AMP Bank

MyNorth Super - Core

Past 5-year return
New
Admin fee

$91

Calc fees on 50k

$366

SuperRatings awards
MyChoice Gold
Past 5-year return
New
Admin fee

$91

Calc fees on 50k

$366

SuperRatings awards
MyChoice Gold

Based on your details, you can compare and save on the following superannuation

Pros and Cons

Pros and Cons

  • MyNorth is flexible and open-ended which allows contributions and withdrawals, as well as transition to retirement pensions
  • Easy-to-use online website to check investments, make contributions and update details

Summary

Launched in February 2016, MyNorth is an innovative all-in-one super and investment solution allowing members to easily move to a pension account upon retirement, with the option of capital guarantee to protect their super savings.The MyNorth Core menu offers a range of active and index funds. The MyNorth Index Balanced option underperformed the SuperRatings Index over the year to 30 June 2020; however, outperformed over the 3-year period.Fees for this product are lower than the industry average across all assessed account balances. No switching fees are charged, although a buy/sell spread and transaction fees may apply. Compared to members invested in the Select and Choice menus, Core members enjoy a nil administration fee.A full suite of insurance cover with flexible options is provided through the AMP Elevate insurance solution. Members can apply for unlimited Death only cover and up to $5 million of Death & TPD cover. Both short-term and long-term Income Protection insurance is offered with a variety of waiting periods ranging from 14 to 730 days. As insurance is individually priced, the ratings shown in this report are indicative only.Members can monitor and produce reports on all investments through North Online. Additional benefits available through AMP's website include access to a variety of financial simulators and retirement calculators, as well as a Goals info centre, which provides members with a wealth of educational materials, tools and online learning. Furthermore, the fund's interactive digital advice tool 'AMP Goals 360' is designed to assist members to plan and track their retirement goals.

Features and Fees

AMP Bank Fees and Features

Features

Variety of options

Binding nominations

Account size discount

Online Access

Home loans

Financial planning service

Non-lapsing binding nominations

Employer size discount

Anti-detriment payments

Credit cards

Insurance Cover

Health insurance

Insurance life event increases

Total and permanent disability cover

Long term income protection

Fees

Admin fee

$91

Administration fee (%)

Switching fee

$0

Investment fee

0.55%

Indirect cost ratio (%)

Exit fee

$0

Pros and Cons

  • MyNorth is flexible and open-ended which allows contributions and withdrawals, as well as transition to retirement pensions
  • Easy-to-use online website to check investments, make contributions and update details

Launched in February 2016, MyNorth is an innovative all-in-one super and investment solution allowing members to easily move to a pension account upon retirement, with the option of capital guarantee to protect their super savings.The MyNorth Core menu offers a range of active and index funds. The MyNorth Index Balanced option underperformed the SuperRatings Index over the year to 30 June 2020; however, outperformed over the 3-year period.Fees for this product are lower than the industry average across all assessed account balances. No switching fees are charged, although a buy/sell spread and transaction fees may apply. Compared to members invested in the Select and Choice menus, Core members enjoy a nil administration fee.A full suite of insurance cover with flexible options is provided through the AMP Elevate insurance solution. Members can apply for unlimited Death only cover and up to $5 million of Death & TPD cover. Both short-term and long-term Income Protection insurance is offered with a variety of waiting periods ranging from 14 to 730 days. As insurance is individually priced, the ratings shown in this report are indicative only.Members can monitor and produce reports on all investments through North Online. Additional benefits available through AMP's website include access to a variety of financial simulators and retirement calculators, as well as a Goals info centre, which provides members with a wealth of educational materials, tools and online learning. Furthermore, the fund's interactive digital advice tool 'AMP Goals 360' is designed to assist members to plan and track their retirement goals.

Read More

AMP Bank Fees and Features

Features

Variety of options

Binding nominations

Account size discount

Online Access

Home loans

Financial planning service

Non-lapsing binding nominations

Employer size discount

Anti-detriment payments

Credit cards

Insurance Cover

Health insurance

Insurance life event increases

Total and permanent disability cover

Long term income protection

Fees

Admin fee

$91

Administration fee (%)

Switching fee

$0

Investment fee

0.55%

Indirect cost ratio (%)

Exit fee

$0
Fund fees vs. Industry average
THIS FUND
INDUSTRY AVERAGE
Fund past-5-year return vs. Industry average
THIS FUND
INDUSTRY AVERAGE
Investment allocation
INTERNATIONAL SHARES
AUSTRALIAN SHARES
PROPERTY
ALTERNATIVES
FIXED INTEREST
CASH
OTHER
Investment option performance
BALANCED
HIGH GROWTH
CONSERVATIVE BALANCE
GROWTH
CAPITAL STABLE
+ View additional option performance information
Past 5-year return
5.16%
Admin fee

$0

Company
AMP Bank
Calc fees on 50k

$905

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice SilverInfinity Recognised
Go to site
More details
Past 5-year return
6.41%
Admin fee

$152

Company
AMP Bank
Calc fees on 50k

$512

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice GoldInfinity Recognised
Go to site
More details
Past 5-year return
6.41%
Admin fee

$91

Company
AMP Bank
Calc fees on 50k

$451

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice GoldInfinity Recognised
Go to site
More details
Past 5-year return
6.41%
Admin fee

$121

Company
AMP Bank
Calc fees on 50k

$481

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice GoldInfinity Recognised
Go to site
More details
Past 5-year return
New
Admin fee

$91

Company
AMP Bank
Calc fees on 50k

$546

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MySuper GoldInfinity Recognised
Go to site
More details
Past 5-year return
6.02%
Admin fee

$120

Company
AMP Bank
Calc fees on 50k

$950

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice GoldInfinity Recognised
Go to site
More details
Past 5-year return
6.02%
Admin fee

$91

Company
AMP Bank
Calc fees on 50k

$771

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice GoldInfinity Recognised
Go to site
More details
Past 5-year return
6.00%
Admin fee

$84

Company
AMP Bank
Calc fees on 50k

$599

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice SilverInfinity Recognised
Go to site
More details
Past 5-year return
7.84%
Admin fee

$91

Company
AMP Bank
Calc fees on 50k

$516

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Silver
Go to site
More details
Past 5-year return
6.82%
Admin fee

$91

Company
AMP Bank
Calc fees on 50k

$681

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Gold
Go to site
More details

FAQs

What happens if my employer falls behind on my superannuation payments?

