The launch is reported to have been two years in the making, and follows an $8 million capital raise by Zip co-founder Larry Diamond and Zip chair Philip Crutchfield, while Afterpay's co-founder Nick Molnar also invested. 

The $5 flat-fee brokerage, which Superhero claims to be "Australia's cheapest", also comes with free Pay ID deposit processing, meaning users can fund their account "in minutes" using their associated Pay ID email address or phone number.

Using Superhero, users can invest in ASX-listed shares, ETFs (exchange-traded funds), listed investment companies and real estate investment trusts (REITs).

On sign-up, users also get a free 30-day trial of 'Superhero Live', which is a premium live trading platform that costs $9 a month, billed annually.

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
020001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest

Home Saver

  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account ($0 - $100,000)

    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Growth Saver ($1 - $25k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
      For customers aged 14-35 years
      For customers aged 14-35 years

      Future Saver Account ( < $50k)

        05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
        • Maximum Age - 24

        Goal Saver

        • Maximum Age - 24
        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Boost Saver

          00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Reward Saver Account (31 years +) ($0-$100k)

            01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Bonus Saver Account (Amounts < $100k)

              0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Reward Saver Kick Start (Amounts ≤ $1m)

                00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Life (< 30 years) (Monthly deposit)

                  5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  NetBank Saver

                    000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    ANZ Save

                      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      Savings Maximiser (<$100k)

                        050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Young Saver Account

                          0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Save up

                            010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                            • Earn up to 5.40% pa by depositing $1,000 in the previous month
                            • No account fees
                            • Easy access to your money

                            Saver Account (<$250k)

                            • Earn up to 5.40% pa by depositing $1,000 in the previous month
                            • No account fees
                            • Easy access to your money
                            02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Bonus Saver (<$1 Million)

                              Important Information and Comparison Rate Warning

                              All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of April 14, 2024. View disclaimer.

                              What is Superhero?

                              Launched in 2018 by John Winters and Wayne Baskin, Superhero is a share trading platform targeted at younger investors who want lower barriers to entering the market, with its $5 brokerage fee on trades of $100 or more.

                              According to Mr Winters, who spoke to the Australian Financial Review, the low brokerage fee is possible because all members' shares are held in a single Holder Identification Number (HIN).

                              This is as opposed to having each member assigned a HIN on the Australian Securities Exchange's 'CHESS' - the clearing house electric subregister system. 

                              Under CHESS, users can transfer their held shares between different brokers. 

                              While the basic Superhero account has no monthly or annual fee, the 'Superhero Live' premium account allows live trading and 'limit' orders - which is an order to buy or sell a share at a specific price or better - for $9 a month billed annually.

                              The basic account allows market orders only.

                              The launch of Superhero follows other low-cost brokers' entries in the market, such as SelfWealth, which has a flat $9.50 brokerage fee. 

                              In February, SelfWealth had 22,000 active investors, while in June 2020 it had almost 140,000.

                              SelfWealth General Manager of Marketing Jarrod Purchase told Savings.com.au that the banking royal commission shook-up trust in the big banks, and challenger brands such as SelfWealth benefited from it.

                              "At the end of the day, banks are banks, but we are a transparent, publicly-listed company trusted by over 22,000 active investors and growing," Mr Purchase said in February.

                              "No one has a crystal ball as to how the market will play out, but they can choose to reduce their costs."

                              The popularity of low-cost share trading platforms also includes 'Stake', which allows access to the US sharemarket with $0 brokerage fees.

                              However, Stake does charge a 70 basis point foreign exchange fee to transfer funds in and out of the platform from the US Dollar to the Australian Dollar.