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5y Return - High to low
Product

Super SA - Select

Past 5-year return
7.24

% p.a

FYTD return

1.44

% p.a

Company
Calc fees on 50k

$515

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
SuperRatings Gold 2022 MyChoice Super
Go to site

Balanced

Product

Virgin Money Super

Past 5-year return
7.24

% p.a

FYTD return

1.56

% p.a

Company
Calc fees on 50k

$348

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
SuperRatings Platinum 2022 MyChoice Super
Go to site
Product

Spirit Super (Default B) - MySuper

Past 5-year return
7.51

% p.a

FYTD return

2.07

% p.a

Company
Calc fees on 50k

$463

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
SuperRatings Platinum 2022 MySuper
Go to site

Balanced (MySuper)

Product

MLC MasterKey Business Super

Past 5-year return
7.69

% p.a

FYTD return

2.51

% p.a

Company
Calc fees on 50k

$928

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
SuperRatings Platinum 2022 MyChoice Super
Go to site

Horizon 4 - Balanced Portfolio

Product

AMP SignatureSuper

Past 5-year return
New

% p.a

FYTD return

1.36

% p.a

Company
Calc fees on 50k

$738

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
SuperRatings Platinum 2022 MyChoice Super
Go to site
Product

LGIAsuper - Accumulation Account (Retained Benefits)

Past 5-year return
7.54

% p.a

FYTD return

2.08

% p.a

Company
Calc fees on 50k

$485

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
SuperRatings Platinum 2022 MyChoice Super
Go to site

Diversified Growth

Product

Russell iQ Super - MySuper

Past 5-year return
-

% p.a

FYTD return

-

% p.a

Company
Calc fees on 50k

$561

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
SuperRatings Gold 2022 MySuper
Go to site

MySuper GoalTracker Age 61

Product

Suncorp Brighter Super - Business

Past 5-year return
9.38

% p.a

FYTD return

1.49

% p.a

Company
Calc fees on 50k

$645

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
SuperRatings Gold 2022 MyChoice Super
Go to site

Suncorp Multi-Manager Growth Fund

Embed

What does it mean to have a top superannuation rate?

A super fund with a top superannuation rate means that it is one of the best-performing super funds in the market in terms of investment return over a five-year period, having provided its members with past returns that are significantly above the average.

Since superannuation is a long-term investment for Australians, this is a very important factor to consider before signing up with a super fund. A super fund’s annual returns can make a huge impact on your retirement plans in the long run.

While some super funds regularly appear in the annual “Top Performing Super Funds” ranking, past performance is no guarantee of future performance. Also, the superannuation market is large and very competitive, so a super fund that is at the top of the list today may be well down the list in the future.

The following table shows an example of how an investment return difference of just 1% could potentially affect your retirement savings over the life of your career:

Age 25 years 25 years 
Income  $60,000 $60,000
 Super contribution 9.5% of salary9.5% of salary
 Investment return 5%6%
 Fees 1.5% of balance1.5% of balance
 Super balance at age 65 $221,776$268,664

Source: RateCity.com.au, MoneySmart Superannuation Calculator. Notes: Assumes a starting super balance of $0. Assumes no changes to income during working life for the sake of calculation.

How does RateCity’s ratings system work?

RateCity shares product ratings awarded by superannuation research firm SuperRatings, which aims to recognise the achievements of individual super funds across a range of categories. SuperRatings ranks the top performers in some of the key comparison metrics for superannuation funds, including strong returns, low fees and low insurance premiums.

According to SuperRatings, the ratings are designed to reflect the value for money offered by each superannuation fund, with the best funds being the ones that "provide the greatest potential to maximise retirement savings in a well serviced, secure environment".

The ratings can be a helpful tool to assist with your super comparison, but it's important to also look at other performance measures in order to make a well informed decision and choose the super fund that's right for you.

For more information, read the ratings methodology on the SuperRatings website.

How do you get the top Australian super rates?

When you're looking for a super fund with a top Australian rate, you might be tempted to look at past performance returns alone. However, there are a few steps you can take to get a clearer understanding of a fund's overall rate of return:

  1. Use a comparison table like the one on this page to compare super funds by their past five-year return. You can use the 'sort' function to make this easier.
  2. Consider any fees that may be charged. Fees detract from the fund's overall return, so even if your fund has one of the highest rates of past performance, high fees could potentially make it less competitive.
  3. Check to see if the fund has received any SuperRatings awards in order to get an idea of what its strengths may be.

Remember, past performance isn't necessarily a reliable indicator of future performance. So, considering other factors in your decision making can give you a better chance of securing a fund that offers a top Australian rate.

What to consider when getting a top super rate fund

It’s easy to be drawn to a superannuation fund that has had an impressive, high-performing track record over the last year or so.

However, a super fund’s high investment performance in the past does not guarantee that it will still be just as high-performing in the future. Fluctuations in the market are always expected and even long-term performance results are always subject to change. Even just 1 or 2 per cent can make a huge difference to your retirement plan.

Before signing up for a super fund, consider these other factors:

Fees

Generally, superannuation funds have administration fees and fund management fees that go along with them. Super fees can also differ from one investment option to another.

