POWERED BY MOMENTUM MEDIA
AustralianSuper offers term deposits investment option
AustralianSuper has announced the launch of Member Direct — a new investment option that gives members access to term deposits.
The new option replaces the existing ASX200 Shares option and reflects the rapid growth and popularity of term deposits outside of superannuation, which the super fund expects will continue to rise, said AustralianSuper chief executive Ian Silk.
As part of Member Direct, AustralianSuper stated members will also have access to ASX300 companies and exchange traded funds, all with six and twelve month term options and a minimum deposit of $2,000 and a maximum of $5 million. The option includes an associated cash account and research and reporting capabilities.
National Australia Bank and ME Bank have been selected as term deposit providers on the condition that they continue to offer competitive rates — not just short-term, introductory specials, AustralianSuper stated.
Silk said that AustralianSuper was different from other platforms or retail super funds because they were not tied to a product provider and had significant bargaining power. He also said the fund may consider adding additional providers following a review of the initial take-up of Member Direct.
AUTHOR
Recommended for you
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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
59.27 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
32.82 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
32.44 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.01 3 y p.a(%)
Add new comment