BT Financial Group’s Super for Life offering is attracting around 1000 new customers every week, according to a spokesperson for the group.
The Super for Life product is now offering retirees 7.4 per cent at-call, tax free cash, which is one of the highest rates in the online savings space.
Recent changes to Australia’s super rules and BT Super for Life’s position as the only super fund fully integrated with online banking, mean that anyone over 60 could effectively operate their super fund like a standard online savings account, the BT spokesperson said.
“Investors no longer need to think about ‘super’ and ‘banking’ in isolation – it’s about bringing the best of both worlds together so investors can easily manage and control their savings in a high-interest, online environment with all the tax advantages of super,” BT Super for Life head Melanie Evans said.
“Unlike some online savings accounts, interest is paid on the full amount from the first day it’s invested until the day it’s withdrawn, there is no minimum or maximum and one-off withdrawals are available in the investor’s nominated bank account within 24 hours,” she said.
