When it comes to choosing a superannuation fund in Australia, two of the most popular options are HESTA and AustralianSuper. Both funds offer a range of benefits and investment options, but there are also key differences between them that can make one more suitable than the other depending on your individual circumstances.
In this blog, we’ll take a closer look at HESTA Vs AustralianSuper, comparing their features and benefits, as well as exploring user reviews to help you make an informed decision about which fund might be the right choice for you.
HESTA is a superannuation fund designed specifically for workers in the health and community services sector. It was established in 1987 and currently has over 870,000 members and manages over $65 billion in assets.
One of the key features of HESTA is its focus on ethical and sustainable investing. The fund has a strong commitment to investing in companies that have a positive impact on society and the environment, and it actively engages with companies to encourage them to improve their sustainability practices.
AustralianSuper is one of the largest superannuation funds in Australia, with over 2.3 million members and over $225 billion in assets under management. It was established in 2006 as a merger between several smaller funds, and it offers a range of investment options across different asset classes.
AustralianSuper has a strong track record of delivering solid returns to its members, and it has won numerous awards for its performance and customer service.
Similarities and Differences
Here are some of the main similarities and differences:
- Both funds offer a range of investment options across different asset classes, including shares, property, and fixed interest.
- Both funds offer insurance options to protect members in the event of death or disability.
- Both have online portals that allow members to manage their accounts and track their investments.
- HESTA is focused on the health and community services sector, while AustralianSuper is open to all Australians.
- HESTA has a stronger focus on ethical and sustainable investing than AustralianSuper.
- AustralianSuper has a wider range of investment options than HESTA, including options for self-managed super funds (SMSFs).
- HESTA charges lower fees than AustralianSuper, although the exact fees will depend on the investment options chosen.
✅ Recommended Read: GESB Vs Australian Super
Table of Comparison – HESTA Vs AustralianSuper
To help you compare more easily, here is a table summarising some of the key features of each fund:
|Membership||Open to workers in the health and community services sector||Open to all Australians|
|Investment options||Range of options across different asset classes||Wide range of options, including SMSF options|
|Ethical and sustainable investing||Strong focus on ethical and sustainable investing||Less emphasis on ethical and sustainable investing|
|Fees||Generally lower fees than AustralianSuper||Fees vary depending on investment options chosen|
|Insurance||Offers a range of insurance options||Offers a range of insurance options|
|Customer service||Generally high levels of customer service||Generally high levels of customer service|
|Performance||Generally strong performance, although this can vary depending on investment options chosen||Generally strong performance, with a strong track record of delivering solid returns to members|
To get a sense of how members feel about HESTA and AustralianSuper, we looked at user reviews on a range of platforms. Here’s a summary of what we found:
Overall, both HESTA and AustralianSuper received largely positive reviews from their members, with most users expressing satisfaction with the fund’s performance and customer service. However, there were some complaints about fees and difficulties with the online portal, which is worth taking into account when making a decision.
✅ Also Read: HESTA Vs Aware Super
Which Superannuation fund is Best for You?
Choosing a superannuation fund is an important decision, as it will have a significant impact on your financial future. While both are quite popular options, they have different features and benefits that may make one more suitable than the other depending on your individual conditions.
If you work in the health and community services sector and are looking for a fund with a strong focus on ethical and sustainable investing, HESTA may be the right choice for you. On the other hand, if you’re looking for a wider range of investment options and the flexibility to manage your own super through an SMSF, AustralianSuper may be a better fit.
Ultimately, the best way to choose between HESTA vs AustralianSuper is to do your own research and consider your own needs and preferences. By carefully evaluating the features and benefits of each fund, you can make an informed decision that will help you achieve your financial goals in the long term. Visit ThinkMoneyTrader for more financial bytes like this.