Question of the Week

Question of the week: bank accounts

Co-founder of the Switzer Report
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Q: I have about $10,000 cash in my SMSF bank account and it seems that to get the higher interest rate, there is always a minimum deposit of $50,000. Can you suggest options? Alternatively, can I borrow that money and pay interest to my SMSF? 

 

A: I'm somewhat surprised by the question as most of the targeted accounts offered by banks for SMSFs have eliminated minimum deposit requirements. Perhaps you are using an older style account, or with a bank that hasn't yet understood the needs of SMSF trustees.

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