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)
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?
Latest reviews of Commonwealth Bank GoalSaver
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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 reviewI 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!
Price10/10Features10/10Customer service8/10Convenience9/10LessTrust8/10 -
Currently looking for a better savings account.
No fees for the month if a withdrawal is made terribly inconvenient.
Read full reviewNo fees for the month if a withdrawal is made terribly inconvenient.
Price1/10Features1/10Customer service2/10Convenience5/10LessTrust3/10 -
Great incentives to save.
Easy to use online with the app and has a great goal setting feature.
Read full reviewEasy to use online with the app and has a great goal setting feature.
Price3/10Features4/10Customer service8/10Convenience10/10LessTrust8/10 -
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 reviewKiama'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.
Price10/10Features10/10Customer service10/10Convenience10/10LessTrust10/10 -
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 reviewThe goal saver account has been okay however I am interested in other banks that having savings accounts with higher interest rates.
Price5/10Features0/10Customer service7/10Convenience10/10LessTrust8/10
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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