Commonwealth Bank GoalSaver

0.01% p.a.(for $0 and over)

0.65% p.a. (for $0 to $50,000)

Commonwealth Bank GoalSaver

0.01% p.a.(for $0 and over)

0.65% p.a. (for $0 to $50,000)

Mozo Review   Commonwealth Bank GoalSaver Review

Last updated: 9 March 2020.

What's hot:
  • Up to 1.35% p.a. ongoing bonus rate (conditions apply)

  • Mozo Experts Choice Excellent Banking App Award 2019

What's not:
  • Low standard 0.01% interest rate

Mozo snapshot:

With the Commonwealth Bank GoalSaver, disciplined savers will be handsomely rewarded with a bonus interest rate of up to 1.35% p.a. as long as you meet a few simple conditions every month. The Commonwealth Bank GoalSaver has no ongoing monthly account fees and also comes with convenient transaction features such as BPay at no extra cost.

Savers will also be able to access their GoalSaver accounts and set goals with ease on their smartphones through the 2019 Mozo Experts Choice award-winning CommBank app.

Key features:

For balances up to $50,000, the Commonwealth GoalSaver rewards you with a 0.65% p.a. bonus rate, as long as you make no withdrawals and deposit at least $200 in the month. If you have up to $250,000 deposited, then you'll receive a bonus rate of 1.00% p.a., and balances up to $1,000,000 will receive an interest rate of 1.35% p.a.

The GoalSaver is available to both 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 made over the phone and 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 (1 free assisted withdrawal per month) but remember not to make any withdrawals in the month otherwise the interest will drop to 0.01% p.a.

Who it's good for:

If you're a serious saver with a high level of self-control, then the Commonwealth GoalSaver could potentially be a fine suitor for you to stash your money in.

Any catches?

The 1.35% p.a. 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 have a smaller account balance then there are other high interest savings accounts around that could deliver a better return for your money.

Details

Rates and fees information correct as at 30 March 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.01% p.a.

  • Balances from $0: 0.65% p.a.
    Balances from $50,000: 1.00% p.a.
    Balances from $250,000: 1.35% p.a.
    Balances from $1,000,000: 0.01% p.a.

  • Deposit at least $200 (excluding interest) and no withdrawals in the month

Fees
  • $0.00

  • n/a

  • Unlimited free internet, phone, counter deposits and 1 assisted withdrawal.

  • n/a

  • n/a

  • n/a

  • $0.00

  • $3.00

  • n/a

  • $0.00

  • $0.00

  • n/a

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • yes

  • no

  • yes

  • yes

  • yes

  • no

  • none

  • none

  • none

Customer Reviews

How are Commonwealth Bank savings accounts rated by the Mozo community?

Overall customer rating
7.5/10
Price
6.6/10
Features
6.3/10
Customer service
7.6/10
Convenience
8.2/10
Trust
7.6/10

Latest reviews of Commonwealth Bank GoalSaver

  • Overall 9/10
    Amazing app and customer service + no fees!

    I use the CommBank app on my phone on a regular basis and it's honestly the simplest and easiest app to use. I really like how I can set goals and be shown a graph of my income, spending and savings, and shown where I spend my money. I've never had any issues with CommBank so I very rarely have to talk to customer support, but when I have, they've been super friendly and extremely helpful. I also am super appreciative of the fact that I have 4 bank accounts with them, and I don't have to pay for a single one. It's absolutely fantastic!

    Read full review

    I use the CommBank app on my phone on a regular basis and it's honestly the simplest and easiest app to use. I really like how I can set goals and be shown a graph of my income, spending and savings, and shown where I spend my money. I've never had any issues with CommBank so I very rarely have to talk to customer support, but when I have, they've been super friendly and extremely helpful. I also am super appreciative of the fact that I have 4 bank accounts with them, and I don't have to pay for a single one. It's absolutely fantastic!

    Price
    10/10
    Features
    10/10
    Customer service
    8/10
    Convenience
    9/10
    Trust
    8/10
    Less
    Nikita, New South Wales reviewed 4 days ago
  • Overall 1/10
    Currently looking for a better savings account.

    No fees for the month if a withdrawal is made terribly inconvenient.

    Read full review

    No fees for the month if a withdrawal is made terribly inconvenient.

    Price
    1/10
    Features
    1/10
    Customer service
    2/10
    Convenience
    5/10
    Trust
    3/10
    Less
    Tara, New South Wales reviewed 26 days ago
  • Overall 5/10
    Great incentives to save.

    Easy to use online with the app and has a great goal setting feature.

    Read full review

    Easy to use online with the app and has a great goal setting feature.

    Price
    3/10
    Features
    4/10
    Customer service
    8/10
    Convenience
    10/10
    Trust
    8/10
    Less
    Nicole, Victoria reviewed about 2 months ago
  • Overall 10/10
    Would recommend to family.

    Kiama's Commonwealth branch is is very friendly, caring and helpful. The staff always says hello and they make the time to talk to people with any inquiries.

    Read full review

    Kiama's Commonwealth branch is is very friendly, caring and helpful. The staff always says hello and they make the time to talk to people with any inquiries.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Sheree, New South Wales reviewed about 2 months ago
  • Overall 6/10
    No issues but not the highest rate!

    The goal saver account has been okay however I am interested in other banks that having savings accounts with higher interest rates.

    Read full review

    The goal saver account has been okay however I am interested in other banks that having savings accounts with higher interest rates.

    Price
    5/10
    Features
    0/10
    Customer service
    7/10
    Convenience
    10/10
    Trust
    8/10
    Less
    Kylie, Queensland reviewed 4 months ago
Commonwealth Bank

About Commonwealth Bank

The Commonwealth Bank might be one of Australia's oldest and largest banks, but lately it's determined to do things differently. The Commonwealth Bank reckons it's focusing more on customer service and earning your business rather than counting on it. If you like the sound of that, then check out the Commonwealth Bank's wide range of personal banking products, including term deposits, savings accounts, credit cards, home loans and personal loans.

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HSBC

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1.25% p.a. (for $0 to $5,000,000)

0.01% p.a.(for $0 to $5,000,000)

$0.00

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2.65% p.a. (for $0 to $500,000)

1.05% p.a.(for $0 to $5,000,000)

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2.00% p.a. (for $0 to $150,000)

0.30% p.a.(for $0 and over)

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1.90% p.a. (for $0 and over)

0.20% p.a.(for $0 and over)

$0.00

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UBank

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1.85% p.a. (for $0 to $200,000)

0.79% p.a.(for $0 to $5,000,000)

$0.00

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Bankwest

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Hero Saver

1.50% p.a. (for $0 to $250,000)

0.01% p.a.(for $0 to $5,000,000)

$0.00

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HSBC

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Serious Saver

1.85% p.a. (for $0 to $1,000,000)

0% p.a.(for $0 and over)

$0.00

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Citi

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2.05% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

$0.00

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CUA

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1.70% p.a. (for $0 to $100,000)

0.05% p.a.(for $0 and over)

$0.00

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HSBC

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0% p.a.(for $0 and over)

1.85% p.a. (for $0 to $1,000,000)

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IMB Bank

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0% p.a.(for $0 and over)

1.75% p.a. (for $5,000 and over)

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0% p.a.(for $0 and over)

2.05% p.a. (for $0 and over)