HESTA offers above-average 10-year returns on its conservative investment option. Members also have the ability to speak to a Super Adviser at no cost.
Certified by the Responsible Investment Association Australasia, this option from Aware Super excels in long-term returns with a target split of 75% growth assets and 25% defensive assets.
Australian Ethical has taken home the Finder Green Super Fund of the Year 2020-2023. Its Growth option is designed for members looking to invest ethically but want long term growth potential.
An industry super fund open to all Australians with over 1.7 million members. Hostplus has delivered strong long-term performance and charges below average fees.
This fund has competitive fees and invests in higher growth, higher risk assets to achieve growth over a longer time period.
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The information in this table is based on data provided by SuperRatings Pty Limited ABN 95 100 192 283, a Corporate Authorised Representative (CAR No.1309956) of Lonsec Research Pty Ltd ABN 11 151 658 561, Australian Financial Services Licence No. 421445. In limited instances, where data is not available from SuperRatings for a product, the data is provided directly by the superannuation fund.
*Past performance data and fee data is for the period ending August 2024
It's impossible to measure future performance of any super fund. That's why we look at past performance. Which can only be an indication rather than a prediction of future returns.
Using data from the 2024 Finder Awards, we have the following winners based on different super fund categories:
Best Balanced Super Fund:UniSuper - Sustainable Balanced is the best balanced fund. It has delivered an average annual return of 8.78% over the last 10 years and 7.82% over the last 5 years.
Best Conservative Super Fund:Aware Super Conservative Balanced is the best conservative fund. It has managed an average annual return of 6% over the last 10 years and 4.9% over the last 5 years.
Best High Growth Super Fund:UniSuper Sustainable High Growth delivered an annual average of 9.98% over the past 10 years and 9.28% over the past 5 years.
Best Low Fee Super Fund:Aware Super Balanced Indexed is the best low fee fund. It has fees of around $462 on a $50,000 balance, and has delivered an annual average return of 7.51% over the last 10 years and 6.72% over the last 5 years.
At Finder, we understand that there is no one-size-fits-all "best" super fund. The ideal fund for you depends on your life stage, risk tolerance and growth objectives. To guide you effectively, we've selected super funds catering to different life stages and financial goals.
Our methodology involves a comprehensive analysis of various factors including performance, fees and investment options. We scrutinise funds to ensure they meet diverse investor needs, from those just starting their careers to those nearing retirement.
What's the highest-performing Australian super fund in 2024?
We can look at returns as of July 2024 to find the highest-performing funds so far this year. The super funds with the highest returns last year are all single sector investment options that invest entirely in shares.
Although these funds have achieved outstanding high returns over the past year, they're all very high-risk investment options as they invest exclusively in shares. The recent financial year was a good one for the share market, but it's important to remember that when there's a market fall, these options would be likely to instead make a negative return.
Over the long term (10 years), these funds have all achieved annual average returns of between 10% and 12% p.a.
Top 5 super funds for customer satisfaction in 2024
The Finder Customer Satisfaction Awards recognises the best performing super fund for customer satisfaction. It's an award that is decided by the only votes that really matter – yours. We asked customers of major super funds to tell us about their experiences. Now we can reveal what they said.
Provider
Overall satisfaction
Trustworthy/reliable
★★★★★ 4.46/5
100%
★★★★★ 4.46/5
94%
★★★★★ 4.28/5
94%
★★★★★ 4.26/5
100%
★★★★★ 4.15/5
91%
Why it's important to make sure you're with a great super fund
Each year the regulator APRA analyses the market and identifies the worst super funds that are underperforming for members. APRA tested 58 MySuper products in 2023 which held $907 billion in assets, and the test showed an average performance of 0.41% above the benchmark.
APRA found that 80% of members' MySuper accounts perform above the benchmark, which is great if you are in that cohort. But for the remaining 20% the products underperformed by >0.50%. While only a small amount, you don't want your super to underperform.
You can use Finder's superannuation calculator to see an estimate of your retirement balance based on your current fund, versus if you switched to a different fund with better returns or lower fees.
How to pick the best super fund
Choosing the right super fund is crucial for your financial future. While the top-performing funds are a great start, they may not always align with your specific needs. If you're looking elsewhere, consider these key factors from our comparison table below:
High long-term returns. Look for funds with a consistent track record of strong returns over the long term (funds with 10-year returns above 7% p.a. are among the top performers).
Low fees. Higher fees can significantly eat into your retirement savings. Opt for funds with lower fees without compromising on performance (aim for annual fees less than 1.5% of your super balance).
