SMSF Accounts Mozo Experts Choice Awards 2024

Our experts have conducted an extensive analysis of self-managed super funds (SMSFs) and associated banking and saving accounts. With the increasing popularity of SMSFs among everyday Australians, it’s helpful to identify options that offer both security and competitive returns. 

This year, we compared a wide range of financial institutions to pinpoint the best SMSF savings and term deposit accounts, evaluating factors such as interest rates, fees, and customer service. This thorough research can help empower Australians to invest in their financial future with confidence.

If you're on the lookout for deposit accounts for your self-managed super fund savings, our winners list is an excellent place to start your search. The Mozo Experts Choice Awards can assist you in making more informed decisions in order to maximise your returns for a more secure retirement.

What are the Mozo Experts Choice Awards?

Now in their eleventh year, the Mozo Experts Choice Awards present an opportunity to highlight products in the market we believe offer great value to Australians.

For the 2024 SMSF Accounts awards, we analysed 69 SMSF products from 43 providers.

“Having a long term plan is very important when you’re looking after your own superannuation. But it’s also important to make sure the building blocks you choose are all working in support of the end goal and this means having the right banking and savings products in your investment mix," Mozo Experts Choice Awards Judge Peter Marshall said.

“This year’s awards have identified the accounts that are more likely to offer the best rates on any cash component in your fund, whether that’s for a few weeks, months or many years.”

For details on how we crunched the numbers and determined our winners, see the 2024 Mozo Experts Choice SMSF Accounts Awards methodology report .

Why choose a SMSF?

A Self-Managed Super Fund (SMSF) can be an attractive option for Australians looking to take control of their retirement savings. One of the main reasons people consider a SMSF is the flexibility it offers. You can choose where to invest your super, whether that’s in property, shares, or other assets, giving you the power to tailor your investment strategy to your own goals and risk tolerance.

Another big draw is the potential for tax benefits. SMSFs typically enjoy concessional tax rates on investment earnings, which can help your super balance grow faster compared to traditional super funds. Plus, if you’re savvy with your investments, you might find opportunities that are more profitable than the standard offerings from retail super funds.

What to consider when choosing the best SMSF

1. Costs and fees: Setting up and managing an SMSF can come with significant costs, including setup fees, ongoing administration fees, assistance and accounting costs. It’s essential to weigh these against the benefits to see if it makes financial sense for you.
2. Time commitment: Managing an SMSF can be time-consuming. You’ll need to regularly monitor your investments and ensure everything is compliant with ATO regulations. If you don’t have the time or inclination to stay on top of this, a traditional super fund might be a better fit.
3. Compliance and regulations: SMSFs have to adhere to strict regulations set by the Australian Taxation Office (ATO). Make sure you’re prepared to handle the compliance side of things, or consider hiring a professional accountant for assistance.
4. Investment knowledge: It’s crucial to have a good understanding of investments if you're going to manage your own fund. If you’re not confident in your investment skills, you might want to think twice or seek advice from a financial planner.
5. Investment strategy: Define your investment goals and risk appetite. A SMSF allows you to diversify into a range of assets, but you’ll need to have a clear plan and strategy to make it work effectively.

Choosing a SMSF is a big decision, and while it can offer great benefits, it's important to carefully assess your personal financial situation and ensure the fund you select is manageable and suits your retirement strategy. Check out our comprehensive SMSF guide for more information.