Commonwealth Bank launches new savings product

Commonwealth Bank has revealed a new savings account that it claims promotes target-based saving among consumers.

The bank's GoalSaver account is focused on convenience, allowing customers to access savings accounts online, in-branch or over the phone.

According to Ross McEwan, Commonwealth Bank's group executive for retail banking services the introduction of GoalSaver highlights the bank’s commitment to quality customer service by rewarding sensible savers.

"GoalSaver rewards customers that save regularly by offering a high variable bonus rate every time their savings balance increases by at least $200 and no more than one withdrawal is made monthly," he said.

The account is designed to encourage those customers that trying to put money aside for a home loan deposit, new car or a holiday to reach their saving level sooner.

Commonwealth Bank's GoalSaver provides a variable bonus rate of six per cent but customers that do not meet the bonus requirements for the month still get a rate of three per cent.

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