Investment strategy aligns with your age. Your age and retirement goals should dictate your investment strategy. Younger investors might prefer high-growth options, whereas those nearing retirement may prioritise stability and have a shorter investing time horizon for a portion of their balance. If needing access to funds in the next 3-5 years, it's important to be invested in a lower risk option. Access to insurance cover. Does the fund offers members cost-effective life, TPD and salary continuance policies?
Use these criteria as a guide to navigate through the comparison table and find the fund that best suits your financial situation and goals.
"I only moved to Australia 6 years ago so I'm playing catch up with my super. For me, low fees are important and to know my money isn't being invested in something that's destroying the planet. I also cancelled the life insurance inside my super because the premiums increase every year."
Methodology: How we choose our best super fund picks
We regularly look at the super funds in our database to determine which are the best offers for a range of different purposes. Specifically, here's how we determine each of our top pick recommendations:
This award is part of our annual Finder Customer Satisfaction Awards. Consumers rated the super fund they used based on customer service, performance, fees and overall experience and were asked if they'd recommend the fund to a friend. The final score was calculated as an average of the 5 metrics scored.
What we like about UniSuper:
Finder Awards winner. UniSuper was the winner in Finder's 2024 Super Fund Customer Satisfaction Awards.
Customer satisfaction score. An impressive 100% of the consumers that we surveyed said they'd recommend the fund to a friend. Its customer satisfaction rating was 4.46 out of 5.
Industry super fund. UniSuper is an industry super fund and one of the largest super funds in Australia. It's open to all Australians to join.
This product is selected as part of Finder's annual Green Awards. This award looked at each super fund's current environmental performance, environmental targets and reporting and accreditation. It also analysed the fund's sustainable investment approach and the environmental performance of its portfolio.
What we like about Australian Ethical Super Balanced:
Certified sustainable. Australian Ethical is one of just a handful of super funds to be certified by the Responsible Investment Association Australasia for its commitment to responsible and sustainable investments.
Finder Green Awards winner. Australian Ethical Super was named a winner in the 2020, 2021, 2022 and 2023 Finder Green Awards.
Investment transparency. Australian Ethical Super provides a readily available list of all the companies it invests in on its website, so you can see exactly where your money is going.
Climate change awareness. Australian Ethical Super excludes all fossil fuel investments and most mining companies, while actively investing in renewable energy.
This award focuses on super funds with a balanced investment strategy, typically involving 60–80% growth assets. It evaluates these funds based on their ability to blend risk and return effectively. The assessment includes a thorough analysis of performance, asset allocation and overall fund stability.
What we like about Aware Super - Balanced Socially Conscious:
Finder Awards winner. Aware Super - Balanced Socially Conscious was awarded as the Best Balanced Super Fund in 2023, Aware Super stands out for its optimal balance between risk and return.
Strong performance. With a remarkable 10-year return of 8.4%, it demonstrates consistent performance, appealing to investors seeking both stability and growth.
Affordable fees. The fund maintains competitive fees, charging just $327 annually for a $50,000 balance, making it a cost-effective choice for investors.
Balanced strategy. Aware Super's balanced approach expertly combines various asset classes, ensuring a diversified investment portfolio.
The Best Conservative Super Fund award is given to funds that prioritise low-risk investments like cash and bonds. It assesses the funds' performance, asset distribution and their ability to provide stable, long-term returns to more risk-averse investors.
What we like about HESTA Conservative:
Finder Awards winner. HESTA Conservative leads the category this year, recognised for its prudent investment strategy and stable returns.
Solid returns. Over a decade, the fund has delivered a steady 5.45% return, showcasing its effectiveness in conservative investment.
Reasonable fees. With an annual fee of $357 on a $50,000 balance, it offers affordability while maintaining high-quality investment choices.
Risk-averse focus. Ideal for cautious investors, it emphasises safety and reliability in its asset allocation.
This category awards super funds that strike a middle ground with 41–60% growth assets. The focus is on evaluating these funds for their balanced approach to risk and return, assessing their performance, fees and risk management strategies.
What we like about AustralianSuper Conservative Balanced:
Finder Awards winner.Dominating its category in 2023, AustralianSuper Conservative Balanced is known for its judicious mix of growth and security.
Consistent growth. Exhibiting a 10-year performance of 6.74%, it appeals to those seeking steady growth without excessive risk.
Competitive fees. The fund's $367 annual fee for a $50,000 balance represents a balanced approach to cost-effectiveness and value.
