Intrust launches micro-saving app

Intrust Super is helping members save for a house and more for retirement by launching micro-contribution tool SuperCents.

SuperCents connects members' everyday banking accounts to their super to help top-up contributions.

The technology behind the app, which is backed by Moneysoft and Link Group, rounds-up members' everyday transactions that transfer to their super balance.

Intrust Super chief executive Brendan O'Farrell said SuperCents removes a major friction point for members, who previously had to fill in a voluntary contribution form that included member details, tax file number, and BPAY reference number, before mailing it to the fund.

A survey conducted by the fund showed that about one-third (32%) of Australians were interested in making extra contributions but were not currently doing so. More than two-thirds (70%) felt they would not have enough super to live comfortably in retirement.

O'Farrell said SuperCents would provide a simple way for them to start making small, extra deposits that have a long-term impact.

"Their savings can grow in the background without them having to think about it. It could even help them save for a house deposit using the First Home Super Saver scheme."

Launched last year, the First Home Super Saver scheme allows new home buyers to contribute up to $15,000 each to their concessionary-taxed super account, which they can then withdraw to buy a home.

The $2.7 billion industry super fund for the hospitality, clubs, tourism and retail sectors has more than 117,000 members.

Read more: SuperCentsIntrust SuperBrendan O'FarrellLink GroupMoneysoft
Link to something 3Q89I1GT