1. Convenient Account Management: HESTA app offers users the ability to easily check their super balance, update personal details, and manage their investments, streamlining the superannuation management process from their mobile devices.
2. Education and Insights: The app provides educational resources and personalized insights about superannuation to help members make informed decisions and improve their financial well-being.
3. Secure Transactions: Enhanced security features within the HESTA app ensure that all personal information and transactions are protected, giving members peace of mind when accessing their accounts and performing operations like fund consolidation or contribution adjustments.
1. Limited Investment Options: HESTA offers a smaller range of investment choices compared to other superannuation funds, potentially limiting members' ability to tailor their portfolios to specific needs or preferences.
2. Higher Fees for Some: Depending on the chosen investment option within HESTA, fees can be higher than industry averages, negatively impacting long-term investment growth for certain members.
3. Restricted to Certain Sectors: HESTA is primarily designed for employees in the health and community services sectors, limiting accessibility for individuals outside of these industries who may wish to join the fund.
