RaboDirect DIY Super

Great for SMSF cash – A little longer to open an account then I expected. But once in its great! Get an email every time rates change either up or down so I can talk it through with my husband and move to other options as soon as it happens. The token for security is good but a bit old fashioned. Its easy to switch the cash to Term Deposit in their internet banking. Good rates

Bad – RaboDirect in the SMSF or Superannuation category is a bit misleading as they do not offer Self Managed Superannuation Funds (SMSF) or retail superannuation. They do offer bank accounts that a SMSF can open. I am an administrator of SMSF and looked into the possibility to set up accounts with RaboDirect with my company called Superannuation Warehouse.

The problem is RaboDirect does not have a branch network. So if you have a manual cheque to deposit, you can't do it.

A summary of year end transactions is also not downloadable in electronic format e.g. an Excel or CSV file. Its only available in PDF version. Not good enough... Even NAB can do this, and they are not an "internet bank".

I would like to support RaboDirect, as they as the sponsors of the Melbourne Rebels. But this limited service offering is just not good enough. Even the interest rates on offer is lower than NAB's.

If there's a senior person at RaboDirect interested in business - please call me. See Superannuation Warehouse's website and phone us - if you are interested in SMSF's and serious about banking in Melbourne. New kid on the block and they sponsor the Melbourne Rebels. The promise of something great. No branch network, inflexible with the service offering (no soft copy files), not a great interest rate compared to the competition. No one senior to escalate issues to.