Stability and growth. Skillfully navigating between conservative and growth-oriented assets, it offers a harmonious investment solution.
The Best High Growth Super Fund award is for funds heavily invested in growth assets (81–95%). It recognises funds that excel in high-risk, high-reward strategies, evaluating their long-term performance and potential to deliver significant returns.
What we like about UniSuper Sustainable High Growth:
Top in high growth. UniSuper Sustainable High Growth leads 2023's High Growth category, showcasing its proficiency in aggressive growth strategies.
Affordable fees. With a competitive annual fee of $296 on a $50,000 balance, it offers high value for its performance level.
Impressive returns. The fund has been exceptional, delivering an average 10.36% return over 10 years and 8.48% over 5 years, marking it as a stand-out choice for growth-focused investors.
Risk-adjusted strategy. The fund's focus on high-growth assets is balanced with a risk-adjusted approach, aiming to maximise returns while managing volatility, appealing to investors with a longer-term perspective.
This award identifies the top-performing single asset class funds, focusing on specific investment goals. It evaluates these funds based on their specialisation, performance in their respective asset class and their ability to meet targeted investment strategies.
What we like about Australian Retirement Trust:
Leading in a single asset class. The Australian Retirement Trust shines in 2023 as the foremost single asset class fund, specialising in international equities.
Cost-effective fees. Charging a modest annual fee of $192.40 for a $50,000 balance, it stands out for both affordability and performance.
Strong global performance. Its international shares index has yielded a remarkable 12.26% annual return over 10 years and 10.13% over 5 years, demonstrating its effectiveness in global equity investment.
Focused investment. The fund's specialisation in international shares exemplifies its targeted investment approach, offering investors an opportunity to capitalise on the growth potential of global markets.
For this category, we only considered super funds that offered a life-stage investment option as its default option. Of the funds compared, we looked at the annual fees charged on a $5,000, $50,000 and $100,000 balance as well as the past 1-, 3- and 5-year performance returns.
We also looked at the number of different life stages the product offered. Funds that offered more life stages were ranked stronger than those with fewer life stages.
What we like about Virgin Money Super LifeStage Tracker:
Age-based investment product. Virgin Money Super includes 15 different life stage investment allocations within 1 product, so your investment allocation is readjusted every 5 years in line with your age.
Low fees. Virgin Money Super LifeStage Tracker also charges some of the lowest fees in the market with impressive past performance returns.
Earn Velocity Points. You can earn Velocity Frequent Flyer Points on contributions to your fund.
Opt for a build-your-own investment option. If you don't want to go with the LifeStage Tracker, you can build your own investment portfolio from a range of asset-based investment portfolios.
FAQs about picking the best super funds in Australia
Australian Ethical Super was named the best ethical super fund in the 2020, 2021, 2022 and 2023 Finder Green Awards. If you're considering an ethical super fund, it's still important to make sure the fund has strong long-term performance and competitive fees, otherwise your retirement balance will suffer.
Some of the best-performing industry super funds include Hostplus, AustralianSuper, Australian Retirement Trust, UniSuper and Cbus.
If you're starting work and looking for a super fund, look for a fund with low fees and high long-term returns. Your balance will start off small, so you don't want this already small amount of money eaten away by excessive fees.
There are 2 main types of super funds: industry super funds and retail super funds. Both funds invest your money in similar ways, but they are different in the way they're owned and managed. Industry super funds are independently run and owned by members, while retail funds are owned by major banks, insurance companies or other financial organisations. Industry super funds typically have lower fees.
SMSFs are generally only recommended if you've got a large super balance to invest, usually $200,000 or more. This is because SMSFs can be quite expensive to run and maintain, especially compared to a typical super fund. If you've got a large balance to invest, investment expertise and experience and an understanding of the legal framework, it could be something worth looking into. But keep in mind there are a lot of legal requirements you need to keep up with, as well as annual fees and charges.
Once you've found the new fund you want to join, complete the online application form to become a member. Throughout this process you can elect to have your previous super fund transfer your balance over into your new fund. Most of the work is done for you by your new fund. For a more detailed guide on how to do this, take a look at our article on how to change super funds in 4 steps.
Yes, you can have multiple super funds, but it's not a good idea to do so. If you had more than one fund, you'd be paying multiple sets of fees which would eat into your retirement balance. If you've got more than one fund open in your name it's a good idea to consolidate them.
