Member Direct offers you greater control and choice in the investment of your super or retirement income. You can invest in shares, Exchange Traded Funds (ETFs), Listed Investment Companies (LICs), term deposits and cash – all from an easy-to-use online platform.
You also get access to real-time trading, extensive market information, independent research and investment tools to help you make informed investment decisions and manage your portfolio. This option suits members who want to be actively involved in managing their investments.
How does it work?
You make your own strategy by investing in your choice of:
shares in the S&P/ASX 300 Index
Exchange Traded Funds (ETFs)
Investment Companies (LICs)
To invest you will need to open a cash transaction account, which works like an online bank account and earns a competitive interest rate on the cash that is held in the account.
You transfer money from your other AustralianSuper investment options into this account, and then use this money to invest. You can also do the reverse and transfer money from this transaction account back into your other AustralianSuper options.
Control and flexibility
You can tailor your investment strategy by combining the options you choose in shares, ETFs, LICs, term deposits and cash with the investments AustralianSuper make on your behalf in other investment options.
AustralianSuper takes care of all the administration, compliance and reporting requirements, so you don’t have to.
There aren’t any set-up costs and ongoing fees are low.
Guides, forms and fact sheets(4)
Member Direct Investment option: Guide
- pdf, 1.8MB
The following fees apply to the AustralianSuper Member Direct option:
Cash Account fee
Portfolio Administration Fee (PAF)
Brokerage (if you trade in Shares, ETFs or
You may also incur penalties if you break your Term Deposits before they mature.
ASSETS YOU CAN INVEST In
USING THIS OPTION
Portfolio Administration fee
0.12% of Cash Account balance*
Cash and Term Deposits
and ASX 300 Shares, EFTs & LICs^
* Calculated daily and
deducted monthly after the gross interest rate is applied to the balance in the
§ Calculated daily and deducted monthly from balance in the Cash Account. ^ Additional fees and costs
incurred by the ETF or LIC, including management fees, custody costs and other
expenses may be deducted from the returns of the underlying securities in the
ETF or LIC. For details please visit the website of the ETF or LIC issuer.
Fees shown are GST inclusive. They are calculated daily and automatically deducted from your transaction account on the first business day of each month.
Term Deposit fees
If you (or your beneficiaries) redeem your term deposit(s) prior to their maturity date, penalties will apply. Our effective rate of interest will be reduced in accordance with the following discount factors. Principal reductions and other costs may also apply. See table below.
ME Bank term deposits
Nab term deposits
Time invested (% of total term)
Time invested (% of total term)
0 to <20
0 to 50
20 to <40
40 to <60
60 to <80
80 to <100
If you choose to trade in shares, ETFs and LICs the following brokerage fees will apply. A flat fee applies to the first $5,000 of your trade. Scaled cumulative brokerage rates apply to each component of your trade value above this, at the levels set out below.
$0 to $5,000
$5,001 to $10,000
$10,001 to $30,000
$30,001 to $50,000
For details on the management fees for the ETFs and/or LICs, please visit the ETF or LIC provider's website - see the investment menu at australiansuper.com/memberdirect.
You will also pay an AustralianSuper administration fee and investment fees for investment options that are managed by AustralianSuper for you (e.g. PreMixed or DIY Mix options). Investment management fees vary depending on the investment option you choose. See the Investment Guide for more details.
Interest rates for cash account and term deposits
The current interest rate for the Member Direct transaction account is shown below. Please note that this rate is gross of any tax that may be applicable.
Transaction Account as at 10 December 2021
1.00 % pa
Transaction account interest is accrued daily and credited to members’ accounts monthly, in arrears.
The ranges of interest rates for term deposits currently available within the AustralianSuper Member Direct investment option are shown below. Please note that these rates are gross of any tax that may be applicable.
Interest rates current as at 10 December 2021:
Interest rate or range (% pa)
0.33 to 0.40
0.38 to 0.50
0.55 to 0.60
Interest on term deposits is accrued daily and credited to members’ accounts at the date of maturity.
Compare costs and returns
This table shows the average annual operating expenses and the average return on Assets by SMSF fund size in 2019~.
smsfs 2018 Average expense ratios and average return on assets by fund size~
average expense ratio*
average operating expense ($)^
Average return on assets (%)
$1 - $50,000
Up to $8,500
$50,001 - $100,000
$3,850 to $7,700
$100,001 - $200,000
$6,900 to $13,800
$200 ,001 - $500,000
$7,600 to $19,500
$500,001 - $1 million
$8,500 to $17,000
$1,000,001 - $2million
$10,000 to $20,000
$2,000,001 and higher
$14,000 and higher
* Expense ratio includes administration, operating and investment expenses.
^ Derived using the average operating expense ratio and the fund size bands.
~ Source: ATO 'Self-managed super funds: a statistical overview 2018–19'
Seamless Transfer to Choice Income
You can now maintain your Member Direct
investments when you move your super balance to a Choice Income account. By
requesting a Seamless Transfer to Choice Income you don’t need to sell-down and
re-purchase your investments, avoiding transaction costs and market risk. More
importantly, by using Seamless Transfer, you do not trigger a tax event or
incur brokerage costs.