Commonwealth Bank Superannuation

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Commonwealth Bank is a provider of banking, home loans, investments, pension payments, corporate and personal superannuation, and insurance.

Types of Commonwealth Bank super accounts

Commonwealth Bank offers superannuation solutions to three main groups – members, employers and pensioners.

A corporate fund is typically arranged by an employer for their employees to use, a personal fund can be a more flexible option, and pension payments convert your super into regular income payments. There are a lot of benefits coming from being a member of a Commonwealth Bank super fund, including:

  • Competitive investment performance
  • All profits returned to, or for the benefit of members
  • Flexible and cost effective
  • Protected online account access
  • Income streams for retired members
  • Over-the-phone financial advice
  • Total and Permanent Disability (TPD) Cover
  • Death Cover

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Eligibility to apply for a Commonwealth Bank superannuation account

To apply for any of the Commonwealth Bank super funds, you must be able to satisfy the following criteria:

  • You must be an Australian resident
  • You must be over 18 years of age
  • You must be earning at least $450 before tax per month from an employer

If you are under the age of 18, but earning more than $450 before tax per month, you must be working more than 30 hours per week to qualify for super.

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How to apply for a Commonwealth Bank super fund

If you’ve satisfied the above criteria, you are eligible to apply for a super fund.  The first step in applying for a Commonwealth Bank super account is choosing the type of membership that best suits you. Ask yourself the following questions:

  • “Am I still working, and not yet ready to retire?” – Join as a super member
  • “Am I about to retire or have already retired?” – Join as a pension member
  • “Am I contributing for employees?” – Join as an employer

Once you’ve made a decision, you can either sign up online, in one of its many branches or utilise the live chat option on its website.

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Commonwealth Bank FAQs

Yes, Commonwealth Bank has a dedicated online portal for its super fund members. By clicking here, you can access statements of your savings, download super fund information and view your account balance.

Most of the time, the money in your super fund account is invested by your super fund, and Commonwealth Bank is no different. It offers a variety of investment options including pre-mixed, property, shares and cash deposits.

It is important to take into account investment time frames, and your personal tolerance for market fluctuations when choosing an investment option. The returns from your investment directly impact how quickly or slowly your super grows.

The table above shows the total fee cost to have a Commonwealth Bank super account per year. Compare these fees to the average super fund fees on our database.

Commonwealth Bank offers a consolidation service for members who have super in other funds. It’s important to check with your old funds for information regarding costs such as exit fees and insurance cover. If you have any questions or concerns, visit or call one of its many branches across Australia.

Be sure to check these nine things on your superannuation statement:

  • Personal details are up-to-date
  • Nominated beneficiaries are up-to-date
  • Tax File Number (TFN) is recorded
  • Super contributions from employer and/or your voluntary contributions are correct
  • Investment asset class choices are appropriate for your life stage
  • Amount paid in fees
  • Insurance still adequate
  • Super is consolidated, after checking whether there is insurance or any other benefits attached to the account you may lose and you’re comfortable to do so
  • The big picture – are you happy with your super fund overall?

Founded in 1911 by the Australian Government, Commonwealth Bank (or Commbank) is considered to be one of Australia’s ‘Big Four’ banks and is a leading financial services provider.

One of Commbank’s many ways to drive positive change is its eight Opportunity Initiatives, which focus on education, innovation and good business practice. By empowering people, businesses and communities to create change, Commbank is aiming to help its members acquire the skills to thrive in the Australia economy, through financial and digital literacy programs.

How Commonwealth Bank supports the community:

  • Children’s health: CommBank sponsors the Clown Doctors to help kids in hospital forget they’re sick.
  • Community grantsMore than $2 million in grants are distributed every year. Watch the story of how a grant helped Starz Dance hold a special recital for their special needs children’s class.
  • Financial education: CommBank has been running Start Smart educational workshops for kids and youth since 2007, with 1.9 million students having done a workshop as at 2016. Their Dollarmites Club, which started in 1928, is one of the oldest and most well-known school banking programs for under 12s.
  • Charitable giving: Commonwealth Bank Staff Community Fund was formed in 1917 and contributes over $2 million per year focused on improving the health and well-being of young people.
  • Sponsorship: Sponsoring the Australian of the Year since the 1970s, Women in Focus, and the annual Commonwealth Bank Teaching Awards (60 teachers recognised as at 2016).
  • Human rightsCommBank requires all of its suppliers to comply with the UN’s Guiding Principles for protecting human rights.
  • Sports: Sponsoring Australian cricket at local and national club levels for the past 29 years.

Written by: Regina Collins | Last updated: September 26, 2017