Steps to Open a SMSF Bank Account with Redwood Advisory

The Redwood Advisory promise is to make taking control of your super easy through your SMSF.

A key part of the SMSF establishment process is opening your Self Managed Superannuation Fund (“SMSF”) bank account.

This article will highlight the key steps in the process to ensure your bank account opening process is smooth with no surprises.

Steps to open your bank account:

1. Set-up an SMSF with Redwood Advisory
2. Redwood Advisory will apply for an ABN & TFN for your SMSF on your behalf upon establishing the fund. The ABN can take up to 28 days to be issued from the ATO and received by the fund however usually takes around 1-2 weeks.
3. Once the SMSF ABN is received, you will be able to establish a SMSF bank account
4. In your Redwood Advisory Welcome Pack there will be a BOQ bank account opening form (please note you can use any bank to open your account)
5. Complete BOQ (or other bank) Application form
6. The bank usually requires the signed Trust Deed (can be scanned), Certificate of Incorporation (if corporate trustee), ABN and original application form
7. Once documents in step 6 are received by the bank, they will be able to open the bank account with 24 hours.
8. Once bank account is established, you are then ready to roll over your superannuation balance to your SMSF and take control of your super.
9. The bank account will be in the SMSF name not your individual members/ trustees name.

This article was written by Ivan Filipovic – Director of Redwood Advisory SMSF Specialists.