Opening a DIY Super directsaver
How do I open a DIY Super directsaver?
Applying to open a DIY Super directsaver is easy
- Call us on
1300 30 10 20 and select option 3, 8am - 6pm (AEST) Monday to Friday to open one over the phone - Download the application form, complete it and mail it to us
Who can open a DIY Super directsaver?
- Self Managed Super funds, or
- Trusts
Do I have to change banks?
No. DIY Super directsaver works with your current banking arrangements. A DIY Super directsaver can be linked to your existing bank account, for transfer of and access to funds.
If you choose to link your DIY Super directsaver to a nominated St.George business account, funds are transferred between the two accounts instantly, 24 hours a day, 7 days a week (subject to systems availability and maintenance). The following St.George accounts can be a Nominated Account:
- Investment Cash Account*
- Complete Freedom*
- Express Freedom*
- Simply Freedom*
- Freedom Account*
- Freedom Plus Account^
- Portfolio Cash Management Account*
- Portfolio Loan Account
- Freedom Business Account
- Business Cheque Account Plus
- GST Provision Account
- Commercial Money Market Account
- Business Maximiser Account
- Society Cheque Account
- Standard Business Cheque Account
- Any other account to which we consent
^ No longer for sale, however existing account owners may select this product as the nominated account if it is held in the same name as the DIY Super directsaver account
Who are the trust's designated authorities?
The designated authorities of the trust are all trustees.
The above designated authorities of the trust are authorised to:
- Change the existing Nominated Account linked to the DIY Super directsaver
- Add, delete or change an Authorised User
- Set up, change or cancel an automatic savings plan/additional super contributions
- Close the DIY Super directsaver
What's an Authorised User?
An Authorised User is a person who is authorised to operate the DIY Super directsaver.
An Authorised User can:
- Deposit money to and withdraw money from the DIY Super directsaver through the Nominated Account linked to the DIY Super directsaver. They can also deposit and withdraw from the Nominated Account.
- Change his or her own details
- Cancel deposit or withdrawal instructions.
Note: Authorised Users on the DIY Super directsaver must also be signatories on the Nominated Account.
Consent is required from ALL Authorised Users for the following to occur:
- Change the name of the account holder
- Change the registered or mailing address of the account holder
- Change the phone number of the account holder.
What's an Authorised Signatory?
An Authorised Signatory is a person who has been authorised by the account holder to operate the existing Nominated Account only that is linked to DIY Super directsaver.
Note: Unless separately granted authority as Authorised Users, Authorised Signatories do not have authority to operate the DIY Super directsaver.
- Authorised Signatories can only deposit and withdraw funds from the Nominated Account
- Authorised Users can transfer funds to and from the DIY Super directsaver through the Nominated Account linked to the DIY Super directsaver. They can also deposit and withdraw from the Nominated Account.
How do I know when my DIY Super directsaver is opened?
Once your account is opened, the account holder and each Authorised User will receive a Welcome Pack. This pack will include a Welcome letter, account details, the Authorised User's unique phone and Internet banking access number (if he or she does not already have one), account usage instructions and other relevant information.
Can I have more than one DIY Super directsaver?
You can have up to fifteen DIY Super directsaver accounts linked to the same Nominated Account, making it easier for you to keep track of each of your goals.
Can foreign residents open a DIY Super directsaver?
Yes, as long as the Nominated Account linked to the DIY Super directsaver is held in Australia.
Authorised Users to a DIY Super directsaver
Who needs to be an Authorised User?
Each Authorised User must be a signatory on the Nominated Account, and all trustees of a trust need to be Authorised Users.
-
For individual trustees all individual trustees must be the Authorised Users (maximum of 4).
For company trustees, one director and a director/secretary must be Authorised Users.
For sole shareholder company trustees, the sole shareholder and the company secretary (if a different person) must be Authorised Users.
How do I add/remove Authorised Users to/from my DIY Super directsaver?
By completing the DIY Super directsaver Authorised User form , and returning it to us as instructed at the top of the form.
What can I do as an Authorised User to a DIY Super directsaver?
As an Authorised User you have the authority to operate the DIY Super directsaver.
