A retirement savings account (RSA) is an account offered by banks, building societies, credit unions, life insurance companies and prescribed financial institutions (RSA providers). It is used for retirement savings and is similar to a superannuation fund.
RSAs are capital guaranteed. This means that contributions and interest on the account can only be reduced by fees and charges. RSAs are fully portable. This means that the balance of the account can be transferred to another RSA or superannuation provider at your request.
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