Scant returns from super-secure super
Research by Cannex shows that Retirement Savings Accounts, a style of secure but low return superannuation investment, provide very low returns. Cannex found that of the nine RSAs offered by banks and credit unions, only one, ANZ's Superannuation Savings Account, does not have a tiered interest rate. In most cases, an investor with $1000 receives a much lower interest rate than an investor with a big account balance. Most don't pay their best interest rate until your account tops $50,000 and one has a minimum account balance of $2000. Retirement Savings Accounts have attracted $3.9 billion in total deposits over seven years, equal to less than 1 per cent of all superannuation savings.