An Authorised User can:
- Deposit money to and withdraw money from the DIY Super directsaver through the Nominated Account linked to the DIY Super directsaver. They can also deposit and withdraw from the Nominated Account.
- Change her or his personal details
- Cancel deposit or withdrawal instructions
Consent is required from ALL Authorised Users for the following to occur:
- Change the name of the account holder
- Change the registered or mailing address of the account holder
- Change the phone number of the account holder
Should an Authorised User have access to the Nominated Account?
Yes, all Authorised Users must also be signatories to the Nominated Account to be able to transfer funds between the two accounts.
Nominated Account Information
What is a Nominated Account?
A Nominated Account is the bank account you choose to link to the DIY Super directsaver.
An Authorised User can deposit funds to your DIY Super directsaver by transferring funds from your Nominated Account.
You can also deposit funds to your DIY Super directsaver from other accounts using electronic direct credit and by using "Third Party Transfers" or "pay anyone" facilities, if they are available on your account at other financial institutions.
Some financial institutions require you to register to use a "Third Party Transfer" or "pay anyone" service and may impose daily limits. Please contact your financial institution for more details.
If you wish to withdraw funds from your DIY Super directsaver, you must transfer the amount you wish to withdraw to your Nominated Account, and then withdraw the amount from the Nominated Account.
What accounts can I have as my Nominated Account?
The Nominated Account must be an Australian business account in the same name as the DIY Super directsaver and have direct debit and direct credit access.
The following St.George accounts can be a Nominated Account:
- Investment Cash Account*
- Complete Freedom*
- Express Freedom*
- Simply Freedom*
- Freedom Account*
- Freedom Plus Account^
- Portfolio Cash Management Account*
- Portfolio Loan Account
- Freedom Business Account
- Business Cheque Account Plus
- GST Provision Account
- Commercial Money Market Account
- Business Maximiser Account
- Society Cheque Account
- Standard Business Cheque Account
- Any other account to which we consent
^ No longer for sale, however existing account owners may select this product as the nominated account if it is held in the same name as the DIY Super directsaver account
How do I link my DIY Super directsaver to my Nominated Account?
By completing "Step 2. Nominated Account Details" in the DIY Super directsaver application form.
How do I change my Nominated Account?
By completing the DIY Super directsaver Nominated Account Advice form, and either posting or faxing it back to us as instructed on the top of the form.
Can I have more than one Nominated Account?
The DIY Super directsaver can only have one Nominated Account linked to it at any time.
Can my Nominated Account be in a different name to my DIY Super directsaver?
No, both accounts must be in the same name and held in the same capacity (for example, if the Nominated Account has been set up as a family Trust with three trustees, then the DIY Super directsaver must also be set up as a family Trust with three trustees. Additionally, the names of both accounts must be identical).
Can I have more than one DIY Super directsaver linked to my nominated account?
- Yes. There is no limit to the number of DIY Super directsaver accounts that can be opened.
- However you can only have up to 15 separate DIY Super directsaver accounts linked to one eligible Nominated Account, to help make managing your savings goals easier.
- For Example:
Depositing funds to my DIY Super directsaver
How do I deposit funds to my DIY Super directsaver?
There are three ways this can be done:
- Phone banking by calling
1300 30 10 20 - Internet banking at dragondirect.com.au
- Direct credit and by using "Third Party Transfers" or "pay anyone" facilities, if they are available on your account at other financial institutions. In addition you can set up a savings plan or make additional super contributions.
Note: Funds cannot be deposited to your DIY Super directsaver at a branch or through an ATM. Cheque deposits are also not available.
How long does it take for my funds to clear?
- Funds are credited to your DIY Super directsaver on the day we process the transfer.
- If the account from which you are transferring funds is with St.George or BankSA, funds are immediately available.
- If the account from which you are transferring funds is with another financial institution, the funds earn interest immediately, but are on hold for up to three days while the transaction is processed.
How do I set up a savings plan or make additional super contributions?
- For new customers, complete "Step 3. Automatic Savings Plan/Additional Super Contributions" on the DIY Super directsaver application form, or
- For existing customers, complete the DIY Super directsaver Savings Plan/Additional Super Contributions form
Withdrawing funds from my DIY Super directsaver
How do I withdraw funds from my DIY Super directsaver?