The Australian Taxation Office will investigate if your employer falls behind on your superannuation payments or doesn’t pay at all. You can report your employer with this online tool.

What are the age pension's residence rules?

On the day you claim the age pension, you must be in Australia and you must have been an Australian resident for at least 10 years (with no break in your stay for at least five of those years). The following exceptions apply:

  • You’re exempt from the 10-year rule if you’re a refugee or former refugee
  • You’re exempt from the 10-year rule if you’re getting Partner Allowance, Widow Allowance or Widow B pension
  • You can claim the age pension with only two years of residency if you’re a woman whose partner died while you were both Australian residents
  • You might be able to claim the age pension if you’ve lived or worked in a country that has a social security agreement with Australia

Am I entitled to superannuation if I'm not an Australian citizen?

Yes, permanent and temporary residents are entitled to superannuation.

How can I keep track of my superannuation?

Most funds will allow you to access your superannuation account online. Another option is to manage your superannuation through myGov, which is a government portal through which you can access a range of services, including Medicare, Centrelink, aged care and child support.

How do you find lost superannuation funds?

Lost superannuation refers to savings in an account that you’ve forgotten about. This can happen if you’ve opened several different accounts over the years while moving from job to job.

You can use your MyGov account to see details of all your superannuation accounts, including any you might have forgotten. Alternatively, you can fill in a ‘Searching for lost super’ form and send it to the Australian Taxation Office, which will then search on your behalf.

Can I carry on a business in an SMSF?

SMSFs are allowed to carry on a business under two conditions.

First, this must be permitted under the trust deed.

Second, the sole purpose of the business must be to earn retirement benefits.

When did superannuation start in Australia?

Australia’s modern superannuation system – in which employers make compulsory contributions to their employees – started in 1992. However, before that, there were various restricted superannuation schemes applying to certain employees in certain industries. The very first superannuation scheme was introduced in the 19th century.

What are personal contributions?

A personal contribution is when you make an extra payment into your superannuation account. The difference between personal contributions and salary sacrifices is that the former comes out of your after-tax income, while the latter comes out of your pre-tax income.

What age can I withdraw my superannuation?

You can withdraw your superannuation (or at least some of it) when you reach ‘preservation age’. The preservation age is based on date of birth. Here are the six different categories:

Date of birth Preservation age
Before 1 July 1960 55
1 July 1960 – 30 June 1961 56
1 July 1961 – 30 June 1962 57
1 July 1962 – 30 June 1963 58
1 July 1963 – 30 June 1964 59
From 1 July 1964 60

When you reach preservation age, you can withdraw all your superannuation if you’re retired. If you’re still working, you can begin a ‘transition to retirement’, which allows you to withdraw 10 per cent of their superannuation each financial year.

You can also withdraw all your superannuation once you reach 65 years.

Can my employer use money from my superannuation account?

No, your employer can’t touch the money that is paid into your superannuation account.

What are concessional contributions?

Concessional contributions are pre-tax payments into your superannuation account. The payments made by your employer are concessional payments. You can also make concessional contributions with a salary sacrifice.

What will the superannuation fund do with my money?

Your money will be invested in an investment option of your choosing.

What is lost superannuation?

Lost superannuation refers to savings in an account that you’ve forgotten about. This can happen if you’ve opened several different accounts over the years while moving from job to job.

Is superannuation compulsory?

Superannuation is compulsory. Generally speaking, it can’t be touched until you’re at least 55 years old.

What are the risks and challenges of an SMSF?

  • SMSFs have high set-up and running costs
  • They come with complicated compliance obligations
  • It takes a lot of time to research investment options
  • It can be difficult to make such big financial decisions

What is superannuation?

Superannuation is money set aside for your retirement. This money is automatically paid into your superannuation fund by your employer.

What are my superannuation obligations if I'm an employer?

Employers are required to pay superannuation to all their staff if the staff are:

  • Over 18 and earn more than $450 before tax in a calendar month
  • Under 18, work more than 30 hours per week and earn more than $450 before tax in a calendar month

This applies even if the staff are casual employees, part-time employees, contractors (provided the contract is mainly for their labour) or temporary residents.

How much is superannuation in Australia?

Superannuation in Australia is currently 9.5 per cent – which means that your employer must pay you superannuation equivalent to 9.5 per cent of your salary.

The ‘superannuation guarantee’, as it is known, has been at 9.5 per cent since the 2014-15 financial year. It is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.

Who can open a superannuation account?

Superannuation accounts can be opened by Australians, permanent residents and temporary residents. You’re automatically entitled to superannuation if:

  • You’re over 18 and earn more than $450 before tax in a calendar month
  • You’re under 18, you work more than 30 hours per week and you earn more than $450 before tax in a calendar month

What is salary sacrificing?

A salary sacrifice is where your employer takes part of your pre-tax salary and pays it directly into your superannuation account. Salary sacrifices come out of your pre-tax income, whereas personal contributions come out of your after-tax income.