Commonwealth Bank is reliable, and setup is straightforward for most accounts. However the interest rates are not that competitive.
I don't think you could be happy with a bank that offers close to 0% interest on saved deposits. But they certainly win when it comes to the customer service department.
Put $5K in a term deposit and received a good rate of interest for my money, without having to put the usual $10K. Was pleased with service received from my local branch, near home.
This bank provided the highest rate possible for the length of time I wanted it to and it gives a very good return so I was happy. Just like everything, read the paperwork and make sure you understand it fully as bank jargon can be tricky to comprehend at times.
They are not at all competitive with their rates. We used to use them 4-5 years ago, and even when we showed how much better competitor rates where, they wouldn't match them so we went to other institutions that provided good rates.
I am very happy banking with Commonwealth. I had a few scares here and there but the took over and handled everything, much to my admiration. Everything was fixed in no time. They are always willing to offer good advice. Just wanted to give a big thanks to Commonwealth.
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Different interest rates apply to different amounts or different interest payment frequencies.
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