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Defence Bank offers retirement super solution
Former credit union turned banking operation Defence Bank has announced the launch of Defence Bank Super, designed for members in accumulation or retirement stage of life.
The decision comes in an effort to provide a range of products to Defence Bank’s more than 90,000 members and new members.
“We are excited by this initiative. It will build on the strong rapport we have with our members,” Defence Bank CEO Jon Linehan said.
“Members can manage their superannuation through online banking 24 hours a day, seven days a week.”
Members will have five investment options, from term deposits to a growth option, as well as access to life, total and permanent disability and income protection insurance.”
It will be classified as a tier 1 product.
Defence Bank Super follows the launch of Retirement Savings Account (RSA) with term deposits and no fees.
Linehan said members were showing preference for term deposits with an option to invest in share markets.
“We also believe that bank cash, fixed and term deposits will perform well compared with other fixed interest products and funds in rising interest rate markets,” he said.
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With the latest print of GDP figures overshooting economist expectations, analysts have warned that the Reserve Bank of Australia (RBA) could face a difficult policy path ahead.
The peak body has called on the corporate watchdog to add superannuation to its recently announced simplification process that aims to cull red tape in financial services.
APRA has highlighted cyber security, AI oversight, geopolitical risks, and system stress testing as key concerns for superannuation and banks.
AustralianSuper CEO Paul Schroder has warned the superannuation system must be “reset” to deal with a looming wave of retirements, as millions of Australians prepare to leave the workforce over the next decade.
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