Unlike other savings accounts which tempt you with bonus rates that last only a few months, the Commonwealth GoalSaver rewards you with a 1.65% bonus rate as long as you deposit at least $200 and make no withdrawals in the month for balances up to $50,000. If you have up to $250,000 deposited, the bonus rate is 1.99% which balances up to $1,000,000 receive an interest rate of 2.3%.
The GoalSaver is available to new and existing customers so Commonwealth loyalists can simply switch and sign up to start turbo-charging their interest earnings. Interest is calculated daily and paid every month.
Transactions can be easily completed through phone and Internet banking but old-school customers will be pleased to know that the Commonwealth GoalSaver also offers branch and ATM access. Transactions are unlimited (1 free assisted withdrawal per month) but remember not to make any withdrawals in the month otherwise the interest will drop to 0.01%!
Who it's good for:
If you're a serious saver with a high level of self-control, the Commonwealth GoalSaver is a fine suitor for your money.
The 2.3% bonus rate only applies to accounts with a balance of at least $250,000 and up to $1,000,000 which suits some savers but if you do have a smaller balance there are other high interest savings accounts on the market that will deliver a better return for your money.