Multiple super accounts: why they happen and what they could mean for your future

Around 4 million Australians have more than one super account, often without realising it. Job changes, default funds and busy admin moments all play a role. Here’s why multiple accounts are so common, what they can affect over time, and how to check what you’ve got.

4 min read

AMP Editorial Team

Last updated

19/04/2026

Key takeaways

According to the ATO, around 4 million Australians held two or more super accounts in 2025.
Having multiple super accounts can mean paying multiple fees, which may reduce retirement savings over time.
You can find out if you have more via the ATO in myGov or, if you’re an AMP Super member, in My AMP.
Consolidating your super into one account can reduce unnecessary fees and paperwork, depending on your circumstances.
For many people, consolidating your super is a quick and straightforward process.

According to the Australian Tax Office (ATO), around 4 million Australians had more than one super account as at June 2025. That means millions of people are paying multiple account fees – often without realising it – simply because of how their working life has unfolded.

If this sounds familiar, you’re not alone. Multiple super accounts are usually the result of job changes, default employer funds and busy admin moments, not poor financial decisions. Super is designed to follow you through different stages of your career, and it’s common for extra accounts to build up along the way.

Here’s why you may have gathered more than one super account, how it can affect you over time and why consolidation may or may not be right for you.

Why do I have so many super accounts?

If you’ve got more than one super account, you’re probably wondering how and why? The most likely scenario is that you were signed up to an employer’s default fund when you started a new job. Because employers are legally required to pay super as part of the Super Guarantee, if a fund isn’t nominated, they would generally sign you up to their default fund. And hey presto – another super account.

In 2021, however, to stop new accounts being opened every time an employee started a new job, the Government introduced ‘stapled funds’ – super funds linked to, or ‘stapled’ to, individual employees. If a super fund isn’t nominated, the employer may have to request that person’s stapled super fund details from the ATO. Multiple super accounts are often linked to job changes before the introduction of stapled super.

There are some instances, however, where having multiple super accounts can be intentional. For example, some people may want the insurance offered by one fund, but the pension options offered by another and, to get both, they have decided to split their super between both funds.

How do I know if I have multiple super accounts?

For some, the discovery of a second super comes in the form of a letter from a fund you’re not familiar with. For others, you’ll only know if you have additional super accounts if you go and look for them.

If you’re not sure whether you have more than one super account, finding out is straightforward.

If you’re an AMP Super member, you can check for multiple accounts and explore consolidation options by logging in to My AMP.

If you’re not with AMP, the ATO offers a free service to search for lost or multiple super accounts and see what’s in your name on myGov.

Is it bad to have multiple super accounts?

Having more than one super account isn’t inherently a problem, but it can have a few downsides over time.

All super funds charge fees, so holding multiple accounts usually means paying multiple sets of account fees, which can gradually reduce the amount of money that stays invested. Over long periods, even small ongoing fees can make a difference to how much your super balance grows.

Multiple accounts can also mean less visibility and control, and potentially overlapping insurance, which can add to your costs. Then, there’s all the additional paperwork you’ll have to deal with.

That said, some people choose to keep more than one super account intentionally, for example, to retain specific insurance or pension features. What matters is understanding why you have multiple accounts and what that means for you.

I want to consolidate my super, how do I do that?

If you’re looking to simplify things, consolidating your super into one account can be straightforward for many people. First, you’ll need to choose which super fund you want to consolidate into, considering things like fees, returns, pension options and insurance options to help make your decision. You can use comparison tools like Rate My Super to help you compare.

If you’re an AMP Super member, you can check to see if you have multiple super accounts and consolidate your super in My AMP. You’ll need some ID for a security check and will need to consent to your Tax File Number (TFN) being used in the search.

Alternatively, the ATO offers a service to check for lost super or multiple accounts. Check out their page on lost super for more information.

Should I consolidate my super?

Whether or not you consolidate your super depends on your individual circumstances.

For many people, consolidation can be a way to reduce unnecessary fees, simplify paperwork and bring everything into one place, which can make super easier to keep track of over time.

However, consolidation isn’t always the right choice for everyone. Keep in mind that moving your super can affect things like:

insurance cover

pension arrangements

exit fees charged by some funds

tax deductions if switching before end of financial year

That’s why it’s worth taking the time to understand what you have before making any changes. There’s no obligation to consolidate – and no rush.

Curious how your super stacks up? Compare it with Rate My Super

See how your super stacks up against other funds on investment performance, fees, insurance and key service features with our Rate My Super tool – all using externally sourced data.

Try it now

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