Set up your own self-managed super fund (SMSF) and avoid hidden fees with Squirrel.
If you’re looking to set up an SMSF but you don’t know where to start, Squirrel Super is well worth a closer look. With no hidden fees or commissions and a mission to simplify SMSFs, Squirrel offers software, education and support to help you take control of your retirement savings.
Squirrel provides the user-friendly software you need to set up and manage your own SMSF. You can enjoy easy access to your balance at all times to manage your super however you like, plus enjoy phone and online support and education whenever you need a helping hand.
And to ensure that you don’t have to worry about hidden fees and commissions eating into your retirement savings, Squirrel charges a flat establishment fee and a fixed-dollar annual fee.
A closer look at Squirrel
Squirrel Super was founded in response to Super Sting, a 2014 report from the Grattan Institute which found that excessive fees in Australia’s superannuation system would see the average 30-year-old lose a quarter of their superannuation balance to cover those fees. It is owned by Squirrel Limited, an Australian fintech led by CEO and founder Damien Linn.
With a simple and transparent fee structure (explained in more detail below), Squirrel offers 24/7 access to your superannuation savings via mobile, web, phone and Skype. Squirrel’s software and staff can also take care of most of the administration associated with running an SMSF, allowing you to save time and money.
What’s Internet banking like for Squirrel?
Squirrel provides its own software solutions to help you manage your SMSF. You can enjoy 24/7 access to your super balance via your computer or mobile web browser, allowing you to monitor your balance, move your money into new investments, and even buy an investment property if you wish.
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What are the features of Squirrel Super?
Squirrel offers a wide range of software and investment solutions to help make it as easy as possible to manage an SMSF. Some of the services it provides include:
- Online share broking. If you want to invest some or all of your SMSF balance in shares, it’s easy to do so via Squirrel’s super management platform.
- Term deposits. Squirrel allows you to open term deposits from 24 financial institutions, providing safe and secure returns for your SMSF.
- Property valuation. With just a few clicks, your Squirrel SMSF is able to buy an investment property within a trust structure. There are no additional fees or charges to worry about.
- Lending. If you need to borrow some funds to purchase a property, a Squirrel partner can help you get access to the finance you need.
- Insurance. If you’d like to take out insurance cover through your SMSF, Squirrel provides up to $750,000 of Life and TPD Cover. There are no medical tests to undergo or complicated application forms to fill out.
- Investment strategy monitor. Squirrel Super’s investment strategy monitor is designed to let you know when you get close to your contribution limits,
- Administration. Squirrel also takes care of a wide range of SMSF administration tasks, including lodging tax and company returns, GST, arranging auditing and managing all other legislative tasks.
- Education and support. You can access customer support via phone, email and online live chat if you ever have a question about your Squirrel SMSF. There’s also a wide range of educational guides and FAQs available through the Squirrel website to help you understand the ins and outs of setting up and managing an SMSF.
What fees apply to Squirrel super funds?
As the trustee of an SMSF, you will need to pay two fees to Squirrel Super:
- An annual administration fee of $1,320 + GST. This fee is charged by direct debit on a monthly basis.
- A flat establishment fee of $2,882.77 + GST. This fee can be debited from your SMSF bank account after your Squirrel Super account has been established.
Squirrel does not accept any commissions or other kickbacks from any other product providers, which means there are no extra fees to worry about.
How to set up an SMSF with Squirrel
It’s quick and easy to get started with Squirrel Super online. Simply fill out an online application with the following details:
- Your name
- Your email address and phone number
- Your postcode
- Your marital status
- Your current super fund and current super balance
It takes about 10 minutes to complete an application and Squirrel’s team can guide you through every aspect of setting up an SMSF. If you’d rather apply over the phone, you can do so by phoning 1300 500 499.
FAQs about Squirrel super funds
Are there any exit fees?
No, Squirrel Super does not charge any exit fees or have any lock-in contracts.
Who offers Squirrel’s life insurance options?
SuperSure Life and TPD Insurance, available through your Squirrel SMSF, is backed and issued by TAL Life Limited. TAL is the largest specialist life insurer in Australia.
Is Squirrel an Australian company?
Yes, Squirrel is a 100% Australian-owned company. Its customer service centre is also located in Australia.
During what hours is customer support available?
Online live chat is available 24/7, while phone and email customer support is available Monday to Friday 8am to 6pm.
Is the fund balance held in Squirrel’s name?
No, all shares, properties, term deposits and other investments are held in the name of your SMSF.
Does each member of the SMSF need to pay their own annual fee?
No, the standard, fixed annual fee charged by Squirrel covers up to four members of an SMSF.