Superannuation is a $2.5 trillion+ sector in Australia, with many funds competing to secure members. One of the largest growing markets for super at the moment is millennials, some of whom are becoming more aware of the importance of superannuation to their retirement.
One of the ways super funds are engaging younger Australians is by bolstering the online services they offered. Of the top 50 super funds in IQ Group’s 2017 study on Digital Engagement in the superannuation industry, 78% of them allowed members to join online.
Our numbers suggest a similar story. Of the 56 super funds rated by Canstar, 43 of them (77%) offer online applications while the remaining 23% don’t yet. Meanwhile, 41% of super funds rated by Canstar (23 out of 56) come with mobile app support.
A super fund with online applications can in some cases allow people to join or switch in a matter of minutes.
If you’re after a super fund with online services, check out the table below, which displays a snapshot of 5-Star and 4-Star rated super funds on Canstar that have a smartphone app and other online features, sorted by provider name (alphabetically). Results are based on Australians aged 18-29 with a super balance of $0-$55k.
Use Canstar’s superannuation comparison selector for a wider selection of super funds based on your individual circumstances and preferences. Please note that the performance information shown in the table is for the investment option used by Canstar in rating of the superannuation product.
How do you apply for superannuation online?
Although the process can vary from provider to provider, applying for superannuation online is generally quite easy and can in some cases be done in a matter of minutes. Steps you might need to take when applying online could include:
- Reading the PDS (product disclosure statement) before you proceed to be sure you are fully comfortable with the product
- Entering your personal details, including your name, date of birth, address, phone number and Tax File Number (TFN)
- Select your desired investment option and insurance cover (if any)
- List your other super fund(s) if you want to rollover your super balance. This article explains this topic further
- Confirm your application and wait for your funds to roll over
What else could online super funds allow you to do?
With some providers, you can complete some of the following tasks online:
- Check your balance
- Rollover your existing super into other funds
- Tailor your investments
- Update your details when necessary