If you’re thinking of switching funds, have a look at some of the funds currently on Canstar’s database.
To compare other super funds suited to your life stage and preferences, visit the Canstar super fund comparison pages.
Types of Grow superannuation accounts
At this point in time Grow offers a single superannuation product, but offers a larger-than-usual number of investment options within that product, having seven ‘core portfolios’.
There are several benefits available to Spaceship members who have a personal super account, including:
- The aforementioned several investment options – choose to invest in one of seven portfolios
- Easy access through both your computer and the mobile app
- Spare change ’round-up’ feature allows you to contribute small but regular accounts from your bank account
Eligibility to join Grow Super
To sign up for a superannuation account with Grow, you must be able to satisfy the following criteria:
- You must be an Australian resident
- You must be over 18 years of age
If you’re under 18, you must meet additional work requirements to be eligible, including working more than 30 hours a week.
How to join Grow Super
If you satisfy the above eligibility criteria, then you can apply to join Grow Super. You can sign up for a Grow Super account by visiting their website and going through the registration process. They say it can take as little as 90 seconds.
Grow Super FAQs
Yes, Grow allows you to monitor your super either online or using their mobile app. You can view your account balance online, access statements for your account, download super fund information, and more.
The money in your Grow super account is invested by your super fund. They offer seven ‘core portfolios’, and a minimum of 85% of your super balance is invested in whichever portfolio you choose. From there you can choose to invest up to 15% of your balance in either startup and tech, property, green energy, or sustainability.
When choosing an investment option, it is important to take into your account investment timeframes and goals, and your personal risk tolerance for market fluctuations. Learn more about how to choose between different investment options on the Canstar website.
Yes, Grow offers a consolidation service for members who have super in other funds. It is free of charge and they do the rollover of your super for you.
It’s important to check with your old super funds for information regarding costs such as exit fees and any insurance cover you may lose if you switch super funds. If you have any questions or concerns about the rollover process, you can contact Grow through their website.
Be sure to check these 9 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 for the year is not too high
- Insurance in super is still adequate coverage for your needs
- 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?
Grow Super came into existence because its creators “wanted a super fund that was simple and easy to use.” It was launched in May 2017, and has its own mobile app through which you can monitor your super.
Grow Super members’ balances are managed by Dimensional Fund Advisors (DFA) – Grow Super says they chose DFA because “they’ve been around for more than 36 years” and “help people get the investment outcomes they’re seeking.”
Grow Super’s app offers a spare change round-up service which, once you link your bank account, lets you round up purchases to the nearest whole-dollar value and contribute the difference to your super. So for example, a $3.50 coffee gets rounded up to $4 and you contribute 50 cents to your super