Bank of Melbourne BT Super for Life

Information verified correct on September 29th, 2016

Why Choose the BT Super for Life Investment Account?

If you are planning to invest for your future through superannuation contributions, then you may want to consider BT Super for Life available through Bank of Melbourne. Designed to help you successfully track and manage your online investments, BT’s Super product can help you to maximise your profits. You can also access it easily online along with your other Bank of Melbourne accounts.

Benefits of BT Super for Life with Bank of Melbourne

BT Super for Life is a superior online superannuation product that evolves with you as your needs change throughout different stages of life - from your first job to retirement. Checking your super balance, transaction and performance history are made easy with BT through Bank of Melbourne. With flexible super accounts to match your needs throughout life, you can change your investments when you need to and you also have the flexibility to make additional payments into your BT Super account from your savings account.

One major advantage of BT Super plan is that it has very simple fee structure. There are no establishment, contribution, withdrawal, switching or exit fees with BT Super plan. You are also eligible for a pre-approved life insurance cover with BT Super for Life, allowing greater peace of mind for your loved ones should anything happen to you. Life insurance through BT Super is also tax-effective as the premiums are paid from your super account, so you get to keep your take-home pay for other expenses that also matter.

Three Choices of BT Super for Life Plans from Bank of Melbourne

There are three types of BT Super for Life accounts that you can choose from. Each product offers different features and benefits to suit the different stages of life and your financial circumstances at the time. The three different plans include:

  • BT Super for Life – Savings Account: Choosing BT Super Savings Account option allows you, your spouse and your employer to start making contributions into the fund, including Government co-contributions. You can easily top up your BT super fund by transferring from your Bank of Melbourne savings accounts. If you are a member of other super funds, you can easily consolidate them, so that they are together in one place (and you can avoid paying excessive super fees).BT Super for Life Saving Account is suitable for those looking to save money towards their retirement and retirees who want to leave their funds in a tax-effective super environment, with minimal withdrawals. You will be automatically covered with Death and Total and Permanent Disability standard cover when you open BT Super Savings Account.
  • BT Super for Life – Transition to Retirement: If you are between the age of 55 to 65, you may want to consider BT Super’s Transition to Retirement Account. Also suitable for those who are yet to retire, although you may have started to reduce your working hours for a smoother transition to retirement. This means, with BT Super Transition to Retirement plan, you will have the opportunity to access your super even when you are still working. You and your employer can still contribute to the account and you can make withdrawals between 4% and 10% of your super fund each financial year.
  • BT Super for Life – Retirement Account: BT Super Retirement Account is ideal for those who are 60 years or over and are not working anymore. With this plan, you can gain instant access to your super account and make withdrawals straight into your bank account when you need them, with minimal tax on your investment earnings.

Investment Choices from Bank of Melbourne’s BT Super for Life

You also have the option to choose your own investment mix from the various options that BT Super offers. If you are still young, your investment should be more growth-orientated to target a higher return and shift it overtime to a more conservative asset mix. These investment options include:

  • BT Super for Life – Super Cash
  • BT Super for Life – Conservative Fund
  • BT Super for Life – Moderate Fund
  • BT Super for Life – Growth Fund

What are the Fees Involved with Bank of Melbourne BT Super for Life?

If you choose the savings account option then both you and your employer can start making contributions. Your spouse can also contribute to this account. It is super easy to transfer money over from your Bank of Melbourne current accounts too. This is purely an account for those hoping to save money towards their retirement.

When you compare the fees of Bank of Melbourne BT Super investment account, you will find that they are typically 45% lower than most other retail super fund accounts. There are no withdrawal fees or switching fees either. In fact, there are very little fees associated with BT Super for Life accounts.

One fee that you do have to pay is a management fee. This is typically 0.99% per annum, or 0% per annum if you have a Super Cash account. Additional fee that you have to pay is an administration fee that is capped at only $5 per month.

Additional BT Benefits with Your Super Account

When you are accepted for a BT Super for Life account, you will also have access to many BT Benefits, such as.

  • Exclusive travel packages, car hire and accommodation
  • Health insurance
  • Travel insurance
  • Westpac Financial Products
  • Adventure and leisure experiences
  • Gifts from premium online shopping mall
  • Ability to turn the points earn from your credit card (pending eligibility) into super

As with all investment accounts, be aware of the fact that there is always some level of risk involved - you may lose as well as gain money, as you are relying upon the bank to make the right choices of investments. If the value of the investment falls then by the time that you retire you could have far less in your account than what you have actually put in. This is definitely something that you need to know before committing to making your investment in super.

BT Super for Life is a high quality super product and you can rest assured that your investment is in good hands with leading global investment managers in the world. Having helped and served many Australians since 1969 to create and manage wealth, BT Financial Group has become Australia’s leading financial institution.

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