1.75%
5.25%
The Commonwealth Bank might be one of Australia’s oldest and largest banks, but lately it’s determined to do things differently. The Commonwealth Bank reckons it’s focusing more on customer service and earning your business rather than counting on it. If you like the sound of that, then check out the Commonwealth Bank’s wide range of personal banking products, including term deposits, savings accounts, credit cards, home loans and personal loans.
| Product Type | Overall | Price | Features | Service | Convenience | Trust |
|---|---|---|---|---|---|---|
| Commonwealth Bank savings accounts |
7.2
Based on 1296 Commonwealth Bank savings account reviews |
6.2 | 5.9 | 7.4 | 8.1 | 7.3 |
Read Commonwealth Bank savings account reviews by the Mozo community
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Great bonus interest rate with clear terms
Provides you with the necessary framework to help you save - limited withdrawals and consistent monthly deposits, all of which are easily achievable and reasonable. It makes you aware of the simple formula required to save and rewards you with an ... Full review
Provides you with the necessary framework to help you save - limited withdrawals and consistent monthly deposits, all of which are easily achievable and reasonable. It makes you aware of the simple formula required to save and rewards you with an excellent bonus interest rate (to rival most Term Deposits on the market).
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Absolutely fantastic
I don't know what I would do without my account. The goal saver account has a very good interest rate. The only downfall is that you can only take one transaction out of it a month otherwise the interest rate drops. But all in all very convenient ... Full review
I don't know what I would do without my account. The goal saver account has a very good interest rate. The only downfall is that you can only take one transaction out of it a month otherwise the interest rate drops. But all in all very convenient and easy to use. extremely pleased
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Good rates and great profits if you are the bank
Their goal saver account has many stipulations that void the bonus interest for that month. The ins and outs are not detailed clearly in the fine print. Overall a poor service. Their motto should be "the honeymoon never ends....you just keep getti... Full review
Their goal saver account has many stipulations that void the bonus interest for that month. The ins and outs are not detailed clearly in the fine print. Overall a poor service. Their motto should be "the honeymoon never ends....you just keep getting screwed" rather than just "the honeymoon never ends".
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Convenient, good service, rates could be better
As a uni student, i'm always looking for ways to maximise every single dollar i have! I'm quite a fan of the my current Goalsaver account with the CBA. One of the best things about the account is the location of branches. There is a branch righ... Full review
As a uni student, i'm always looking for ways to maximise every single dollar i have! I'm quite a fan of the my current Goalsaver account with the CBA. One of the best things about the account is the location of branches. There is a branch right at uni, so that's always handy as i know i don't have to go out of my way to deposit money (before i have a chance to spend it!). In addition i think CBA's customer service is decent. I've had some horrible interactions with the NAB and my experience with the CBA tellers has always been positive, with the tellers always chatting with me and smiling when i go in to complete a transaction or solve a problem. One of the more annoying things about the account is that the interest can be less that i would like. Firstly, the interest is variable, depending on what the reserve bank does so lately the interest i can earn has been decreasing. Secondly, you only get about half of the interest normally, to earn the other half you need to increase your balance at least $200 per month. This means that you sacrifice a fair bit of interest in every month you make a purchase or have less money coming in. Overall, i'm happy with my account and won't be changing anytime soon, it suits my needs quite well, but anyone looking for more interest on money they won't be using for a while should probably look into a term deposit.
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Cutomer service, loyalty gives peace of mind
I have banked Commonwealth most of my life- they are reliable and safe to bank with-in this day we need to be able to trust-I trust my bank, they do look after me, and when I have got myself in trouble they have worked hard to help me sort things ... Full review
I have banked Commonwealth most of my life- they are reliable and safe to bank with-in this day we need to be able to trust-I trust my bank, they do look after me, and when I have got myself in trouble they have worked hard to help me sort things out- they are one of the big four- so better chance of not going under-so while maybe bigger profits they do offer greater security --something that gives me peace in such hard times.
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More branch staff and longer trading hours needed
I was able to open and set up automatic transfers from my everyday acc to my savings acc over the phone, the phone team are helpful and easy to understand. However visiting an actual branch is far too time consuming, not efficient enough service.... Full review
I was able to open and set up automatic transfers from my everyday acc to my savings acc over the phone, the phone team are helpful and easy to understand. However visiting an actual branch is far too time consuming, not efficient enough service. Branches close far too early.
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Brilliant customer service, like no other bank.
I recommend any type of savings account with the Commonwealth Bank because after talking with a staff member, an account can be opened, designed especially for your savings goals - with an attractive interest rate. Full review
I recommend any type of savings account with the Commonwealth Bank because after talking with a staff member, an account can be opened, designed especially for your savings goals - with an attractive interest rate.
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Excellent customer service
I really like Commonwealth bank because they have a variety of account options and I think their customer service is really good. I have not had any trouble with my accounts at commonwealth. They are doing an excellent job. Commonwealth bank is al... Full review
I really like Commonwealth bank because they have a variety of account options and I think their customer service is really good. I have not had any trouble with my accounts at commonwealth. They are doing an excellent job. Commonwealth bank is also convenient. It is close to me I know where the branches are and some of the ATMs.
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Great interest rate, and very user friendly
Product is very effective, I have set it up so it takes 200 a week from my netbank account and puts it into my goalsaver account...very good and so so user friendly. amazed at how easy it is to transfer money as well... Full review
Product is very effective, I have set it up so it takes 200 a week from my netbank account and puts it into my goalsaver account...very good and so so user friendly. amazed at how easy it is to transfer money as well...
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Great interest and all around FABULOUS!
