Super offering
BT Super for Life fund members will now receive the new cash rate of 7.4 per cent per annum.
Head of BT Super for Life Melanie Evans said the new offering is one the highest rates in the online savings space.
According to Evans, recent changes to Australian super rules mean anybody over 60 can operate their super fund like a standard online savings account. As such, BT customers can access their super savings “at call 24 hours a day, tax free, earning 7.4 per cent”, which is significantly higher than bank rates.
“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,” she said.
“With the BT Super for Life Transition to Retirement (TTR) or Retirement account, customers can easily establish regular one off withdrawals directly to their online banking account.”
Calculations conducted by BT showed that investors could increase returns by up to 68 per cent by taking advantage of the deal.
Money Management reported earlier today that AMP also introduced a new cash rate of 7.2 per cent for all Flexible Lifetime Super members.
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