There are also:

  • switching fees;
  • exit fees;
  • advice fees;
  • investment fees;
  • insurance premium fees, and;
  • activity-based fees, among others.

However, if you research enough and compare different super funds, you will see that some products may have much lower fees than others. Although a cheaper super product is not necessarily a better super product, fees are one of the main factors to weigh up when researching super options.

Investment options

Super funds offer a variety of investment options for you to consider. This can be in the form of:

  • bonds;
  • cash;
  • local and international shares;
  • property;
  • and much more - or a combined allocation of these assets.

It's important to decide which investment option – or options – you want to prioritise first before signing up for a super fund. The career stage you're in, the kinds of goals you have, and your own personal values will all likely influence whether you opt for a high growth option, balanced option, conservative option, or something in between.

Like any financial product, you can also seek professional financial advice on superannuation to get an expert opinion on which investment options may be most suitable for your situation.

Insurance options

Superannuation funds also offer a range of insurance cover options. These insurance options include:

  1. Life insurance - Paid to your beneficiaries upon your death
  2. Total and permanent disability insurance - Paid if you encounter an accident and become permanently disabled
  3. Income protection insurance - Paid if you have to stop work (permanently or temporarily) due to a physical or mental medical condition

Other services

One factor to consider when joining a super fund provider is its accessibility. Can you access your account details online? How easy is it to get customer service?

Other services to consider include:

  • Financial planning
  • Retirement planning
  • Member education

What is the best super fund?

While there's no single best super fund, making a comprehensive comparison - as well as considering your personal retirement goals - can help you find the best super fund for your needs.

Comparing a fund's long-term returns is one way to find a fund that might best suit your needs, but given past performance doesn't guarantee future performance, comparing fees, investment options, insurance offerings and other services can be just as important.

How to compare super funds with top superannuation rates

RateCity can help you compare hundreds of super funds in Australia to find those that might interest you and suit your financial situation.

Our superannuation comparison tables allow you to narrow down your search by applying relevant filters, entering your current super account balance and sorting by fees or returns.

There are several different types of super fund to compare at RateCity, including:

  • industry funds;
  • retail super funds;
  • pension funds;
  • self-managed super funds;
  • low fee super funds;
  • employer specific super funds, and;
  • government super funds.

You can also compare MySuper products using RateCity's specially configured MySuper comparison table.

Before making the switch to a different super fund, consider reading the product disclosure statement (PDS) for more information, including any significant benefits and risks.

What is a superannuation fund?

A superannuation fund is an institution that is legally allowed to hold and invest your superannuation. There are more than 200 different superannuation funds in Australia. They come in five different types:

  • Retail funds
  • Industry funds
  • Public sector funds
  • Corporate funds
  • Self-managed super funds

Retail funds are usually run by banks or investment companies.

Industry funds were originally designed for workers from a particular industry, but are now open to anyone.

Public sector funds were originally designed for people working for federal or state government departments. Most are still reserved for government employees.

Corporate funds are arranged by employers for their employees.

Self-managed super funds are private superannuation funds that allow people to directly invest their money.

What fees do superannuation funds charge?

Superannuation funds can charge a range of fees, including:

  • Activity-based fees – for specific, irregular services, such as splitting an account after a divorce
  • Administration fees – to cover the cost of managing your account
  • Advice fees – for personal investment advice
  • Buy/sell spread fees – when you make contributions, switches and withdrawals
  • Exit fees – when you close your account
  • Investment fees – to cover the cost of managing your investments
  • Switching fees – when you choose a new investment option within the same fund

How do you open a superannuation account?

Opening a superannuation account is simple. When you start a job, your employer will give you what’s called a ‘superannuation standard choice form’. Here’s what you need to complete the form:

  • The name of your preferred superannuation fund
  • The fund’s address
  • The fund’s Australian business number (ABN)
  • The fund’s superannuation product identification number (SPIN)
  • The fund’s phone number
  • A letter from the fund trustee confirming that the fund is a complying fund; or written evidence from the fund stating it will accept contributions from your new employer; or details about how your employer can make contributions to the fund

You might want to provide your tax file number as well – while it’s not a legal obligation, it will ensure your contributions will be taxed at the (lower) superannuation rate.

What superannuation details do I give to my employer?

When you start a job, your employer will give you what’s called a ‘superannuation standard choice form’. Here’s what you need to complete the form:

  • The name of your preferred superannuation fund
  • The fund’s address
  • The fund’s Australian business number (ABN)
  • The fund’s superannuation product identification number (SPIN)
  • The fund’s phone number
  • A letter from the fund trustee confirming that the fund is a complying fund; or written evidence from the fund stating it will accept contributions from your new employer; or details about how your employer can make contributions to the fund

You should also provide your tax file number – while it’s not a legal obligation, it will ensure your contributions will be taxed at the (lower) superannuation rate.

How do I choose the right superannuation fund?

Different superannuation funds charge different fees, offer different insurances, offer different investment options and have different performance histories.

So you need to ask yourself these four questions when comparing superannuation funds:

  • How many fees would I have to pay and what would they cost?
  • What insurances are available and how much would they cost?
  • What investment options does it offer? How would they match my risk profile and financial needs?
  • How have these investment options performed historically?

This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

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