Consolidate your super tool

If you have money in a super account that you no longer contribute into, you could be paying more fees than you need to.

Luckily, there is a way to reduce these ongoing fees and let your savings grow. You can consolidate your super into one account. According to moneysmart.gov.au, the benefits of consolidating your accounts include saving on fees, reducing paperwork and making it easier to keep track of your balance.

Things to consider before consolidating

Consider what is best for your situation. Compare your super funds, choose the one you think will give you the best long-term outcome. Before consolidating, you should check with your other super fund(s) to see if this could result in changes to your employer contributions, any fee or tax implications, or loss of insurance cover.