What is my Superhero Wallet?
Your Superhero Wallet is where your uninvested funds, income or investment distributions are held.
What does ‘Available to Invest’ mean?
‘Available to Invest' is the total amount of funds that you can use to invest in assets on the platform. This value includes your total cash and any unsettled amount from the sale of assets.
What does ‘Unsettled’ mean?
‘Unsettled’ means funds that are either held pending the settlement of buy trades or proceeds from recent sales, which are pending settlement.
These funds settle in accordance with the T+2 (two business days after the trade date) industry standard for AU shares and in accordance with the T+1 (one business day after the trade date) industry standard for US shares.
You can use unsettled funds from sell orders to place new buy trades.
For sell orders, unsettled funds are not available for withdrawal from your Superhero Wallet or for FX Transfers within the platform until settlement is complete.
What does ‘Restricted funds’ mean?
‘Restricted funds’ are funds that are temporarily held in your account to fulfil pending transactions.
Transactions can include:
- Pending buy orders
- Corporate actions, such as share purchase plans or entitlement offerings that you have elected to participate in but have not yet completed
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Deposits that are temporarily restricted from withdrawal.These include:
- BPay deposits, which are restricted for up to 5 business days.
- PayTo deposits, which may be restricted for up to 5 business days.
What does ‘Total Cash’ mean?
‘Total Cash’ is the money you have in your Superhero Wallet, excluding unsettled funds and restricted funds. Total Cash is the amount you can withdraw.
Do I earn interest on funds in my Wallet?
Funds in your Superhero Wallet for trading accounts do not earn interest.
Which bank holds my uninvested funds?
Your funds are held with Westpac and NAB and can only be accessed via your Superhero account.
What happens if Superhero’s banking partner fails?
In the unlikely event our banking partners were to fail, the funds held in your Superhero Wallet would not be covered under the Australian Government Financial Claims Scheme.
The Financial Claims Scheme provides protection to depositors of up to $250,000 per account-holder, per authorised deposit-taking institution (ADI) (bank, building society or credit union) in the event of the ADI failing.
Can my Superhero Wallet go into overdraft?
No, you cannot make trades unless you have enough available funds in your Superhero Wallet to cover the trade.
Does Superhero provide margin lending facilities?
No, Superhero does not currently offer any margin lending or credit facilities. You can only trade with Superhero using your own funds.
Do I need to maintain a minimum cash balance in my Superhero Wallet?
No, you do not need to maintain any cash in your Superhero Wallet to keep it active.
Are there fees attached to my Superhero Wallet?
It doesn’t cost you anything to hold funds in your Superhero Wallet. We do not charge fees for account maintenance or inactivity. You can find our full fee schedule for trades and FX transfers here.