The BankVic Superfuture RSA provides income in your retirement years in the form of superannuation and account-based income streams. These assets are capital guaranteed and also low-risk through protection against negative returns. You have flexibility of either a variable interest rate, fixed term deposit or a combination of both.
What are the key features of the BankVic Superfuture RSA?
Low-risk superannuation account
Your account balance has capital guarantees and protection built in against negative returns.
Spouse contributions available
It is possible to make contributions towards your spouse's Superfuture RSA if they are under the age of 70.
You have the option of choosing insurance cover. This life insurance cover will depend on your age.
It should be noted that this is specifically a low-risk superannuation fund that will result in a lower return. The only big risks to keep in mind are changes in the superannuation or taxation of superannuation laws. These can significantly influence your return or ability to access your funds.
Competitive interest rates
You will earn between 1.10% and 2.00% p.a. interest per annum depending on your balances.
For account balances that range between $4,999.99 and $49,999.99, your annual interest will range between 1.10% and 1.60%. To earn an annual interest rate of 2.00%, your account balance will have to be $50,000 or more.
Retirement income streams
Once you turn 55, you have the option of allowing your superannuation to pay out regular amounts to add to your current income. Maximum payments cannot be more than 10% of your Superfuture RSA account balance as at the start of that year.
Account-based income streams
After you have retired, this becomes your regular income stream payable from your Superfuture RSA. You need to receive minimum payments annually. Payments can also be structured to pay out monthly, quarterly, or every semester.
If your Superfuture RSA pays out in the form of retirement income streams, there will be no earnings tax on the interest. You can also apply for tax rebates from the age of 55 and expect a further tax-free bracket from 60 onwards.
A range of options for withdrawing funds
Your funds can either be withdrawn in the form of lump sums, account-based income streams or a combination of both.
No entry, admin or contribution fees
There are no entry fees, administration fees or contribution fees. For withdrawals or transfers that remove funds from your superannuation account, you will pay an exit fee of $49. A pension payment fee is payable upon activating your income stream payments.
Although BankVic will ask for your Tax File Number (TFN) due to the legal requirements for providing the superannuation services, you can choose to withhold it. It is noted, though, that this could complicate the provided services and lead to unnecessary high tax charges.
You also have the option of term deposits with higher interest rates than above. See below.
- Term deposits. You can make term deposits on 6, 12 and 24-month terms. The interest is calculated daily (on each term) and credited on 30 June of every year and the final maturity of the fund. This interest will be according to the current RSA Variable Rate account.
- Beneficiaries. It is possible to allocate your Superfuture RSA to a beneficiary.
- Low-risk superfund account
- Competitive variable interest rate
- Account-based streams
- Transition to retirement streams
What you need to know about the BankVic Superfuture RSA before applying
Eligibility to apply online
- Opening an account. Your employer can open the Superfuture RSA for you and make contributions. Self-employed individuals can also open up this superannuation account and add funds to it.
- Application. You will need to fill out the following application to apply to the Superfuture RSA.
- RSA number. On opening an account, you will be given an RSA number.
Documentation to apply online
- Basic details. You will need to provide proof of your identity if you don't have an existing account with BankVIC. This will include details found on your passport, driver’s license, Medicare card, credit cards, utility bills or any other form of official identification.
- Minimum amounts. You will need a minimum amount of $50,000 to transition to either account-based income streams or retirement income streams.