This would be mainly useful for those eligible for Government co-contributions, a nice double dip.
Otherwise OK if you can easily divert your super, the $100 should be protected from fees and possibly cashed out at income tax rates later if you want.
You may also be able to take home a free Year of the Horse money box :-)
i've been looking at changing my super for a few weeks, ANZ smart choice comes up as one of the lowest fees on a few rankings… although not sure how comprehensive/reliable these rankings are
http://www.superguide.com.au/how-super-works/comparing-super…
http://www.superratings.com.au/top-tens/fees
obviously this only considers fees and not performance or flexibility…
also rated 5 star along with a few others by canstar
http://www.canstar.com.au/superannuation/compare-starter/
I've noticed a lot of them charging up to $14/month in fees. Even if you have only $100 in the super account.
Surely the fees are the bigger issue rather than an upfront visa card.
It is my understanding that if the account balance is less than $1,000, the fees cannot be higher than the earnings.
I agree, their fees are a joke. Not recommended.
Plus you actually have to physically walk into an ANZ branch. Too hard for just $50. Negging
this is never a deal. just do your numbers
Did you actually check the PDS? $50/year admin fee + 0.5% of investment fee which is one of the lower ones out there, comparable other low fee ones like AustralianSuper or FirstStateSuper.
Also @ginmi — you can apply online (click on Open An Account) although it wouldn't surprise me that financial products require 100 points of ID check at a branch (if you are not already a customer).
You can view smart choice super on the go money banking app too
Yes, can apply online especially if you are an existing customer. Other options include visiting branch or arrange call back.
@xsacha there are no exit fees, no switching fees based on prospectus dated Nov 2013.
Has anyone signed up and would like to share any feedback?
$50 is tiny comparing to the potential fees charged by the superfund managers. However having a look at Smart Choice Super the fee is actually not bad — $50/year admin fee + 0.5% investment fee on any option (except cash that's 0%).