The Australian Unity Education Savings Fund was established specifically to help parents, grandparents, guardians and students save for education costs.
Most people saving for a child’s education don’t know exactly how much they will need, or the direction a child’s future will take. The Education Savings Fund is designed to give you the flexibility to adjust your investment when circumstances change, while also providing the opportunity for a return on your investment.
The Fund covers primary, secondary and a wide range of tertiary education including training courses provided by universities, TAFE, colleges, and accredited Australian and overseas organisations.
The Fund also covers education programs for children with physical, intellectual or learning disabilities. You can also claim most expenses related to a child’s education such as accommodation, travel and equipment.
The Fund has the flexibility to change when your life does. Your contributions can change at any time, and you can even withdraw your money if you decide not to use it for educational purposes.
Your investment is managed by experienced professional Australian and international investment managers. You can choose the default option for a balanced investment, or choose from a range of investment options to suit your personal objectives, financial circumstances and needs.
The Education Savings Fund has unique tax features not available for other savings and investment products.
As a "scholarship plan" under Australian tax law, this entitles us to obtain a tax deduction, which is effectively passed on to you when you withdraw earnings to pay for education costs. This is worth up to $30 for every $70 of earnings used to pay education expenses.
Minimal transaction fees also have an impact on your investment.
|Investment option switching fee||Nil|
|Management costs||0.70% p.a. administration fee + investment management costs currently ranging between 0.25% to 1.04% p.a. (depending on your investment choice). The total management cost of the default investment option is 1.61% p.a.|
Whether you’re a parent, grandparent, relative or friend, anyone can open an Education Savings Fund and nominate a student.
Multiple people can contribute to your account.