Commonwealth Bank Superannuation: What You Need to Know
Commonwealth Bank of Australia (CommBank) provides access to superannuation services, although its current offering is different from some of its older super products. Superannuation, commonly called “super,” is money set aside during a person's working life to help provide income in retirement.
What Is Superannuation?
In Australia, employers generally make compulsory superannuation contributions for eligible employees. The current Superannuation Guarantee rate is 12% of qualifying earnings. From July 2026, employers are also required to pay super at the same time as salary and wages under the new “Payday Super” system.
The money is invested by the super fund, with the aim of growing the member's retirement savings over time.
CommBank and Essential Super
CommBank currently distributes Essential Super, which is provided by Colonial First State (CFS). Customers can view and manage their Essential Super information through CommBank's digital banking services.
Essential Super offers different investment options, allowing members to select an approach based on their circumstances and preferences. Like other investment-based super products, returns are not guaranteed and investment values can rise or fall.
What Happened to CommBank's Superannuation Savings Account?
An important recent change is the closure of CommBank's Superannuation Savings Account.
CommBank states that the account was closed on July 31, 2026. Remaining active account balances were transferred to the Australian Taxation Office (ATO) where applicable.
CommBank says it no longer offers this account and instead distributes Colonial First State's Essential Super product.
How Superannuation Can Grow
A person's super balance can generally consist of:
Employer contributions
Personal voluntary contributions
Investment earnings
Other eligible contributions
Investment performance is an important factor because super funds generally invest members' money in assets such as shares, bonds, property and cash investments, depending on the selected investment option.
When Can Super Be Accessed?
Super is primarily designed for retirement. The circumstances in which someone can access it depend on Australian superannuation laws, including age and conditions of release. Generally, access becomes possible around preservation age in qualifying circumstances, while super can generally be accessed from age 65 regardless of whether the person is still working.
Conclusion
Commonwealth Bank remains involved in Australia's superannuation market, but its current role is mainly through distributing Colonial First State's Essential Super, rather than offering its former Superannuation Savings Account. The Superannuation Savings Account officially closed on July 31, 2026
For anyone considering a superannuation product, fees, investment options, insurance, risks and personal circumstances should all be considered before making a financial decision.