Types of Squirrel Super accounts
Squirrel Super doesn’t offer super accounts, but instead offers an online platform through which members can set up and manage a self-managed super fund.
According to Squirrel Super, the benefits of operating your SMSF through their platform, include:
- A simple and transparent fee system
- A wide variety of investment options
- The option of taking out insurance through your SMSF
- Access to SMSF loans
- A simple and easy-to-use platform
While Canstar doesn’t rate Squirrel Super’s products, if you are looking for a superannuation fund, you can compare some of your other options on our database.
Eligibility to set up an SMSF with Squirrel Super
To sign up for a SMSF run through Squirrel Super, you must be at least 18 years of age. You do not need to be an Australian citizen, but Squirrel advises that non-residents may incur a different tax rate on their assets than residents would. How to apply for an SMSF through Squirrel Super
If you satisfy all of the above eligibility criteria, then you can apply for an SMSF with Squirrel Super through their website.
Squirrel Super FAQs
Yes, Squirrel Super is an entirely online platform, so if you set up an SMSF with them you will manage your fund exclusively through Squirrel Super’s website.
According to Squirrel Super,the way your SMSF’s balance is invested through its platform is entirely up to you. Squirrel offers a number of different investment options, including property, shares, gold, cryptocurrencies, cash and term deposits, and collectibles.
Remember, when choosing an investment option, it is important to take into account investment timeframes and goals, and your personal risk tolerance for market fluctuations.
Squirrel currently charges the following fees:
- An initial set-up fee ($3,171.05 at the time of writing)
- A flat monthly fee ($121 at the time of writing)
Yes, Squirrel Super advises that it will roll your existing super balance into your new SMSF as part of the set-up process.
It’s important to check with your existing 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, contact Squirrel Super.
Squirrel is an Australian fintech which provides a platform through which individuals can start and operate their own SMSF. They were placed in the Australian Financial Review’s Fast Starters of 2017, and were ranked as the 84th fastest growing tech company in the Asia Pacific region by the Deloitte Tech Fast 500.