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Most Australian super funds can be accessed and managed completely online. Being able to access your super online via an Internet portal or mobile app is very convenient, and means you can keep track of your balance and make changes to your account 24/7.
This guide will outline the benefits of an online super fund, tips for managing your super online and how to apply for and join a new super fund online. You can also compare online super funds in the table below.
AustralianSuper is an industry super fund and Australia's largest super fund. Its Balanced option is one of the top-performing funds for 10-year returns.
This fund invests in renewable energy, innovative technology and sustainable products while avoiding coal, oil, tobacco and live animal exports.
Aware Super's default MySuper product invests your super in a pre-mixed Growth fund until you’re 60, then it’ll switch to Balanced.
Compare super funds with online platforms or mobile apps
*Past performance data is for the period ending December 2020.
Online superannuation funds: What are they?
Online super funds are funds that members can apply for and manage entirely online. These days, the large majority of super funds available to Australian workers (including all funds listed in the table above) are online super funds. The entire process, from joining the fund as a new member and managing your account to switching your investment options as your lifestyle changes, can be done online without the need to visit a physical office or branch.
Features of online super funds
Online super funds have a range of attractive features and benefits, including:
- Low fees. Most online super funds offer a default MySuper product which is a low-fee super fund option. Make sure you're comparing the annual fees charged by each fund when doing your comparison, to make sure you're not paying too much. If you're managing your account yourself online, check that you won't be charged personal financial advice fees (unless of course, you opt for personal advice).
- Easy account access. Are you able to check your balance, make contributions and manage your account online whenever you want? Some online funds will offer both a mobile app and a desktop Internet portal, while others might not offer an app and instead will offer just the desktop portal. Compare the account access options when making your decision, to ensure you'll be able to access your account in a way that suits you.
- Flexibility. One big benefit of an online super fund is the flexibility you have with how you manage the account. If you want to change your investments or make a contribution, you can do this straight away online without the need to make an appointment and travel to an office or branch.
- Easy to track. With an online super fund, you can track your fund's performance as often as you like by simply logging into your account online. You won't need to wait for a statement to arrive in the mail every few months to know how your super balance is performing.
How to manage your superannuation online
There are two main ways you can manage your superannuation online: by logging into your account via the desktop platform, or by downloading and logging into the mobile app offered by the fund. Here's what you can do with your super fund online:
- Check your balance. You can quickly and easily check your super balance online, no need to phone the fund.
- See the performance. If you're curious to see how your fund has been performing, you can check this by logging into your account online. Because your super is largely invested in stock markets, your fund's performance will change continually from day-to-day. Checking the long term performance is more important.
- Check employer payments. You can make sure your employer is paying the compulsory super guarantee into your super account each quarter.
- Make personal contributions. If you want to contribute to your super, you can make personal contributions yourself online.
- Change your investments. You can switch your super investment options online yourself. For example, if you want to switch to higher risk options or if you want to decrease the risk you're taking on.
- Update your insurance. You can apply for more cover, decrease your cover or opt out of insurance all together at any time yourself.
How to apply for a super fund online
You can join a new super fund online in less than 30 minutes. The first step is to compare funds to find one that meets your needs. Once you've found one you like, simply head to their website and start the online application form.
What you'll need to apply for a super fund online
You'll need to have the following bits and pieces handy before applying.
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