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.
CBA really works hard to engender a relationship with us as clients. We purchased a new home 12 mths ago and they were excellent at communicating with us throughout the entire process, always heeding our needs and not “pushing” a particular product. Our interest rate was super competitive too. Additionally they seemed genuinely interested in helping us reduce loan interest by suggesting offset accounts. At a time where people can be super cynical about banks being preoccupied with excessive profit margins, we found that CBA were very customer focused. We feel that they really know us and our families needs very well.
I’m reviewing the Commonwealth Bank and its Youthsaver accounts. My kids originally opened these accounts when they started school and would bank a couple of dollars every week. After seven or so years the local branch closed (rural location) and school banking was a thing of the past. Their accounts sat dormant for a few years accruing virtually zero interest until the kids got part time jobs and their wages were deposited into their Youthsaver. The variable interest rate on balances under 50k is 2.15% with a bonus interest rate of 2.40% if the balance at the end of the month is higher than at the start and at least one deposit is made with no withdrawals. As their balances grow, so too the BONUS interest - a huge incentive to keep kids saving. As our local branch has closed, withdrawing cash if difficult, but that is a whinge for another day!
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'd say the Commonwealth Bank's Smart Access account is a pretty popular choice for everyday banking here in Australia. One of the main things I like is that you can avoid the monthly fee of $4 if you deposit at least $2,000 each month, and that's also waived if you're under 25. Plus, it's super handy having access to a huge network of ATMs across the country, thanks to CommBank and Bankwest. Their digital banking is top-notch too, with the CommBank app and NetBank offering great features like Cardless Cash, PayID, and a Spend Tracker. I also appreciate that it supports contactless payments, and there's an optional overdraft feature if I need it. Security is a big plus, as CommBank offers protection against unauthorised transactions, as long as I take the necessary precautions. On the flip side, that $2,000 monthly deposit can be a bit of a hurdle for some people. I also have to watch out for those international transaction fees, like the 3% charge on overseas purchases and the fees for using overseas ATMs. It's worth noting that the account doesn't earn any interest, so I'd need a separate savings account for that. And lastly, there's a potential $15 overdraw fee to keep in mind.
Have always been with Commonwealth Bank for all my insurance needs and banking as well and have never had any issues, Commonwealth Bank are very easy to deal with..
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