This article explains the process of creating a bank account including:
Overview
Create a bank account before tyring to:
- linking it to a Platform/Wrap account or
- activate the data feed
New Payments Platform (NPP) settings are provided to capture NPP details for each bank account.
Bank account should not be used for the following the investment types:
- Term Deposits
- Custom Holding Account - for related party LRBA and Non-bank products
Creating a bank account
Navigate to Fund level > Investments > New Holding Account > Bank Account
- Code - Enter a code that is unique for the entity. Special characters (including spaces, (!@#{}/) are not permitted.)
- Display name - The recommended format is bank name followed by product name.
- Account name - Match the full name shown on the statement. Tick the checkbox to use the default name, then edit it if required. The default name includes the name of the trustee/s followed by the name of the fund.
- BSB and Account Number - Class looks up the BSB and matches it to know valid BSBs. Only numerical digits can be entered for an account number. Leading zeros can be entered for the account number. Mandatory when NPP enabled is selected.
- New Payments Platform(NPP) - Defaults to disabled. Select Enabled if the account is enabled for NPP payments. Selecting Enabled displays the NPP method options.
- Select NPP method - Choose PayID, PayTo, or Osko. If PayTo or Osko are selected then account details must be entered.
- PayID - If PayID is selected, enter the PayID registered to this bank account. This field only displays when PayID is selected as the NPP method.
- Product - Select the appropriate product from the dropdown list.
- Default cash account - Select Yes or No. This flows through to the tax return and is used to prefill EFT details for super payments and tax refunds. Only one default account can be selected for each entity.
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Link to holding account - Required for bank accounts that need to be linked to wrap or broker feeds, or that are loans (for example, an LRBA). This updates the asset allocation of the asset to be net of the loan account, so the asset allocation adds up to 100%.
- Click Activate to create the account.
New Payments Platform (NPP) settings
For domestic bank accounts, record whether the account is enabled for NPP (New Payments Platform) payments as well as the type where it is enabled PayID, PayTo or Osko.
From 1 July 2026, all superannuation funds must be able to receive employer contributions in bank accounts via NPP. Using NPP for Rollovers is optional.
Most domestic bank accounts are NPP enabled with Osko as the default option. Check if a bank is enabled for NPP here.
Where PayID is selected as the option record the PayID format.
Where using PayID the ATO recommends using the fund’s ABN, an email address or a combination of the fund’s ABN and email address.
What's Next?
You can activate a data feed by reviewing this page Setting up a Bank Feed