- Verified customer
Be careful. I lost almost $2000 only in 5 months after joining life insurance from CBA Essential Super.
After 3 days since I moved 100% into Cash Deposit option, today I still see a huge drop, almost $800. Actually I don't know what CBA Essential Super is doing with my super money.
I notice that I lost almost $2000 only in 5 months for the life insurance from CBA Essential Super. I choose the amount of insurance cover of $200,000 and paid $19.83 monthly. It covers Death and Total Permanent Disability (TPD). But only after 5 months I lost too much.
Before I used HostPlus to keep my su...per money but after 1 year I lost all of my money. It turns out it charged me something called investments and insurance without my knowing. Then I switched to Essential Super of CBA and immediately canceled the default option of insurance it selects for me. Then I see I din't loose any money until I joined this ridiculous life insurance from Essential Super. On their website, it clearly shows only $19.83 per month but behind the scene it charges me a lot without my knowing. So I guess there must some hidden investments after joining this life insurance and they don't want the customers to know it. I've just canceled this insurance and hope my super money still the same. Actually, when I called CBA Essential Super and they said that it's because of the Coronavirus which makes the investment in my super getting down. They also said the investment option is a MUST and I cannot cancel that option :(.
I rolled over my super to commonwealth becase it was doing terrible elsewhere and they gave me clear options of what would be best for me well explaind easy to understand and it works fine for me they were verry friendly and determined to do their best for me they're a huge company and they here to stay
Better than the big boys like AMP or Merc
I used to always place my super in a company super fund as i was always told the performance was so great and the company would be paying all the fees. I was always suprised that my super didn't increase much except for the contributions i made myself. For years i was with Mercer and Amp in the corporate super funds.
When i finally had time to sit down and work the numbers - these big super giants were robbing me blind.. huge admin fees disguised as something else. These big funds look good on paper but the members do not get the quoted retu...rns as the fees are so large. They tell you that your company is paying the fees - but i would urge all employees to check their statements as you will see that not all is paid for. Commbank offers a transparent, easy to check service and my returns have been about 9% a year averaged over the last 3 years.. the charge $5 a month. Well done CB!
- Verified customer
Very good so far!
After being with two separate industry funds for many years I decided to consolidate my Super and open a Commbank Essential Super account. The main reason I chose CommBank was the convenience of having my Super and everyday banking in one place. The process of consolidating was very easy.
I had been told I would not get as good returns with CommBank as my previous funds but so far that is not the case.
Highly recommend, especially for current Commonwealth banking customers for the pure convenience.
Biggest nightmare and won’t accept responsibility for their own mistakes.
Have lost all faith after transferring some of my Super to them. Met all necessary requirements as had been unable to work for 12 months. Rang to ask how to transfer from another fund to them and was told by I believe their coffee boy that I needed to wait until my new account with them showed up in my MyGov account to transfer. Was told should show up within a few days and if not to phone MyGov to query. Waited required time, rang MyGov and was told this in fact was totally incorrect and that the Super Funds only report to MyGov on 31 October ...each year and if needed earlier Super Fund must request for it to be shown. Called Comm Super back and spoke to someone other than the coffee boy who said it was no problems and he could do it on the spot. Because of the coffee boys advice my request to withdraw was held up by which time my partner had moved from a part time to permanent position just exceeding the threshold for a payment to me that fortnight. Was refused by Comm Super who then blamed Centrelink. Sent all supporting documentation including dates and times of phone calls and benefits paid. Still not fixed. So now I should lose everything including my car whose loan is with Commonwealth as well as awaiting probable diagnosis of M.S. and having to endure pain, tremors, loss of mobility, vision and hearing difficulties. Thanks Comm Super for nothing except losing everything.
early release of super funds for financial hardship grounds
I would like to recommend commonwealth bank essential super fund to anyone who is suffering from financial hardship because they cannot make ends meet from cost of living expenses. I was with REST super fund for 27 years only to be told sorry, but REST doesn't do financial hardship. I rolled over my super to commbank essential super fund, opened an account, completed the paperwork and in 10 days i got approved. I cannot thank commbank essential super fund enough. Thank you very much.
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