND has identified a number of instances where Term Deposits have been incorrectly established in the incorrect account name resulting in ATO compliance issues. As a result ESUPERFUND has introduced our Term Deposit Service ensuring that ALL client Term Deposit Investments are correctly established. This has ensured ATO compliance issues and associated penalties are eliminated and that client Term Deposit Investments are compliant with Super Laws.

+ How is the Term Deposit Investment Funded?

An authority will be included in the documentation sent to you on applying for a Term Deposit to debit your Transaction Bank Account to fund the Term Deposit Investment. There is no requirement to transfer monies yourself to fund the selected Term Deposit. This will occur automatically and will be actioned directly by the Bank.

+ Is the Term Deposit Service Compulsory?

No. The ESUPERFUND Term Deposit Service is provided to simplify the Term Deposit Application Process. It is not compulsory and clients can invest in Term Deposits directly with any Bank they choose if preferred.

+ How can my SMSF invest in Online Savings Accounts with ESUPERFUND?

Yes. When you become a client of ESUPERFUND, you are permitted to invest in an Online Savings Account in addition to the Transaction Bank Account. To simplify the Online Savings Account Application process ESUPERFUND has established direct arrangements with ING Direct allowing clients to easily apply for an Online Savings Account through our website. Clients who wish to establish an Online Savings Account are strongly recommended to use the ING Direct Online Savings Account to simplify the annual administration process and avoid costly audit breaches. However at this time it is not compulsory to use the ING Direct Online Savings Account and clients can invest in any Online Savings Account with any Bank they choose.

+ Are the Term Deposit and ING Online Savings Account Government Guaranteed?

Yes. Deposit accounts with 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/.

+ What if I have a query about my Term Deposit or ING Online Savings Account?

If you have any queries you will need to contact the relevant Institution directly. Please do not contact ESUPERFUND directly in relation to queries about your Term Deposit Account as unfortunately we will be unable to assist you with your queries.

+ How safe are my funds using the ESUPERFUND Term Deposit Service or ING Online Savings Account?

All Term Deposits and the ING Online Savings Accounts are established in the name of your SMSF. This is a very important point and gives you total peace of mind that your SMSF is the direct owner of your cash based investments. ESUPERFUND do not have any access to your SMSF cash or other investments either directly or indirectly. So in the very unlikely event we cease to operate or become insolvent all your SMSF Assets including cash investments are totally protected and secure because your SMSF is the direct owner of the assets.

+ Can ESUPERFUND access my Term Deposit or ING Online Savings Account?

No. As detailed above ESUPERFUND has absolutely no ability to enter or transact on your Term Deposit or ING Online Savings Account. Only you have access to these accounts. This gives you peace of your mind your super monies are totally secure.