Member Direct

Tap into your inner investor and take complete control of your investments with our self-managed Member Direct option.

What is Member Direct?

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), 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)
  • term deposits

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.



Illustration of hi-five

Control and flexibility

You can tailor your investment strategy by combining the options you choose in shares, ETFs, term deposits and cash with the investments AustralianSuper make on your behalf in other investment options.


Less paperwork

AustralianSuper takes care of all the administration, compliance and reporting requirements, so you don’t have to.


Lower costs

There aren’t any set-up costs and ongoing fees are low.

  • Fees

    Portfolio administration fee

    The Member Direct investment option has a portfolio administration fee of $395 each year, which includes access to premium market data. This fee is calculated daily and automatically deducted from your Member Direct transaction account on the first business day of each month.

    Brokerage fees for shares and ETFs

    In addition, brokerage fees apply when you trade shares and ETFs. 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.

    transaction amount
    Brokerage Fee*
    $0 to $5,000
    $5,001 to $10,000
    $10,001 to $30,000
    $30,001 to $50,000
     $50,001 +

    For example, if you placed a $35,000 trade, your total brokerage would be $78.00. This is calculated as follows:


    trade component
    brokerage fee*
    Total ($)
    First $5,000
    $15.00 $15.00
    $5,001 to $10,000
    0.3% x $5,000
    $10,001 to $30,000
    0.20% x $20,000
    $30,001 to $50,000
    0.16% x $5,000
    Total brokerage

    Management fees for Exchange Traded Funds

    Management fees for ETFs are generally lower than fees for traditional managed funds. The price which is quoted on the ASX for the ETF reflects that there are fees and expenses incurred in the management of the ETF. Fees incurred by the ETF, such as management fees, and expenses, such as custody costs, are deducted from the returns from the underlying securities in the ETF. These fees and costs may cause the total return of the ETF to be different to the return of the underlying index which the ETF seeks to track. For details of these fees and expenses, please visit the website of the relevant ETF issuer.

    You can view the current list of ETFs available in the AustralianSuper Member Direct option on the Investment menu available at

    Other fees

    There are no additional fees for investing in term deposits, but interest rate penalties may apply if you (or your beneficiaries) apply to redeem your term deposit before maturity.

    Your effective rate of interest will be reduced in accordance with the following discount factors. Principal reductions and other costs may also apply. 

    ME Bank term deposits
    NAB term deposits
     Time invested (% of total term)
     Interest rate reductions
     time invested (% of total)
     Interest rate reduces
     0 to <20
    90% 0 to 50
     20 to <40
    80% 10-20% 20%
     40 to <60 60%    
     60 to <80 40%    
     80 to <100 20%    

    Fees and charges also apply to the other AustralianSuper investment options you invest in. See the Investment Guide for more details.


  • Compare costs and returns

    Data from the ATO on Self-Managed Super Funds (SMSFs) shows that for SMSFs with balances of $500k and below, the average annual operating expenses exceeded 3% and the average return on assets was negative.

    smsfs 2016 Average expense ratios and average return on assets by fund size~
    Fund Size
    average expense ratio*
    average operating expense ($)^
    Average return on assets (%)
    $1 - $50,000 14.05% Up to $7,025
    - 16.70%
    $50,001 - $100,000 7.35% $3,675 to $7,350
    - 7.28%
    $100,001 - $200,000
    6.41% $6,410 to $12,820
    - 3.28%
    $200 ,001 - $500,000
    3.26% $6,250 to $16,300
    $500,001 - $1 million 1.58% $7,900 to $15,800
    $1,000,001 - $2million 1.06% $10,600 to $21,200
    $2,000,001 and higher 0.69% $13,800 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 2015–16'
  • Member Direct transaction account and term deposit interest rates

    Transaction account

    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 9 March 2018 2.16% pa

    Transaction account interest is accrued daily and credited to members’ accounts monthly, in arrears.

    Term deposits

    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 9 March 2018:

    Term deposit Interest rate or range (% pa)
    90 Days 2.48 to 2.50
    180 Days 2.51 to 2.65
    365 Days 2.55 to 2.75

    Interest on term deposits is accrued daily and credited to members’ accounts at the date of maturity.

  • Resources(3)

    Member Direct Investment option: Guide - pdf, 2.4MB

    Member Direct Investment option: Terms & conditions - pdf, 184KB

    Member Direct Investment option: Investment menu - pdf, 124KB

Back to top