POWERED BY MOMENTUM MEDIA
SMSFs missing out on higher interest
Self-managed superannuation fund (SMSF) members with cash in savings accounts are missing out on as much as 1.4 per cent in the unconditional savings interest rates offered by banks, according to Mozo.com.au.
The comparison site said on a $200,000 cash balance it was a difference of $2834 in interest a year, and would make a big difference to an SMSF member’s retirement.
The difference between the highest and the lowest interest rates for SMSF term deposits was up to 1.15 per cent on a five-year term. Mozo found on a $200,000 investment that was a difference of $11,500 in interest over five years.
Mozo’s data insights director, Andrew Duncanson, said: “Whether you’ve got $5,000 or $250,000 in cash to invest, don’t think that there is some kind of trade-off between a lower interest rate and big bank safety”.
“We urge you to shop around and get the best rate you can,” he said.
Recommended for you
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
ASIC has sentenced former director Mudasir Mohammed Naseeruddin over four years imprisonment for ‘egregious conduct’ and dishonestly obtaining client funds from six investors’ SMSF accounts.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
62.62 3 y p.a(%)
3
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.95 3 y p.a(%)
4
Acadian Global Equity Long Short Class A
32.82 3 y p.a(%)
5
CFS FC Acadian Global Equity Long Short
32.44 3 y p.a(%)
Add new comment