An Authorised User can withdraw funds from the DIY Super directsaver through either phone banking by calling
How long does it take for my funds to clear?
If your DIY Super directsaver is linked to an eligible St.George Nominated Account, funds are transferred instantly between the accounts.
The following St.George accounts can be a Nominated Account:
- Investment Cash Account*
- Complete Freedom*
- Express Freedom*
- Simply Freedom*
- Freedom Account*
- Freedom Plus Account^
- Portfolio Cash Management Account*
- Portfolio Loan Account
- Freedom Business Account
- Business Cheque Account Plus
- GST Provision Account
- Commercial Money Market Account
- Business Maximiser Account
- Society Cheque Account
- Standard Business Cheque Account
- Any other account to which we consent
^ No longer for sale, however existing account owners may select this product as the nominated account if it is held in the same name as the DIY Super directsaver account
If your DIY Super directsaver is linked to a Nominated Account with another financial institution, transferred funds are available on the next business day as long as the transfer is made prior to 3.30pm on a business day. Transfers are not processed on weekends or public holidays.
Can I withdraw funds from my DIY Super directsaver to an account that isn't the Nominated Account?
No. For security reasons, you can only withdraw funds to the Nominated Account linked to your DIY Super directsaver.
Can I draw a cheque on or have a direct debit payment made from my DIY Super directsaver?
A cheque facility is not available on a DIY Super directsaver and direct debits cannot be set up from this account. Withdrawals from your DIY Super directsaver can only be transferred to the Nominated Account linked to your DIY Super directsaver.
Phone and Internet Banking
How do I get access to phone or Internet banking?
If an Authorised User is not already registered for St.George Bank phone or Internet banking, we will send the Authorised User a dragondirect phone and Internet banking access card when the DIY Super directsaver is opened. Each Authorised User will receive their own card with a unique access number.
To register for phone or Internet banking, an Authorised User must call the dragondirect Contact Centre on
How do I use phone banking?
Simply either call
How do I use Internet banking?
Access Internet banking and enter the information requested. The first time an Authorised User logs on we ask them to enter their Last Name into the Internet Password field - the Authorised User can then change this password. Internet banking is available 24 hours a day, 7 days a week (subject to systems availability and maintenance).
Alternatively, follow the steps in the dragondirect Welcome to Phone and Internet banking brochure (included in your Welcome pack).
How do I order a new phone and Internet banking access card?
To order a new dragondirect phone and Internet banking access card, simply call
Statement Information
How often are statements sent?
DIY Super directsaver statements are sent every 6 months on the 8th day of the month, from when the account was opened.
Who are statements sent to?
Statements are sent to the current business address of the account holder in our records. Statements are not issued to Authorised Users individually.
How do I get a copy of a statement?
You can review recent transaction information through either phone or Internet banking.
To order statement copies, call the dragondirect Contact Centre on
Interest Information
What is the minimum balance to earn interest?
There is no minimum or maximum balance - every dollar in your DIY Super directsaver earns a high rate of interest.
How is interest calculated?
Interest is calculated daily on the full balance of the account.
When is interest paid?
Interest on the DIY Super directsaver is paid on the last day of each month.
How often does the interest rate change?
The DIY Super directsaver interest rate is variable and reviewed regularly in line with the official cash rate set by the Reserve Bank of Australia (RBA) and other market factors and is changed from time to time.
How am I informed of interest rate changes?
Interest rate changes are advertised, and current interest rate information is available on our website, by calling
Security
How safe is phone and Internet banking?
dragondirect, a division of St.George Bank, employs stringent security measures on both our phone and Internet banking services to ensure your banking is secure. Please visit Internet banking Security page for more information.
How do I change my security number for phone and Internet banking, or my Internet banking password?
You can change your security number by:
- Visiting Internet banking and selecting the Preferences menu (follow the step-by-step guide here) , or
- Calling phone banking on
1300 30 10 20 , 8am - 9pm, 7 days a week and choosing the "Other Services" option.
I've forgotten my security number/Internet banking password - who do I call?
Call the dragondirect Contact Centre on
