According to APRA, these banks still offer retirement savings accounts (as of 2024).
| Bank | Account details |
|---|---|
| Qudos Bank |
|
| Defence Bank |
|
| Australian Military Bank |
|
Some institutions offer retirement savings accounts but are no longer open to new customers:
Although they aren't superannuation accounts, retirement savings accounts do fall within superannuation regulations and the tax advantages that come with that.
Like a super fund, you can't access the money in your retirement savings account until you meet a condition of release or reach your preservation age.
Unlike a super fund, your capital is guaranteed. You earn interest at set rates, which can be fixed or variable.
But a super standard balanced or growth super fund will usually offer far higher returns than a retirement savings account. This is because super funds invest a large portion of your balance into shares, which are high return but also much higher risk.
You typically don't pay fees on a retirement savings account, unlike a super fund.
When you retire you can access the money in your retirement savings account. Just like a super fund, you access the money as a lump sum or get a regular payment through an account-based pension.
As we said earlier, there are few retirement savings accounts available today. If you do want to open one, look for the following:
Make sure you go through the product disclosure statement (PDS) before signing up for any retirement savings account. The summary page of this document should give you a clear indication of any applicable fees and charges.
Before opening a retirement savings account, conduct a thorough super funds comparison to ensure you've found the most suitable account for your needs. Compare the rates on a retirement savings account to the average returns for super funds before deciding.
But keep in mind that super funds also charge fees. And returns aren't guaranteed.
Most Australians who are still in the workforce and are in their 20s, 30s or 40s are still a long way from retirement. If you're in this age group you'll probably already have a super fund and can benefit from the (on average) higher returns. You can also afford to weather any short-term downturn because you're years away from retirement.
If you're closer to retirement, the smaller but safer returns of a retirement savings account might be more appealing. It's still worth comparing to super funds with more conservative growth options.
Still confused? Talk to a financial advisor or financial planner about how to best structure your retirement finances.
Use our free superannuation calculator to see your projected retirement balance, and how this could change by switching funds.
The average super balance is $154,350. Compare your super balance against the average balance for your age group to see if yours is on track.
Hostplus is an industry super fund with strong past-performance returns and low fees.
Here’s why it’s so important to consolidate your super, and the steps you need to follow to roll over your super today.
Sunsuper is an industry super fund that meets your needs as you move through the workforce and transition into retirement.
A comprehensive review of AustralianSuper, its investment options and how it can help you save for retirement.
Find a superannuation solution to suit your life stage, financial situation and retirement goals with UniSuper.
Unsure which super fund to choose? Here's what to look for when choosing your own super fund to ensure it's the best one for you.
Vision Super is a profit-for-members fund with 13 investment products to choose between including a MySuper option and an ethical option.
Aware Super is a low-fee super fund with 12 different ways to invest including a MySuper option and an ethical investment option.
My only super account was closed due to bad mail redirection and the balance was sent to the ato. I contacted the ato and they said I should open a retirement savings account which has less fees. I don’t know much about super and rsa’s as I have spent most of my life unable to work much. What should I do to get this small amount 2000 as I now have a terminal disease. and need this money. The ato says they wont release it until I am 65 but I am not likely to make it to that age
Hi Juliet,
Sorry to hear about your situation.
If your account was closed, it may have been transferred to another super fund that holds unclaimed super or transferred to the ATO.
You can log into myGov via the ATO website to find the super and organise to transfer it to your account. Otherwise, our guide on finding unclaimed super may also be of help.
Regarding a retirement savings account, it works like a savings account but generally with a higher rate of interest. You can transfer your super into this account.
Hope this has helped.
Clarizza