Karen Eley is the founder of Women Talking Finance, which provides money coaching and financial literacy and education services. An experienced and former financial adviser who has worked in financial services industry for 22 years, Karen is a Certified Money Coach (CMC), holds a Bachelor of Accounting and an Advanced Diploma in Financial Planning and CFP.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full bio
Alison's expertise
Alison has written 626 Finder guides across topics including:
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How did I find how Colonial First state pension fund fared in comparison to Australian Super
Finder
RajMay 1, 2023Finder
Hi Andrew,
Thanks for contacting Finder.
To help you compare funds, there are a few key areas, that should be considered when comparing and they include long-term performance, fees and the fund’s investment strategy for your age. We have written a how-to-compare guide, which can help you compare.
Thanks
Raj
alanApril 27, 2023
Do you have people who advise on how to shutdown an SMSF and transfer to an Industry super fund? And whether it makes sense?
Finder
AlisonApril 28, 2023Finder
Hi Alan,
Finder is a financial comparison site – we can help you compare your options between products but we aren’t able to offer you any personal financial advice. We suggest you speak with a financial advisor or tax accountant for advice.
MichaelMarch 5, 2023
Looking at your figures which you say are accurate, I can 100% tell you they are not accurate at all . You have Australian super at 2.71% loss financial year 21/22 , my Super went down far more than that , the figure was 5.1% on the base starting figure plus whole years deposits over the year it would make the loss approx 10% annual .Then if you add in the investment loss , fees etc the figure goes far higher , can you please explain your figures
Finder
AlisonMarch 6, 2023Finder
Hi Michael,
The figures in our super tables are supplied by superannuation research firm Chant West, which source the data directly from the funds themselves. The figure you’re referring to for AustralianSuper is for its Balanced fund. if you’re in a different investment option, or your balance is split between a couple of different options, your performance returns will be different.
Thanks,
Alison
CarolMarch 2, 2023
how much are the superannuation fees/costs ?
Finder
AlisonMarch 2, 2023Finder
Hi there,
Super fund fees all vary depending on the fund you’re with, the investment option and your balance. You can see the annual fees based on a $50k balance as an example for the sake of comparison in our table above.
Thanks,
Alison
ClareFebruary 28, 2023
Hi what is the cheapest superfund based on 20,000 in a high growth setting? What are the investment fees p.a.?
Thanks
Clare
Finder
AlisonMarch 2, 2023Finder
Hi Clare,
Currently our comparison table shows the annual fees based on a $50k balance, to help you compare. The fees will be different based on a $20k balance, however, looking at the $50k fees can still help you see which funds are the cheapest and which are the most expensive.
You can use the filters on the side of the table to look at high growth options only, then sort by fees to see the lowest fees first.
Thanks,
Alison
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How did I find how Colonial First state pension fund fared in comparison to Australian Super
Hi Andrew,
Thanks for contacting Finder.
To help you compare funds, there are a few key areas, that should be considered when comparing and they include long-term performance, fees and the fund’s investment strategy for your age. We have written a how-to-compare guide, which can help you compare.
Thanks
Raj
Do you have people who advise on how to shutdown an SMSF and transfer to an Industry super fund? And whether it makes sense?
Hi Alan,
Finder is a financial comparison site – we can help you compare your options between products but we aren’t able to offer you any personal financial advice. We suggest you speak with a financial advisor or tax accountant for advice.
Looking at your figures which you say are accurate, I can 100% tell you they are not accurate at all . You have Australian super at 2.71% loss financial year 21/22 , my Super went down far more than that , the figure was 5.1% on the base starting figure plus whole years deposits over the year it would make the loss approx 10% annual .Then if you add in the investment loss , fees etc the figure goes far higher , can you please explain your figures
Hi Michael,
The figures in our super tables are supplied by superannuation research firm Chant West, which source the data directly from the funds themselves. The figure you’re referring to for AustralianSuper is for its Balanced fund. if you’re in a different investment option, or your balance is split between a couple of different options, your performance returns will be different.
Thanks,
Alison
how much are the superannuation fees/costs ?
Hi there,
Super fund fees all vary depending on the fund you’re with, the investment option and your balance. You can see the annual fees based on a $50k balance as an example for the sake of comparison in our table above.
Thanks,
Alison
Hi what is the cheapest superfund based on 20,000 in a high growth setting? What are the investment fees p.a.?
Thanks
Clare
Hi Clare,
Currently our comparison table shows the annual fees based on a $50k balance, to help you compare. The fees will be different based on a $20k balance, however, looking at the $50k fees can still help you see which funds are the cheapest and which are the most expensive.
You can use the filters on the side of the table to look at high growth options only, then sort by fees to see the lowest fees first.
Thanks,
Alison