Commonwealth Bank GoalSaver

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

1.65% p.a. (for $0 to $50,000)

 

Commonwealth Bank GoalSaver Review

Rates and fees information correct as at 17 October 2018.

Review published: 2 October 2012

What's hot:

  • Up to 2.3% ongoing bonus rate

What's not:

  • Low standard 0.01% rate

Mozo snapshot:

With the Commonwealth GoalSaver, disciplined savers will be handsomely rewarded with a bonus rate up to 2.3% as long as you meet a few simple conditions every month. The Commonwealth GoalSaver has no monthly account fees and also comes with convenient transaction features such as BPay at no extra cost.

Key features:

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.

Any catches?

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.

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

Product Type Overall Rating Price Features Service Convenience Trust
7.5

Based on 12699
Commonwealth Bank savings accounts reviews

6.6 6.3 7.6 8.2 7.6

Read Commonwealth Bank savings account reviews by the Mozo community

Latest reviews of Commonwealth Bank GoalSaver

Commonwealth Bank

Commonwealth Bank GoalSaver savings account review

Overall rating   6 / 10

I'm looking for a new bank

After uncovering accounts that the CBA say don't exist, I doubt that they can be trusted with many things at all..

Full review

After uncovering accounts that the CBA say don't exist, I doubt that they can be trusted with many things at all..

    Price   6 / 10

    Features   6 / 10

    Customer service   9 / 10

    Convenience   8 / 10

    Trust   1 / 10

Less

Samantha, Queensland, reviewed 14 days ago

Commonwealth Bank

Commonwealth Bank GoalSaver savings account review

Overall rating   7 / 10

Good

Good.

Full review

Good.

    Price   10 / 10

    Features   10 / 10

    Customer service   6 / 10

    Convenience   7 / 10

    Trust   8 / 10

Less

Patricia, New South Wales, reviewed 26 days ago

Commonwealth Bank

Commonwealth Bank GoalSaver savings account review

Overall rating   10 / 10

Keep the good work up

All good

Full review

All good

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Ada, Queensland, reviewed 7 months ago

Commonwealth Bank

Commonwealth Bank GoalSaver savings account review

Overall rating   10 / 10

Very good

Completely satisfied with Commonwealth Bank.

Full review

Completely satisfied with Commonwealth Bank.

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Donato, Victoria, reviewed 7 months ago

Commonwealth Bank

Commonwealth Bank GoalSaver savings account review

Overall rating   5 / 10

Good

Bank services are good.

Full review

Bank services are good.

    Price   5 / 10

    Features   5 / 10

    Customer service   5 / 10

    Convenience   5 / 10

    Trust   5 / 10

Less

Frances, New South Wales, reviewed 7 months ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • Balances from $0: 0.01% p.a.

  • Balances from $0: 1.65% p.a.
    Balances from $50,000: 2.00% p.a.
    Balances from $250,000: 2.30% 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

  • none

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

  • none

  • none

  • none

  • $0.00

  • $2.50

  • none

  • $0.00

  • $0.00

  • none

Other financial bits

  • $0.00

  • $0.00

  • Monthly

Features

  • no

  • none

  • no

  • no

  • no

  • yes

  • no

  • yes

  • yes

  • yes

  • no

  • none

  • none

  • none

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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