Some of the older relatives I hear will not simply go into SMSF but are atracted to the idea of not loosing money after they saw thousands stolen from their accounts because of dimwitted fund managers during GFC-1. Anyhow, I see that most of our stackers are in esuperfund, I will be heading that direction soon too, however for my partner's super I might have a transitional approach - not all eggs in one basket mentality...Wondering if anyone has any experience/tried CBA's Super Savings Account - http://www.commbank.com.au/personal/superannuation/superannuation-savings-account/default.aspx...It looks like a simple savings account paying 4% for balances over $50k, it may not be attractive to us but 4% return in a government guaranteed account with an annual admin fee of $20 should look attractive to many... Is this an account that one can use if you have an established SMSF...Or do you know if this account works like any other superfund that people can rollover their existing industry funds to? It feels like the latter is the case but 4% return with $20 admin makes me think it should have some sort of limitations...Would you know, for example, if my partner, a nurse in SA, can have her super paid directly into this as a governmental employee instead of SuperSA... It seems superannuation funds are heading to become simple preserved online savings accounts - that people will be able to just change accounts based on interest rates...A very very positive development if this is the case to the heart of this capitalist rip-off ponzi scheme. 97 Asian crisis and the latest GFC must have lost fortunes to babyboomers and GenX. Cheers...
UBank have a SMSF at-call account paying 5.01% p.a. as standard and 6.31% p.a. (calculated monthly) for months where you don't make any withdrawals. No fees either. https://secure1.ubank.com.au/ub/web/smsf/smsf-overview They have term deposits paying less, but if you're looking for a super cash account because you want to have a decent cash position in case something nasty happens with the world economy I reckon you'd be better off taking a higher rate now with the at-call account and switching to metal if interest rates fall.
Thanks A.D, it seems it needs an already established SMSF though http://www.ubank.com.au/ub/web/smsf/smsf-steps-to-apply Do you know if this is the case for the CBA's Superannuation Savings Account too? thanks
I imagine that would apply for the CBA account as well. If you're with an industry or private super fund currently, all your super money would tied up in that account. You'd set up a SMSF so that you can split it up among different investments with different institutions, but you'd need a SMSF before you can do that.
Thanks, when I sawCBA's product I was thinking to myself it cant be this easy to put your super in an online savings account without establishing a SMSF - hope it was the case though...
