Why choose Essential Super?

Easily manage your super 24/7 though NetBank or the CommBank app.

Essential Super offers a range of investment options to suit your objectives, including Thrive+ Sustainable Growth.

Competitive fees and costs1

Benefit from enhanced super fund management on any 'Lifestage' investment option through collaboration with one of the largest asset managers in the world, BlackRock.

Open your account in around three minutes

Log on to NetBank

You can also open an account via the CommBank app – just search for ‘Essential Super’.

Read and confirm

Read the summary of the product features to decide if Essential Super is right for you and confirm your details are up to date.

Open your account

In NetBank or the CommBank app, you can:

  • View your super balance
  • Make a personal contribution
  • Click through to CFS to manage and make changes to your super

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The expertise of Colonial First State

  • Superannuation, or super, refers to the money you’ve saved for retirement. Whilst you are employed, your employer must make compulsory contributions into your superannuation account. Your super fund will then invest that money until you reach retirement.

    CommBank has worked with Colonial First State (CFS) to offer Essential Super via our market-leading digital experience. CFS is proudly one of the largest and most consistently awarded fund providers in the country and has helped almost 3 million Australians with their investment, superannuation and retirement needs since 1988.

Who is Essential Super for?

  • Essential Super is suitable if:

    • You want to use superannuation to build wealth for your retirement
    • You want a product that can receive employer and voluntary contributions, and rollovers from other super funds
    • You want to invest in a MySuper default investment (the Lifestage investment option) and choose from other limited investment options that may be aligned to your risk, return and investment objectives
    • You want access to default (automatic age based) Death and Total and Permanent Disablement (TPD) insurance cover through your super, directly debited from your balance. For eligibility requirements and other important information about this insurance cover please see the Insurance Reference Guide
    • You want to and have the ability to view and manage your superannuation account digitally
  • Essential Super isn’t suitable if:

    • You need a product with complex features (e.g. a wide variety of investment options and/or direct share investments)
    • You’re retired and need a retirement income
    • You need customised insurance or insurance cover for an existing illness or injury for the first two years of your policy or you are seeking income protection cover, through a superannuation product

What are my investment options?

With Essential Super, your money is automatically invested in a Lifestage investment option based on your age. Lifestage investment options are designed to give more exposure to growth at a younger age and will automatically adjust your investment mix to be more defensive as you get older. 

Once you’ve become a member, you might also consider other ways to invest which you can choose at any time:

Read the investment holdings for each option and Target Market Determination (TMD) for Essential Super.
 

Find out more

Superannuation fees & costs

With Essential Super, your contributions will work in line with your future goals. For example, with the Lifestage option, you’ll pay: 

Lifestage option fee type
Amount
Administration fees and costs

Administration fees pay for the general cost of running the super fund and managing your super account.
The percentage-based administration fees and costs are reflected in the daily unit price and are deducted from the assets of the investment option on a monthly basis.
The dollar-based administration fees and costs are payable each month by deduction of units from the investment option.
Please note: A lower amount will be deducted from your account, as you will be given the benefit of the tax deduction.
0.04% p.a.
Plus $60 p.a.
Investment fees and costs

These fees are charged for managing your investments. They vary based on the investment option that you’ve chosen and cover the expert management of your option’s assets
Investment fees and costs are reflected in the daily unit price and is generally deducted from the assets of the investment option on a monthly basis.
0.56% - 0.57% p.a.
Buy / sell spread

Whenever you rollover, invest, switch or withdraw your investment, some of the fund’s assets may be bought or sold. You only pay a buy/sell spread when you change your investments. The buy/sell spread covers transaction costs like stamp duty and brokerage.
Buy/sell spreads are reflected in the price you receive or get when you transact.
0.10% per transaction
Estimated net transaction costs

These costs are deducted from the underlying assets of the option and are reflected in the daily unit price for that option.
Depending on the cost, they may be deducted daily, monthly or at some other time.
0.02% - 0.07% p.a.

Additional fees may apply. Refer to the PDS and Fees and Investments Reference Guide to find out more.2

How does superannuation work?

Save tax using superannuation

Grow your super and discover the tax concessions of making additional contributions, like salary sacrifice.

Super FAQs

How are super contributions taxed? When can I access my super? 

Clear up the confusion on topics like super withdrawal, insurance in super and more with these FAQs.

Superannuation calculator

Use the superannuation calculator from Moneysmart to help you estimate your super balance at retirement.

Manage your account

Check your superannuation balance and more 

View and manage your super 24/7 in NetBank and the CommBank app.

Log on to NetBank

Find and consolidate super accounts

You may be able to save on account fees by having fewer accounts.3

Find out more

Business Essential Super

Essential Super is currently unavailable for new business customers. Existing business members can add new employees and manage their contributions through NetBank.

