Your selected savings accounts
Commonwealth Bank of Australia (CommBank) is Australia's largest retail bank and one of the big four. It offers a wide range of financial products and services from banking to loans, investing, and insurance.
For savers, CommBank provides several savings account options, including the NetBank Saver, Goal Saver, YouthSaver, and Pensioner Security Account.
High introductory rate of 5.10% p.a. for 5 months
No monthly account fees
Easy online application process
Unlimited free transfers to linked CommBank transaction account
Requires linking to a CommBank transaction account
The rate drops significantly after the introductory period
CommBank's NetBank Saver could be an attractive option for savers looking to boost their cash in the short term. The 5.10% p.a. variable introductory rate for the first five months. However, savers should be aware that the rate drops to 2.35% p.a. after this period, which is less compared to some other providers available.
One of the advantages of the NetBank Saver is its integration with CommBank's extensive banking network. If you're already a CommBank customer, opening and managing this account could be very convenient. The absence of monthly fees and the ability to make unlimited free transfers to your linked CommBank transaction account add to its appeal.
It's worth noting that you'll need to link the NetBank Saver to an eligible CommBank transaction account. If you don't already have one, a Smart Access account will be automatically opened for you. This Smart Access account comes with a $4 monthly account-keeping fee, although the fee can be waived if you meet certain conditions, such as depositing at least $2,000 each month or if you're under 30 years old.
For long-term savers, it might be worth considering CommBank's other savings products like the Goal Saver, or comparing rates with other providers after the introductory period ends.
Your selected savings accounts
Very good service
Difficult loan application process, outdated technology, or hidden charges.high fees, limited branch availability, or poor customer service.
I've banked with the Commonwealth Bank since I was a teenager, so 35 years. My only issues are a massive lack of ATMs and the bank allowing a Merchant to access my account after I had the card cancelled. The merchant has taken a subscription fee out three years in a row despite me originally cancelling the subscription with this merchant. Then upon speaking with Commonwealth bank staff they suggested I cancel the card to prevent further unauthorised transactions. Well that was 3 years ago and I'm still trying to hold Commonwealth bank accountable for allowing the funds to leave my account hence my account is now overdrawn.
I have been with the commonwealth bank all my life.,when I have had a problem such as scammer took money from our account, the bank replaced it. Another time they called to ask if I had okayed a transaction overseas which I hadn’t. They are on the ball security wise.
its actually good.. very usual bank. not so fancy or that lame.. its okay.
I like the Commonwealth Bank because they offer NetBank facilities with comyello deals and discounts. Whenever I have had a problem they are great to talk to on the phone or at the branch.
All the service you expect Easy excess Friendly, knowledge staff members Bank in person or online or via app
We have been Commbank customers for 30 plus years and have always had solid service through thick and thin. We like that it's one of the big banks with a broad coverage of branches and good security. Though rarely needing to access an actual branch when we do service is impeccable. If I had ANY complaints it would be a scarcity of ATM's. Netbank online banking is SO good and makes day to day banking, bill paying etc. so easy and simple. The app is also easy and convenient. More than happy to recommend Commbank to anyone.
The Commonwealth Bank's savings account offers a blend of accessibility, flexibility, and reliability, making it a solid option for Australians looking to grow their savings with minimal hassle. Whether you're saving for a rainy day, a future goal, or just building a financial cushion, this account is designed to meet a variety of needs. User-Friendly Interface: One of the standout features of the Commonwealth Bank savings account is its seamless integration with the CommBank app. The app offers a simple, intuitive interface that makes managing your savings effortless. From setting savings goals to tracking your progress with visual charts, it’s clear that convenience is a priority. You can also automate your savings with recurring deposits or round-ups, which are great tools for those who want to make their savings habit a bit more hands-off.
Very reliable. Reasonable interest rate. Good for long term
To open a NetBank Saver account online, you'll need:
Yes, CommBank is one of Australia's "Big Four" banks and is an Authorised Deposit-taking Institution (ADI). Deposits up to $250,000 are protected under the Australian Government's Financial Claims Scheme, providing a high level of security for your savings.
In addition to the NetBank Saver, CommBank offers several other savings account options:
Each of these accounts has its own features, interest rates, and terms, so it's worth comparing them to find the best fit for your financial needs.
^See information about the Mozo Experts Choice Savings Account Awards
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