The best part of this product is that i never take money out and because of this, i get rewarded! It's a lovely little monthly surprise, fantastic for savers! Full review
The best part of this product is that i never take money out and because of this, i get rewarded! It's a lovely little monthly surprise, fantastic for savers!
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fees are competitive and easy access to facilities
For a major bank, I have found that they have made massive improvements to their services and fee reductions from when i first joined up which was 12yrs ago...compared with the other major banks they would be the better choice... Full review
For a major bank, I have found that they have made massive improvements to their services and fee reductions from when i first joined up which was 12yrs ago...compared with the other major banks they would be the better choice...
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The idea is good but seems to have some faults.
They do not clarify everything there is to the GoalSaver. Could inform us better. Full review
They do not clarify everything there is to the GoalSaver. Could inform us better.
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Bad customer service by some people, but good rate
They didn't give me my bonus interest at the right time. It took 2 months of talking to people at the bank and on the phone. The first person in the bank said no chance, Then I called and they said I will get in in a few days. After a week and a h... Full review
They didn't give me my bonus interest at the right time. It took 2 months of talking to people at the bank and on the phone. The first person in the bank said no chance, Then I called and they said I will get in in a few days. After a week and a half of waiting I went to the bank and they said there was no record of that. Then they got someone to call me a few days later to fix it, then they called back then hung up on me then they called the next day to say it was fixed. I finally got it but for like $70 it was way too much trouble.
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Very dissapointing
This product was the worse for me as I was unemployed for a certain amount of time and then without notifying me the bank started up my goal saver withdrawals again. Full review
This product was the worse for me as I was unemployed for a certain amount of time and then without notifying me the bank started up my goal saver withdrawals again.
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They know me as John Smith instead of Number 2001
I have to say I am perhaps one of the most sceptical people when it comes to banks and the way they operate. However, the CBA has changed my perception forever. I am actually a converter from Westpac. I found Westpac to be too commercial and the s... Full review
I have to say I am perhaps one of the most sceptical people when it comes to banks and the way they operate. However, the CBA has changed my perception forever. I am actually a converter from Westpac. I found Westpac to be too commercial and the service was abysmal. I would spend more time waiting in line at the branch then what I would waiting at traffic lights- you get the point! After enquiring with CBA I first and foremost found their staff to be extremely friendly and efficient- I rarely have to wait in line at their branches and when I do the manager passes out free lollies to everyone. I found all staff members to be extremely knowledgeable about the product at hand and were very willing to answer any question I had to the best of their ability. But let me get to the nitty gritty of it. I set up a goal saver account with the intention of buying a house- I was made well aware of the interest rates (which were very competitive and were actually the highest for one of the major reputable banks) and had flexible terms of monthly deposits and withdrawals. The fees were non existant so long as you deposit 200 dollars monthly which was the minimum requirement. I was run through the interest I would receive on the deposited amount and scheduled quarterly meetings with the branch manager to assess my options and if there were any changes I'd like to make. I actually felt like a human being as opposed to a number or robot- all staff members I dealt with took the time to ask how MY DAY was and how I was doing- strange for a bank huh? Furthermore the simplicity of setting up the goal saver account was unbelievable- I was told I could do internet transfers into the account from my savings account- now I'm THE MOST ANTI-TECHNOLOGICAL person in the world at present time so when I said I didn't know how to do that the lady smiled at me and showed me, she then proceeded to ask me if I'd like to transfer the funds in front of her so she could assist if I made any mistake. Talk about peace of mind. The CBA made it a piece of cake to bank with them- I've told all my family and friends about it!
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Great double interest!!!
I like this product because if you deposit a certain amount each month you get double the amount of interest. That goes a long way in helping you save for that next BIG purchase. Full review
I like this product because if you deposit a certain amount each month you get double the amount of interest. That goes a long way in helping you save for that next BIG purchase.
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The good rates encourage you to save and there is
It gives you a fairly high return of 5.50% and is paid every month. You only have to put $200 in a month. You still get to withdraw once a month if you need to. If you withdraw money more than once a month then you only get a rate of 3.5% so it re... Full review
It gives you a fairly high return of 5.50% and is paid every month. You only have to put $200 in a month. You still get to withdraw once a month if you need to. If you withdraw money more than once a month then you only get a rate of 3.5% so it really encourages you to save. CBA has really good online banking so it's easy to move cash in and out from your iphone.
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Best service and products
It is a great savings account for increasing your savings. The product itself has simple conditions that anyone can follow. The interest rate is also very competitive and can help increase your capital every month. Thus it is the best financial pr... Full review
It is a great savings account for increasing your savings. The product itself has simple conditions that anyone can follow. The interest rate is also very competitive and can help increase your capital every month. Thus it is the best financial product due to the support and the increase in capital.
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Great customer service, very happy I went to the b
I found after speaking with a bank representative that this was the best product for me in order to get my finances under control with less fees. I would recommend that everyone talk with the bank in person as I swapped and I am very happy. Full review
I found after speaking with a bank representative that this was the best product for me in order to get my finances under control with less fees. I would recommend that everyone talk with the bank in person as I swapped and I am very happy.
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A bank that went from making money for U to, from
I dislike this Bank because my parents started an account for me with them in primary school when i was 8 years old and after 30 years of being a loyal customer i started incurring charges if i used the ATM more than 6 times and used the branch te... Full review
I dislike this Bank because my parents started an account for me with them in primary school when i was 8 years old and after 30 years of being a loyal customer i started incurring charges if i used the ATM more than 6 times and used the branch teller more than two times in any one month. It went from rewarding me for using their services to being a bank that i started dreading using because of all the penalties they introduced. I now bank with someone else.
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