TD for smsf

Discussion in 'Superannuation, SMSF & Personal Insurance' started by ozwanderlust, 24th Apr, 2024.

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  1. ozwanderlust

    ozwanderlust Well-Known Member

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    Q: which banks / financial institutions to place $ on term deposits for smsf, with ease?
    Background - we have a smsf with a portfolio of aust shares, as well as cash (some on term deposits). The term depos are currently with the bank whose accounts were initially set up, as well as with macquarie bank - each over $250K government guaranteed limit. We are concerned about having too much exposure with one bank, so want to spread the risks to have a term depo with a new bank. Which banks other than macquarie will accept cash as TD for smsf - without having to move all the smsf bank accounts to them? [For macquarie bank, we had to provide a lot of docs before they opened TDs for smsf.]
     
    ozwanderlust, 24th Apr, 2024
    #1
  2. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    All.

    If macquarie folded then I would fear all banks as the Govt couldnt fund the enormity of the big banks failing. A guarantee limit creates a irrational fear. Its a silly guarantee really. Its like guranteeing the share market will open tomorrow. Or the sun will rise. Same as Bonds. Sure the Government guarantees them but what happens if the NZ navy invades and there is no government.
     
    Paul@PAS, 24th Apr, 2024
    #2
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