7 of the top SMSF savings accounts on the market today

By Polly Fleeting ·

If you’ve taken control of your own super with a Self-Managed Super Fund, part of your strategy may be finding a top value savings account to stash your retirement dollars in, with zero fees, easy access and a great interest rate. But that’s sometimes easier said than done.

Here at Mozo we’re taking the stress out of finding the perfect SMSF savings account. We’ve recently announced our 2020 Experts Choice Deposit Awards, which found and crowned the top savings account and term deposit options for Aussies managing their own super. 

Check out some of the top winners below:

1. AMP- SuperEdge Saver Account

Won for: SMSF Savings Bank of the Year, SMSF Kick Start Savings, SMSF No Strings Savings 

Interest rate: 0.85% p.a. for 6 months on first $1m (0.65% after)

What's the low down? AMP came out on top in the Mozo Experts Choice Awards as SMSF Bank of the Year and it’s no surprise, its SuperEdge Saver Account gives your self managed superannuation fund a solid boost. And you can access your money anytime, with easy online transfers from your saver account to your cash account.

2. RaboDirect- DIY Super High-Interest Savings Account

Won for: SMSF Kick Start Savings

Interest rate: Up to 1.65% p.a. variable interest rate (4 month introductory variable rate on the first $250,000)

What's the low down? If you’re serious about managing your own superfund, then the DIY Super High Interest Savings Account could be for you. You can earn interest at 0.30% p.a. to keep your savings stash growing, plus the introductory rate of 1.65% p.a. could be the kickstart you need to hit your super saving goals faster.

3. Bank First - Bonus Saver 

Won for: SMSF Regular Saver

Interest rate: 0.60% p.a.

What's the low down? With the Bank First Bonus Save, pretty much everything is in your hands. There’s no minimum deposit required to open your account and you can easily manage your funds online, in branch or over the phone. Plus, there are no ongoing fees attached and if you deposit at least $1 into the account and make no withdrawals in the month, then you'll also receive an ongoing interest rate of 0.60% p.a.

4. CUA - eSaver Reward 

Won for: SMSF Regular Saver. SMSF No Strings Savings

Interest rate: 1.20% p.a.

What's the low down? With a CUA eSaver Rewards account up your sleeve, you could see your savings grow quicker than you think. If you meet the conditions of this account, you could end up bumping that not-so-great 0.05% base rate up to a bonus rate of 1.20%. It’s all up to you to maximise what you get out of your money! 

5. BankVic- SMSF Saver

Won for: SMSF Regular Saver, SMSF No Strings Savings

Interest rate: 0.70% p.a.

What's the low down? Sometimes it is possible for you to get the best of both worlds. With the BankVic SMSF Saver account you can not only grow your super, but you can also do so while enjoying the flexibility of access to your funds, with unlimited transactions via the branch, over the phone, or online.

6. Qudos Bank - DIY Super Saver 

Won for: SMSF Regular Saver

Interest rate: 1.00% p.a. ($10,000 and over) 

What's the low down? Want an account that’s easy to access and manage whenever you need to? The Qudos Bank DIY Super Saver might be what you need. While you earn a base rate of 0.35%, for balances over $10,000 you could earn a bonus rate of 1.00% when you make no withdrawals in a month. Not only are there no account keeping fees, but there are also no minimum or maximum balance requirements. 

7. bcu - Retirement Savings Account 

Won for: SMSF No Strings Savings

Interest rate: 0.30% p.a.

What's the low down? After an easy-to-manage retirement savings account with no fees? Say hello to the bcu Retirement Savings Account! This account comes with a tiered interest rate structure which is designed to pay you more the bigger the size of your deposit. This account is suitable for Aussies with a small superannuation fund, as you can move any existing superannuation in the account. 

Term deposits

Looking to lock away your savings stash instead? Here are 3 of the top SMSF term deposits currently on offer: 

1. AMP- Term Deposit

Won for: Term Deposit

Interest rate: 0.55% p.a. for 12 month term (under $25,000)

Who is it good for? The AMP Term Deposit is great for savers looking to grow balances over $5,000 or $25,000, with interest rate certainty. It has a variety of terms to suit your savings needs, starting from 1 month, up to five years.

2. ME- Business Term Deposit

Won for: SMSF Term Deposit

Interest rate: 0.80% p.a for a 12 month term

Who is it good for? The ME Business Term Deposit is a great option if you’re looking to give your self-managed super fund a boost. The online account has no set-up fees or account-keeping fees, just solid interest rates on terms from 1 month up to 5 years.

3. ING - Business Term Deposit

Won for: SMSF Term Deposit

Interest rate: 0.30% p.a for a 2 year term

Who is it good for? Want a secure and rewarding place to park your savings? ING’s Business Term Deposit could be what you need. It comes with a range of interest rates and terms, fit for any saver. 

Check out the rest of the winners here, or head over and take our savings account comparison tool for a whirl to search the rest of the market.

Polly Fleeting
Money writer

Polly Fleeting is a personal finance writer here at Mozo, specialising in loans and credit cards. Her work is aimed at helping people find ways to make smart product choices, reduce debt and get more for their hard-earned dollars. Polly has a degree in Journalism from the University of Technology, Sydney. She is also ASIC RG146 (Tier 2) certified for general advice.