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About Essential Super

What is Essential Super?

Essential Super is a low-fee super product you can see and manage anywhere, anytime, in NetBank. Offering a choice of investment options and insurance, it’s a flexible super account you can take from job-to-job with a minimum of hassle.

Why Essential Super?

  • View and manage your super in NetBank alongside your other accounts
  • Low and easy to understand fees
  • Access to our online Super Sorter tool to help you bring all your super together
  • A choice of four easy to understand investment options
  • Pre-approved life insurance options for most members under 60 years of age

Read the video transcript: What is Essential Super

Apply for an Essential Super account in NetBank. It only takes a few minutes.

Not registered for NetBank? Register online and then apply.

For more information on Essential Super refer to the Essential Super Product Disclosure Statement and Reference Guide.

Essential Super is also a convenient solution for managing your business’ super obligations in NetBank. Learn more

Bring together your super

Most Australians have more than one super account and many have lost track of super along the way. 

Our online tool makes it easy to find your lost super and consolidate your other super funds into your Essential Super account. Maintaining just one account saves time, paperwork and potentially fees and with your super balance visible in NetBank, you’ll never lose track again. 

If you’re already an Essential Super member, simply log on to NetBank and select ‘Consolidate my super’ from the Essential Super quick links in My Portfolio. Our Super Sorter tool will do all the hard work for you.

See how easy it is. 

Not registered for NetBank? Register online and then apply.

Important things to consider
Remember before you make a decision, you should compare the costs, fees, risks and benefits of your other super funds against Essential Super. It makes sense to consider whether you can replace any insurance cover you may lose upon rolling over, potential costs for withdrawing from other super funds as well as any investment or tax implications. You should also decide which super fund you want your employer to pay your future employer contributions to and complete a Super Choice form if necessary.

Take your super to a new job

Did you know for most employees in Australia, 9.5% of your salary or wage must be paid into super by your employer? This money is known as an employer Super Guarantee (SG) contribution and it’s usually up to you where that money is paid. 

Essential Super makes it easy to set up your account to receive future SG contributions payments from your employer.

If you’re already an Essential Super member and would like to send future employer contributions to your Essential Super account, log on to NetBank, and select ‘Have my employer contribute’ from the Essential Super quick links in My Portfolio. You can email a completed Super Choice form to your employer direct from NetBank or you can print the completed form and hand or mail it to your employer.  

If you start a new job, simply do the same for your new employer.

Not registered for NetBank? Register online and then apply.

Investment options

Essential super provides you with two simple investment strategies - leave the investment decisions to us or choose your own mix of investment options.

Investment strategy 1 – Let the experts do it for you

  • We choose a mix of investments designed for people of your age
  • The investment mix adjusts over time to suit the changing needs and attitude to risk of people as they grow older
  • This mix includes cash, fixed interest, property and shares
  • You don’t have to do anything

Find out more about each of our Lifestage options through our Investment Fact Sheets by selecting the decade you were born:

1990s Lifestage option

1980s Lifestage option

1970s Lifestage option

1960s Lifestage option

1950s Lifestage option

1940s Lifestage option

Investment strategy 2 - Choose your own investment mix

If you’d like to be more involved, you can choose from three easy investment options in addition to the Lifestage option:

You can change options at any time in NetBank or by calling our Contact Centre on 13 40 74.

Unit prices and performance

View the latest unit prices and performance for all Essential Super investment options.

Remember, the value of investment options will go up and down and returns are not guaranteed.

If you’re already an Essential Super member and you want to change your investment options, log on to NetBank or call us on 13 2221.

 

* This interest rate is subject to change and does not include a deduction for the tax payable by your super fund on earnings, currently up to 15% and subject to change.  For example, if the interest rate quoted above is 3% p.a. your investment should earn at least 2.55% p.a.

Fees & rates

Your super is your future, don’t let it get eaten away by high fees. Essential Super has low easy to understand fees with no withdrawal or exit fees.

Fees and rates at a glance. 

Fees

Monthly fee

$5 

Combined Investment & Administration Fee – Cash Deposit option

0% Per annum

Combined Investment & Administration Fee – All options excluding Cash Deposit option

0.80% Per annum

Transactions costs (buy/sell spreads) may apply which are incorporated into each investment options unit price.

Interest Rate

Cash Deposit option

2.25%*

* This interest rate is subject to change and does not include a deduction for the tax payable by your super fund on earnings, currently up to 15% and subject to change.  For example, if the interest rate quoted above is 3% p.a. your investment should earn at least 2.55% p.a.

Refer to the Product Disclosure Statement and Reference Guide for more information.

Essential Reading from the Blog

Are you watching almost 10% of your pay go into super without really understanding what it is? If so, you’re not alone.

Learn more

If you want to whip your finances into shape devoting just a small amount of attention to one long-term investment can reap big benefits.

Learn more

Technological and social changes are having a huge influence on the workplace, which means exciting opportunities as well as extra responsibilities at work.

Learn more

Important information

Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State) is the issuer of interests in Commonwealth Essential Super ABN 56 601 925 435. This information is not financial product advice and does not take into account any person’s individual objectives, financial circumstances or needs. You should read the Product Disclosure Statement (PDS) for Commonwealth Essential Super and consider talking to a financial adviser before deciding whether to acquire or continue to hold this product. Click here to download the PDS, collect one from any branch of the Commonwealth Bank or call us on 13 4074 and we’ll post one out to you. Colonial First State is a wholly owned subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124 (‘the Bank’). The Bank and its subsidiaries do not guarantee the performance of Essential Super or the repayment of capital by Essential Super. 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.  An investment in Essential Super is subject to risk, loss of income and capital invested.  

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