Comments on: High interest cash accounts for SMSFs

By: kim

kim — Mon, 14 Nov 2011 06:14:40 +0000

Hi Christina, yeah they said it’s their policy which in my opinion is rather odd. What’s the difference between how many directors an SMSF has?

By: Christina

Christina — Mon, 14 Nov 2011 00:58:55 +0000

Hi Kim,
That does sound strange, perhaps it is just a system limitation. Have you tried calling them? The call centre people are quite helpful.

By: kim

kim — Sun, 13 Nov 2011 23:06:50 +0000

Ubank only lets a SMSF open an account if it has only 2 directors which seems rather strange. Our son is with us in our SMSF so we have 3 directors and they would not accept us!

By: Christina

Christina — Sat, 08 Oct 2011 23:41:26 +0000

Hi Ivone, Ubank is a division of NAB and is covered by the government guarantee. More info on this can be found on the Customer Help Page on their website. From what I read about the government guarantee, credit unions and building societies are also covered by the govt guarantee as long as they are eligible authorised deposit-taking institutions (ADI).

By: Ivone Kirkpatrick

Ivone Kirkpatrick — Sat, 08 Oct 2011 20:44:35 +0000

Hi Christina, I have read a couple of your blogs which are quite insightful. Reading your blog re U Bank, I have had a deposit with U Bank for some time now. U Bank seems to operate as a low cost, no frills investment arm as part of the NAB group structure. As far as I know invested deposits with U Bank are not guaranteed by NAB.
You should also look into investments with the larger credit unions and building societies. Some of these groups have been trading for up to 100 years and have sizable value and receivable assets from consumer mortgages. They also are worthy contenders for investors

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