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Commonwealth Bank Essential Super

Commonwealth Bank Essential Super

2.7 from 14 reviews · View Statistics

Reviews

2.7

14 reviews
  • Transparency
    2.0 (7)
  • Customer Service
    2.1 (8)
  • Rates and Fees
    1.9 (7)
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Zan R.

Zan R.Greater Melbourne (Inner), VIC

Long time with them - 50% Increase on LIfe Insurrance after COVID

published
Transparency
Customer Service
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J G Koch

J G Koch Greater Melbourne (Inner), VIC

Early release of super

published
Transparency
Customer Service
Incentivised ReviewNo
Jose Carrillo

Jose CarrilloSouth East Queensland, QLD

  • 9 reviews
  • 4 likes

They lost almost 30% of my funds with the Covid 19 pandemic

published

Everyone could see what was about to happen. I even switched my investment option to cash, however, it took 4 days for these clowns to make the switch. I guessed they were sleeping while the whole economy was falling apart.
In those 4 days, I lost about 600 dollars. Most super funds were losing 10% or 15%, but this one was losing 30%. To summarize, they have no idea about what they are doing, just incompetency at its highest level. After seeing my losses, I made an inquiry asking for the list of stocks where the funds were invested, they did not share it.
Fortunately for me, I only have 13000 AUD atm of the pandemic, I pity the ones that have all their life savings in this circus.

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Customer Service
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Nick

NickSouth East Queensland, QLD

  • 2 reviews
  • 1 like

Just useless

published

Absolutely terrible communication, been trying to change my super from personal non concessional to employer concessional and has been the biggest nightmare waiting weeks for them to not do what they did they would do. just contacting them is difficult and to end up talking to someone who is clueless about what I’m requesting which was already processed. What seems like a simple thing to change has been jumping thru hoops having to prompt them to send out confirmation time and time again

Customer Service
Insurance Options
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How are they capable of losing so much?!

published

Over the past 6 months (to June 2020) Commonwealth Bank Essential Super has lost more than 10% of my super amount. Additionally, in the 12 month period before this they lost 2.5% in what should have been a moderately stable market. I have placed the majority of my funds in more conservative areas too.
Don't invest your future with them.

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John O.

John O.Wheatbelt, WA

  • 4 reviews
  • 6 likes

So good You may as well place all your savings on Red and see what Happens

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Narinder

NarinderGreater Melbourne (Inner), VIC

  • 2 reviews

Lost money

published

Iaround actually lost around $ 15600 with Esssential super in two months. I called them and they said they have invested my moniey in share market which went down. I am still loosing money every day from my super account. I dont where to seek help

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Pet

PetSydney, NSW

  • 5 reviews
  • 5 likes
  • Verified customer

Be careful. I lost almost $2000 only in 5 months after joining life insurance from CBA Essential Super.

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Raafay

RaafayGreater Melbourne (Metropolitan), VIC

so far so good

published

Im with Commbank essential super and so far its been a good journey. The sad part is that they have stopped providing this service to new customers. So far Im very satisfied with their services.

Incentivised ReviewNo
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Gary

Gary

  • 13 reviews
  • 2 likes

Verry happy

published

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

published
Trav

TravMelbourne

  • 4 reviews
  • Verified customer

Very good so far!

published

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.

published
vlado66

vlado66AU

  • 4 reviews
  • 3 likes

early release of super funds for financial hardship grounds

published

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.

Questions & Answers

T.malaki

T.malakiasked

How can i contacts you guys

No answers
Geetha

Geethaasked

Hi iam with CBA group super fund. Is life insurance automatically included in my super. Thanks

1 answer
John O.
John O.

From memory It isn't and the fees are ridiculous for what would be considered a very limited cover (400k is the maximum I think for essential super). Your better off paying for an alternative provider to cover your life insurance. I would suggest shopping around and finding another provider that offers TPD/Death cover as well as income protection.

Darren R.

Darren R.asked

I would like to talk to someone about transferring my super from rest to your fund

No answers

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