Interest rate
0.05% p.a.(for $0 and over)
Maximum rate
0.35% p.a. (for $0 and over)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Commonwealth Bank GoalSaver

Last updated: 26 February 2021.

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What's hot
  • Up to 0.35% maximum rate (conditions apply)
  • Mozo Experts Choice Excellent Banking App Award 2020
What's not
  • Low standard 0.05% interest rate
Mozo snapshot

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.

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Key features

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.

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Who is it good for

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.

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Any catches

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.

Details

Rates and fees information correct as at 23 June 2021. 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: 0.05% 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).

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
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

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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.

See Commonwealth Bank savings accounts