With the Commonwealth Bank GoalSaver, disciplined savers will be rewarded with a maximum interest rate of up to 0.40% 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 2020 Mozo Experts Choice award-winning CommBank app.
For balances up to $250,000, the Commonwealth GoalSaver offers a 0.35% 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.
If you have over $250,000 deposited (and you meet the account conditions) you'll be able to receive a maximum rate of 0.35%.
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 1 free assisted withdrawal per month.
If you've got a larger savings balance which you're willing to keep adding to, the Commonwealth GoalSaver could potentially be a fine suitor for you to stash your money in.
The 0.35% maximum rate only applies to accounts with a balance of at least $250,000 which may suit 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.
Balances from $0: 0.05% p.a.
Balances from $0: 0.35% p.a.
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).
$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
$0.00
$0.00
Monthly
no
none
no
no
no
yes
no
yes
yes
yes
no
none
none
none
I really like this bank and its staff!
Read full reviewI really like this bank and its staff!
Fees are quite high!
Read full reviewFees are quite high!
Excellent service.
Read full reviewI have been with my bank for over 40 years.
Read full reviewI have been with my bank for over 40 years.
Banking app is easy to use, can see when money goes into accounts with alerts.
Read full reviewBanking app is easy to use, can see when money goes into accounts with alerts.
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.
MyState Bank
Bonus Saver Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
UBank
USave with USpend Transaction Account
1.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 to $5,000,000)
Yes up to $250,000
HSBC
Serious Saver
0.30% p.a. (for $0 to $1,000,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Bankwest
Hero Saver
0.80% p.a. (for $0 to $250,001)
0.01% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Flexi Saver
0.25% p.a. (for $0 to $5,000,000)
0.05% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
UBank
USave with USpend Transaction Account
1.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 to $5,000,000)
Yes up to $250,000
HSBC
Serious Saver
0.30% p.a. (for $0 to $1,000,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Bankwest
Hero Saver
0.80% p.a. (for $0 to $250,001)
0.01% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Flexi Saver
0.25% p.a. (for $0 to $5,000,000)
0.05% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
Bankwest
Hero Saver
0.01% p.a.(for $0 to $5,000,000)
0.80% p.a. (for $0 to $250,001)
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
Newcastle Permanent
Smart Saver
0% p.a.(for $0 and over)
1.40% p.a. (for $0 and over)
Yes up to $250,000
Auswide Bank
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
2.01% p.a. (for $0 and over)
Yes up to $250,000
