The Commonwealth Bank might be one of Australia's oldest and largest banks, but lately it's determined to do things differently. Its aim is to focus 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.
And if you love doing your banking on your mobile, Commonwealth Bank might be a choice to consider given it received a 2023 Mozo Experts Choice Award for Excellent Banking App, an Exceptional Everyday Account Award, and it also won the award for Australia's Best Major Bank.
Pretty good, the dropped the home loan rate instantly after the RBA decision, and helped me with concession rates and hardship plans and were 90% of the time thoughtful, compassionate and helpful.
Theyve been around forever, and have had an account with them for nearly 40 years. unfortunately their ability to keep up with the other big banks as far as interest rates on savings accounts is a significant downfall. I would recommend comparing banks before settling here. on the other side Customer service in branch is great, cant fault them. happy to stay with them but considering not having all my eggs in one basket.
Like the bank but too many branches closing making it harder for senior people
Likes: User-friendly app with great features like spending insights and instant transfers. Convenient branches and ATMs across Australia. Strong security measures for peace of mind. Dislikes: Fees can be high, especially for international transactions. Long wait times for customer service. Interest rates on savings accounts aren’t the most competitive.
I took out a car loan at 18 years old which was one of the worst financial decisions I have made in my life so far. Considering my naivety I was hungry for the loan immediately and did not have the knowledge or understanding of this kind of decision. When choosing my loan I was not given appropriate advice. The attendant I spoke to at Commbank didn't offer advice as to whether a fixed or non-fixed rate would suit my loan best and instead advised me to "just pick whatever, it doesn't matter". It did hugely matter and I ended up with a very small initial loan bloated into an out-of-control sum of money I cannot pay back for another 5 years as per the terms of my loan. I still use commbank for my everyday banking but I would say their loan system is ethically problematic and more financial counsellors should be available, particularly for young people without much banking experience.
Fantastic credit card I've been using for at least 10 years. Very helpful for budgeting. Categorises spends so you can see where you spend your money
I have been with the Commonwealth Bank for almost fourty years now (original Dollarmite!) and they continue to bring excellent new products and offers for customers while maintaining trust and security. I switched to the Smart Awards credit card and the gains make a difference immediately. More points per $1 spent along with 2 bonus point boosters a month have them racking up awards quickly - $100 gift card, thanks! And if you spend $2000 in a month the fee is waived. I regularly use the new Commbank Yello Rewards program as well. On average I am receiving $20 cash back a month plus great discounts across many stores, attractions and utilities. I currently have my internet and mobile plans at a significant discount for 12 months. My Credit card, Everyday Savings account and Netbank Saver account together on the app make it easy to keep track of my money and feel in control. I highly recommend these products for a secure and beneficial banking experience.
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