If you’re like many Australians, you’ll have superannuation accounts open with several funds. This generally happens because different employers can have different default super funds, and most of the time employees just go with the default when they start a new job. So if this if you, you’re not alone. 

While nothing drastic is likely to happen by having multiple super accounts open, there are definitely some benefits to bringing them together. Super is a very important part of your overall financial picture, and consolidating your super is an extremely valuable exercise.

Golden nest eggs

The benefits of consolidating into one account include: 

  • Cost savings, by paying only one set of fees
  • Less hassle, as it’ll be much easier to keep track of your super (and you’ll receive less paperwork in the mail!)
  • Possible more money if you consolidate it into the best performing of all your accounts.

Before you decide to move super funds, make sure you check: 

  • If there are any termination fees
  • If you will keep the same level of insurance in your chosen fund
  • That your employer can contribute to your selected fund.

How to find your “lost” super: 

  • Use the ATO’s myGov service (you’ll need your tax file number to get started)
  • Call your current super fund and they can help you complete a lost super search. 


So there you go – consolidating made simple. By following these steps, you could end up saving yourself a whole lot of hassle and paperwork, and maybe even have more money to invest in your future.

We’ve got advice on budgeting so you can pay what’s due easier and with less stress. Try out our budget planner or speak to one of our consultants who can help you with an individual plan. We’re available 24/7 over the phone.

Call us

Related articles

The information in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in the document is general advice and does not take into account any person’s particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs. You should obtain and consider the Product Disclosure Statement or terms and conditions relating to the products mentioned, before deciding whether to acquire any products.

RACQ Bank loans and banking products are issued by Members Banking Group Limited ABN 83 087 651 054 AFSL and Australian credit licence 241195 trading as RACQ Bank.

Retail partners, offers and discounts may change at any time without notice. Get the RACQ Discounts App or visit for the conditions, limits and exclusions for each offer.