Ask Noel & The Explainer: Since when does a bank account beat super?

I was shocked to read a recent column of yours where a female pensioner sought advice on investing a legacy of $20,000. You told her not to put it in super but instead use a bank account ‘‘that pays reasonable interest’’. Why would you do that when bank term deposits for that amount might earn 2.5 per cent,whereas in super she would get 6 to 8 per cent. She would still have access to her funds – and not be taxed on withdrawals. I am not very financially knowledgeable – maybe there is something I am missing?

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