Frequently asked questions

What is a Superannuation Savings Account?

The Superannuation Savings Account is a simple, capital guaranteed, low cost super account.

The money you put into your Superannuation Savings Account is capital guaranteed by the Commonwealth Bank, which means it is safe from market fluctuations. As a complying Superannuation product (under current Government legislation), a condition of release must be met before withdrawals from the account can be processed.

For information on conditions of release, see the ATO website.

How do I deposit money into my Superannuation Savings Account?

There are a number of ways that you can add money to your account.

  • BPAY
    To use BPAY you will need to determine which of the following contribution types apply:

    Contribution type
    Personal contributions - Biller code 131078
    Spouse contributions - Biller code 131060

    You will need to use your nine digit Superannuation Savings Account number for the BPAY customer reference number (CRN).

  • Direct debit
    You can make regular monthly deposits to a Superannuation Savings Account by establishing a direct debit and completing the Superannuation Savings Account Direct Debit Authority (Regular Savings Plan) form.

    Under the direct debit arrangement the Bank will automatically debit your chosen account. Direct debits are only available on a monthly basis.

  • Deposit at your local Commonwealth Bank Branch
    You can make a personal or spouse contribution at any Commonwealth Bank branch with your deposit of cash, cheque or account transfer.

  • Mail us a cheque
    Cheques made payable to Commonwealth Bank Superannuation Savings Account can be posted directly to:
    Superannuation Savings Account
    Locked Bag 5429
    Parramatta NSW 2124

What are the rates, returns and fees for a Superannuation Savings Account?

You can check the current rates and fees online 24 hours a day, 7 days a week.

Further details on your policy can be obtained by calling 13 2015 between 8.30am and 6pm (AEST/AEDT), Monday to Friday, excluding public holidays  (option 3).

How do I roll-over money from my other superannuation funds or retirement savings accounts into my Superannuation Savings Account?

To roll-over money from other superannuation funds or retirement savings accounts into your Superannuation Savings Account, download the Superannuation Savings Account Consolidation form and send it to Superannuation Savings Account, Locked Bag 5429, Parramatta NSW 2124.

You will need to complete a separate form for each fund you wish to transfer money from.

What is the difference between the Standard Rate and a Fixed Term option for the Superannuation Savings Account?

The Standard Rate option means you have a variable interest rate which can go up or down from time to time.

The Fixed Term option works like a fixed interest rate on a term deposit where you can lock in the offered interest rate for a fixed period of time.

For more information about these options please refer to the SSA Product Disclosure Statement Part 2 - Latest interest rates.

When will I receive my Superannuation Savings Account statement?

Superannuation Savings Account statements are issued twice a year for the periods ending 30 June and 31 December.

The June statement includes your balance as at 30 June as well as any transactions for the previous financial year and is issued in late August.

The December statement includes your balance as at 31 December as well as any transactions for the previous six months and is issued in late February.

Customers can also request statements at any other time by calling 13 2015 between 8.30am and 6pm (AEST/AEDT), Monday to Friday, excluding public holidays (option 3).

How do I make a withdrawal from my Superannuation Savings Account?

To request a withdrawal or rollover, you will need to complete a withdrawal form which you can obtain by calling 13 2015 between 8.30am and 6.00pm (AEST/AEDT), Monday to Friday, excluding public holidays (option 3) or by visiting any Commonwealth Bank branch.

For information about withdrawing from your Superannuation Savings Account, including details on preservation rules, conditions of release and tax rates that may apply to your benefit, please refer to the Tax and other information brochure.

Things you should know

Important information: Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the issuer of interests in Commonwealth Essential Super ABN 56 601 925 435 (Essential Super). Colonial First State (CFS) is Superannuation and Investments HoldCo Pty Limited ABN 64 644 660 882 and its subsidiaries which include CFSIL. Commonwealth Bank of Australia ABN 48 123 123 124 (the Bank) holds a significant minority interest in CFSIL. The content on this page is issued by CFSIL and may include general financial product advice but does not consider your individual objectives, financial circumstances or needs. The Target Market Determinations (TMD) for our financial products can be found at www.cfs.com.au/tmd and include a description of who the financial product is appropriate for, and any conditions on how products can be distributed to customers. You should read the Product Disclosure Statement (PDS) and the Reference Guide for Essential Super carefully and consider whether the information is appropriate for you before making any decision regarding this product. Read the PDS and Reference Guide, or call us on 13 4074 for a copy. Neither the Bank, CFS, nor any of their respective subsidiaries guarantee the performance of Essential Super or the repayment of capital. An investment in this product is subject to risk, loss of income and capital invested. An investment in Essential Super is via a superannuation trust and is therefore not an investment in, deposit with or other liability of the Bank or its subsidiaries. Where we mention ‘we’, ‘us’ or ‘our’, we mean CFSIL.

Superannuation Savings Account is administered by AIA Australia Limited ABN 79 004 837 861 AFSL 230043 (AIA Australia). AIA Australia is not part of the Commonwealth Bank of Australia (CBA) Group of companies. CBA and its subsidiaries and CFSIL do not guarantee the obligations or performance of AIA Australia or the products it offers.

For information about Superannuation Savings Account, including details on preservation rules, conditions of release and tax rates that may apply to your benefit, please refer to the Tax and other information brochure.