Find out more

Insurance in superannuation

  • Automatic Death & TPD cover 

    Death and Total and Permanent Disablement (TPD) insurance cover is available in Essential Super.4

    You may be automatically provided with Death and TPD cover through your account, and you can also change or cancel your level of insurance cover at any time.

    Explore insurance in super

  • Changing your cover

    As your life changes, so can the level of insurance protection you need. 

    CFS has made it simple for you to increase, reduce or cancel your cover anytime.

    More about levels of cover

  • When you make a claim

    CFS understands that when making a claim you may be going through a difficult time.

    They’ll ensure claims are assessed and paid as soon as possible.

    How to make a claim

Superannuation forms & info

Manage your super in NetBank or the CommBank app

Choose how your money is invested, track your balance and more.

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Things you should know

  • 1 With fees 15% lower than the super funds average, including industry funds, Essential Super helps grow your super faster. Fee comparison is for MySuper products. Fees are compared on the Lifestage 1965-69 option for a member balance of $50,000 and may vary for different age cohorts. The Chant West Super Fund Fee Survey compares the Lifestage option that is closest to 73% growth assets, which is consistent with the average risk and return profile of most non-lifecycle products. Total fees and costs include administration fees and costs, investment fees and costs and net transaction costs on a gross of tax basis. Industry averages are calculated on a weighted average basis. This comparison has been prepared by CFS using data sourced from the Chant West Super Fund Fee Survey, effective 31 December 2023 and is based on information provided to Chant West by third parties, that is believed accurate at the time of publication. Fees may change in the future which may affect the outcome of the comparison. Chant West may make adjustments to fees and costs for comparison purposes and therefore data may vary to other published materials. Additional fees may apply. Refer to the PDS and Fees and Investments Reference Guide to find out more.

    Additional fees may apply. If you leave the superannuation fund, you may be charged a buy/sell spread which also applies whenever you make a contribution, exit, rollover or investment switch. The buy/sell spread for exiting is 0.10% (this will equal $50 for every $50,000 you withdraw). Insurance costs will also apply. Refer to the PDS and Fees and Investments Reference Guide to find out more.

    The information provided does not take your personal objectives, financial or taxation situation or other needs into account. If you need advice on your personal circumstances, please talk to a financial adviser. Before you make a decision to consolidate your super, 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.

    Please see the PDS and Insurance Reference Guide for specific terms that apply to insurance cover in Essential Super, including what’s not covered. For at least the first two years of your cover, you generally won’t be paid a benefit if it is due to a pre-existing condition. Generally, a pre-existing condition is an illness or injury that you were aware of at any time before your cover commenced or increase. This exclusion will no longer apply if you're capable of working for 30 consecutive days either immediately before the two year period ends or at any time after the two year period ends. Additional exclusions also apply.

    Any information provided by CBA may include general financial product advice but does not consider your individual objectives, financial situation, needs or tax circumstances, and so you should consider the appropriateness of the advice having regard to your circumstances before acting on it. You should read the PDS and the Reference Guides for Essential Super carefully and consider whether the information is appropriate for you before making any decision regarding this product.

    Avanteos Investments Limited (AIL) ABN 20 096 259 979, AFSL 245531 is the Trustee of Essential Super ABN 56 601 925 435 and the issuer of interests in Essential Super. Essential Super is distributed by the Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 (the Bank). Colonial First State (CFS) is Superannuation and Investments HoldCo Pty Limited ABN 64 644 660 882 (HoldCo) and its subsidiaries which include AIL. The Bank holds an interest in CFS through its significant minority interest in HoldCo.

    This information is issued by AIL and may include general financial product advice but does not consider your individual objectives, financial situation, needs or tax circumstances, and so you should consider the appropriateness of the advice having regard to your circumstances before acting on it. The Target Market Determination (TMD) for Essential Super can be found at cfs.com.au/tmd and includes a description of who the financial product is appropriate for and any conditions on how the product can be distributed to customers. You should read the Product Disclosure Statement (PDS) and the Reference Guides for Essential Super carefully and consider whether the information is appropriate for you before making any decision regarding this product. Download the PDS and Reference Guides at commbank.com.au/essentialsuper-documents or call us on 13 4074 for a copy. Neither the Bank, AIL, CFS, nor any of their respective subsidiaries guarantee the performance of Essential Super or the repayment of capital by Essential Super. 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 AIL.

    The insurance provider is AIA Australia Limited ABN 79 004 837 861, AFSL 230043 (AIA Australia). AIA Australia is not part of the Commonwealth Bank Group or CFS. The insurance cover is provided under policies issued to the Trustee.

    Please refer to the CBA Privacy Policy and the CFS Privacy Policy for more information about how your personal information is collected, used and shared.