With the Commonwealth Bank GoalSaver, disciplined savers will be rewarded with a maximum interest rate of up to 0.25% as long as they meet a few simple conditions every month. Savers will also be able to access their GoalSaver accounts and set goals with ease on their smartphones through the 2021 Mozo Experts Choice award-winning CommBank app.
For all balances, the Commonwealth GoalSaver offers a 0.25% maximum rate, as long as you make at least one deposit each month and have a higher balance at the end of the month than you did at the start.
The GoalSaver is available to both new and existing customers, so Commonwealth Bank loyalists can simply switch and sign up. Interest is calculated daily and paid every month.
Transactions can be made using the app, over the phone or via internet banking, but old-school customers will be pleased to know that the Commonwealth GoalSaver also offers branch and ATM access. Transactions are unlimited and you'll be able to get one free assisted withdrawal per month, but these and other statement requests will come with a fee thereafter.
If you've got a larger savings balance which you're willing to keep adding to, the Commonwealth GoalSaver could potentially be a suitable place to store your funds.
If you don't meet the conditions of making at least one monthly deposit and growing your account balance, the interest rate reverts to a considerably lower 0.05%.
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Balances from $0: 0.05% p.a. |
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Balances from $0: 0.25% p.a. |
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Make a deposit each month and have a higher account balance at the end of the month compared to the start of the month (excluding interest and bank-initiated transactions). |
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$0.00 |
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n/a |
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Unlimited free internet, phone, counter deposits and 1 assisted withdrawal. |
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n/a |
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n/a |
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n/a |
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$0.00 |
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$3.00 |
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n/a |
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$0.00 |
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$0.00 |
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n/a |
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$0.00 |
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$0.00 |
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Monthly |
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no |
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none |
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no |
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no |
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no |
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yes |
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no |
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yes |
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yes |
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yes |
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no |
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none |
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none |
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none |
Alone money.
Read full reviewGreat saving account but wish interest was higher.
Read full reviewGreat saving account but wish interest was higher.
The online banking is simple and easy to use. Pros for the goal saver is the high interest rate. The only con would be that you do not get the bonus rate if you withdraw from the account.
Read full reviewThe online banking is simple and easy to use. Pros for the goal saver is the high interest rate. The only con would be that you do not get the bonus rate if you withdraw from the account.
I love CommBank because it is so reliable and convenient. The app is just amazing and I can easily transfer funds between accounts or to people with no issues. What I dislike about this bank is that I have been a loyal member for over 5 years and my interest rate has remained the same. I have also never been contacted about rewards or offers which is disappointing.
Read full reviewI love CommBank because it is so reliable and convenient. The app is just amazing and I can easily transfer funds between accounts or to people with no issues. What I dislike about this bank is that I have been a loyal member for over 5 years and my interest rate has remained the same. I have also never been contacted about rewards or offers which is disappointing.
I like the bank because it has a good online platform easy to use and manage the money. The interest rate is also encouraging if deposited as per the guideline and policy. The advantage is it has an online platform to manage and control your money. The client is not expected to go to the branch. The client can manage the money from whereever he/she is as long as there is internet. I did not see any cons.
Read full reviewI like the bank because it has a good online platform easy to use and manage the money. The interest rate is also encouraging if deposited as per the guideline and policy. The advantage is it has an online platform to manage and control your money. The client is not expected to go to the branch. The client can manage the money from whereever he/she is as long as there is internet. I did not see any cons.
Westpac
Life - 18-29 years old
2.00% p.a. (for $0 to $30,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.15% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.10% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.60% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Grow Saver
0.25% p.a. (for $0 and over)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Westpac
Life - 18-29 years old
2.00% p.a. (for $0 to $30,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.15% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.10% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.60% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Grow Saver
0.25% p.a. (for $0 and over)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Auswide Bank
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
1.26% p.a. (for $0 and over)
Yes up to $250,000
ANZ
Progress Saver
0.01% p.a.(for $0 and over)
0.40% p.a. (for $0 and over)
Yes up to $250,000