Following a frustrating day, this thread is in similar vein to "where is your cash at"...but regarding SMSF that have corporate trustees.
I had my online cash component with ANZ, as I am mandated to settle trades via their cash account for my SMSF audit, and they advertised a 4.25% rate, so I rang to upgrade,(from 3.75%), only to be told that they would not do it if there is a Pty Ltd in the title.
For those that dont know, corporate trustees are often set up using "special purpose" companies whose sole purpose is to act as Super trustees ( it makes adding members, and other alterations, easier).
After phoning several financial institutions, I received a similar response
(not before being told the wrong info numerous times)
Eventually I settled on St George, who will pay 4.5% online
Also found out that to set up a new super account, they must copy EVERY page of the trust deed, not just the Schedule.
This means 66 pages, instead of 3..and as they have to be "certified copies",
that rules out non-branch providers afaic
( I took my docs to St George and they copied them)
If anyone else has recently been thru this ordeal, I would be interested to hear what rates they are getting, and from whom,
especially at present, as I would have to go to a term 4 months or more to get a better rate, and why would I do that with rates on the rise?
As i am talking a substantial 6 figure sum, its something thats worth doing.
On a side note, I must say the ANZ reached a new low in customer service, whilst in the process of trying to get an answer, they kept transferring me from person to person.
The last guy I spoke to was not very helpful, so I asked if he would please transfer me to someone that understood superannuation matters, and he replied "No, he was going to terminate the call"
I hadnt even been rude to him
this followed a previous situation were they refused to discuss my accounts with me because they were held by a trustee...the trustee being (my own name) pty ltd...how stupid can a someone be over the phone
the last bastard will get a rocket up his ar$e hopefully, as I put in a email complaint, with his name, section and location, and withdrew the bulk of my account