When setting up a term deposit for a self-managed super fund (SMSF) with Judo Bank, there are specific rules around how many trustees can open the account. These rules exist to help us streamline the application process and provide a smoother account management experience.
How many trustees can open a Judo Bank SMSF account?
Judo Bank has specific rules for who can open an SMSF term deposit.
SMSFs with individual trustees
- You’ll need at least two trustees to apply, with a maximum of four trustees.
SMSFs with a corporate trustee
- Only one corporate trustee is allowed and each member of your SMSF must be a director of the corporate trustee.
If your SMSF does not meet the above requirements, you won’t be able to apply online for a Judo Bank SMSF term deposit.
Why does Judo Bank have these requirements?
You might wonder why Judo Bank has these requirements when an SMSF can have up to six individual trustees (though requirements across States and Territories may differ).
The reason is practical. Judo Bank’s policies help to provide a streamlined application process and smoother account management.
Some general requirements for applying for a Judo Bank SMSF term deposit
No matter how your SMSF is structured – whether with individual trustees or a corporate trustee – some key details must be provided to complete the online application. These include, but are not limited to:
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A unique email address for every individual trustee or director of the corporate trustee, authorised representative, intermediary or related person.
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A unique Australian mobile phone number for each person for verification purposes.
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Personal identification documents, including any two of the following documents: a current Australian driver’s licence, current Australian passport, or current Medicare card.
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The SMSF’s ABN and full name.
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If the SMSF has a corporate trustee, the ACN and full name of the trustee.
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The SMSF’s nominated external bank account details.
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That every individual trustee or director of the corporate trustee, authorised representative, intermediary or related person of the SMSF must be over 18 years of age, Australian tax residents and reside permanently in Australia living at an Australian residential address. Judo Bank cannot accept applications from foreign tax residents.
Important Information
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