BT Super for Life reports strong first year

BT has said its Super for Life product has “surpassed expectations” in its first year, with the majority of new accounts coming through the group’s partnership with Westpac.

BT Super for Life is the only product in the market that allows investors to manage their banking and super needs in one place online, and has attracted almost 60,000 customers in its first year.

A massive 87 per cent of customers chose BT Super for Life’s “set and forget” Lifestage funds, which automatically balance the mix of investments to suit members’ changing risk profile as they near retirement age.

BT Super for Life’s Melanie Evans said the Lifestage funds offered an advantage for investors in the current market volatility, with BT research showing seven in 10 Australians haven’t changed their investment mix since the day they opened their super account.

“For those nearing retirement in the current environment, Lifestage funds offer an appropriate mix of assets.

“Customers in their 60s would be in a Lifestage fund offering around a 60 per cent allocation to defensive investments such as fixed interest and cash and less exposure to more volatile assets such as Australian and international shares and global property,” Evans said.

In response to current calls from investors for the safe, regular returns of cash, BT Super for Life has launched features such as Super Cash, earning 6.4 per cent, which it claims is currently the highest in the market.

Evans said retirees are linking their BT Super for Life cash account to their Westpac account and using it like an online savings account.

Evans said the online super product was proving popular with customers of all ages. More than a third of all new accounts have been taken up by 25-34 year old customers, another third by those aged 35-44 years and a third again by those aged more than 44 years.