| Company | Product | Rate % | Apply |
|---|---|---|---|
 | Savings Maximiser | 5.85 |  |
 | USaver | 5.75 | |
 | PremiumSaver | 5.75 | |
 | Reward Saver | 5.70 | |
 | TeleNet Saver | 5.62 | |
| Company | Product | Rate % | Apply |
|---|---|---|---|
| Savings Maximiser | 5.85 |  |
| TeleNet Saver | 5.62 | |
 | Online Saver | 5.50 | |
| eSaver | 5.50 | |
 | iSaver | 5.40 | |
Billions of unclaimed money up for grabs |
By Jackie Pearson
3 June 2009
Could you be one of more than 600,000 Australians with ‘lost money’ in unclaimed life insurance, bank accounts or super?
The Australian Securities and Investments Commission’s (ASIC) senior executive leader for consumers and retail investors, Delia Rickard has encouraged people to search for their unclaimed money from banks, credit unions, building societies, life insurance companies, friendly societies and superannuation funds.
Ms Rickard says most of the unclaimed money is from banks, with $266 million, followed by company shareholdings, worth $258 million.
“Searching is free and there is no cost involved in claiming your lost money,” says Rickard. “The only thing you need to do is provide proof that the money is yours or you are the beneficiary.”
According to ASIC, the money currently owed to individuals ranges in value from as little as $1.00 to over $990,000, which is currently sitting in a Commonwealth Bank account in Western Australia.
How to find your lost money
ASIC has made the task of tracking down your missing money easy online (see related links). There are two search options available: general and advanced.
To complete a basic search, which is capable of matching you with unclaimed money from banks, credit unions, building and friendly societies, all you need to do is type your full name and hit ‘search’.
If you think you have a good idea of where your unclaimed money is, try the advanced search which scans particular sources: banks, building societies, credit unions, life companies, friendly societies and registered Australian companies. Again, the only information you need to provide is your name.
You can also write to the Unclaimed Monies Unit at GPO Box 9827 Brisbane, Qld, 4001 or call the info line on 1300 300 630.
What about lost superannuation?
It’s easy to lose track of your super, particularly if you change jobs or have spent periods in casual or seasonal roles and then moved on. Unless you keep your contact details up-to-date with each super fund you’re a member of, they may consider you “lost”.
If mail your fund sends to you gets returned or if contributions stop for more than two years, your benefits will then be transferred into an Eligible Rollover Fund (ERF). Your money can also end up in an ERF if you change jobs and don’t specify what you want to happen to your super or if you have an account balance under $1000.
The amount sitting in unclaimed super accounts had reached almost $13 billion by November 2008.
The Australian Taxation Office has a SuperSeeker tool (see related links) that can match you with lost super accounts listed in its Lost Members Register. To use it you will need to provide your name, date of birth and Tax File Number (TFN). You can also access the tool by phoning 13 28 65.
The ATO says it updates its lost member database regularly and suggests you conduct searches for any unclaimed super periodically.
Both the ASIC and ATO services provide guidance about how to make a claim if you do find any lost money so happy searching.
Related Links
- Compare Savings Accounts
- Compare Savings Account Rates
- Best Savings Accounts
- Pensioner Deeming Accounts
- BankWest Smart eSaver
- St George directsaver Account