According to APRA, these banks still offer retirement savings accounts (as of 2024).
| Bank | Account details |
|---|---|
| Qudos Bank |
|
| Defence Bank |
|
| Australian Military Bank |
|
Some institutions offer retirement savings accounts but are no longer open to new customers:
Although they aren't superannuation accounts, retirement savings accounts do fall within superannuation regulations and the tax advantages that come with that.
Like a super fund, you can't access the money in your retirement savings account until you meet a condition of release or reach your preservation age.
Unlike a super fund, your capital is guaranteed. You earn interest at set rates, which can be fixed or variable.
But a super standard balanced or growth super fund will usually offer far higher returns than a retirement savings account. This is because super funds invest a large portion of your balance into shares, which are high return but also much higher risk.
You typically don't pay fees on a retirement savings account, unlike a super fund.
When you retire you can access the money in your retirement savings account. Just like a super fund, you access the money as a lump sum or get a regular payment through an account-based pension.
As we said earlier, there are very few retirement savings accounts available today. If you do want to open one, look for the following:
Make sure you go through the product disclosure statement (PDS) before signing up for any retirement savings account. The summary page of this document should give you a clear indication of any applicable fees and charges.
Before opening a retirement savings account, conduct a thorough super funds comparison to ensure you've found the most suitable account for your needs. Compare the rates on a retirement savings account to the average returns for super funds before deciding.
But keep in mind that super funds also charge fees. And returns aren't guaranteed.
Most Australians who are still in the workforce and are in their 20s, 30s or 40s are still a long way from retirement. If you're in this age group you'll probably already have a super fund and can benefit from the (on average) higher returns. You can also afford to weather any short term downturn because you're years away from retirement.
If you're closer to retirement, the smaller but safer returns of a retirement savings account might be more appealing. It's still worth comparing to super funds with more conservative growth options.
Still confused? Talk to a financial advisor or financial planner about how to best structure your retirement finances.
Compound growth allows your super returns to be reinvested and generate their own returns, helping your balance grow much faster over time. Here's how it works.
Superannuation is the main way of saving for your retirement in Australia. Your superannuation is one big investment portfolio in your name that's managed for you by your super fund.
Conservative super funds are designed to protect your superannuation savings. These funds have more money invested in low-risk, defensive assets like cash, fixed interest and bonds and less money invested in shares.
A high growth super fund invests more of your super into growth assets like shares, aiming for higher returns over the long term.
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How can a retiree over 80 join and transfer SMSF to Industry Super Fund? There appears to be many rules for retirees over 75.
Hi Linney,
You’re correct, the rules around superannuation for those over 75 are quite complex and will vary depending on your personal situation. It’s best to speak with a financial adviser who can offer you personal advice about transferring your super.
Thanks,
Alison
Which banks/institutes still have retirement savings accounts?
Hi Petra,
Thank you for reaching out to Finder.
You may refer to our list of savings accounts with compound interest. The page provides a list of banks that may assist you further in saving for your retirement. You can also check our guide about retirement savings accounts to know your other options. Hope this helps!
Cheers,
Reggie
which institutions offer Centrelink compliant Pensioner Deeming Accounts?
Hi Rodo,
Thanks for getting in touch!
We have a page that shows pensioner deeming accounts. The page has a table you can use to find the account that suits you. Hope this was helpful.
Best,
Nikki
Can a young worker with part-time employment arrange for Employer contributions to be remitted to a Retirement Savings Account? This would be to save administration costs which otherwise consume all the contributions over a year. If the answer is yes can the balance in the RSA be transferred later to a Super Fund when employment become full time, contributions more meaningful and the need for insurance more of an issue.
Hi Neil,
Thanks for your message and for visiting Finder.
To answer your question, – Yes, a young worker with part-time work can start saving for a retirement savings account and later on transfer to a super fund when the employee becomes full time.
RSA’s are in line with superannuation regulations and their tax advantages. Even your tax-free portion can earn interest, helping you through retirement. Once you’ve met a condition of release, you can organize for your super fund balance to be transferred to a retirement savings account, where you can start drawing down on your fund. A good RSA should ease your transition into retirement and it should provide you with a regular income when you retire.
Hope this helps! Feel free to message us anytime should you have further questions.
Cheers,
Nikki
Apart from a superannuation fund, are there any other options to create a private pension?
Hi John,
Thank you for your inquiry.
Regarding that matter, you may want to check directly with the Australian Government Department of Human Services for your options.
I hope this information has helped.
Cheers,
Harold