Commonwealth Bank GoalSaver

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

0.90% p.a. (for $0 to $50,000)

Commonwealth Bank GoalSaver

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

0.90% p.a. (for $0 to $50,000)

Mozo Review   Commonwealth Bank GoalSaver Review

Last updated: 4 October 2019.

What's hot:
  • Up to 1.60% ongoing bonus rate

  • Mozo Experts Choice Excellent Banking App Award 2019

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

Mozo snapshot:

With the Commonwealth GoalSaver, disciplined savers will be handsomely rewarded with a bonus rate up to 1.60% 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.

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 0.90% bonus rate, as long as you deposit at least $200 and make no withdrawals in the month. If you have up to $250,000 deposited, the bonus rate is 1.25%, with balances up to $1,000,000 receiving an interest rate of 1.60%.

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 1.60% 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.

Details

Rates and fees information correct as at 25 January 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: 0.90% p.a.
    Balances from $50,000: 1.25% p.a.
    Balances from $250,000: 1.60% 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 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 about 2 months ago
  • Overall 10/10
    Easy app and great customer service.

    Excellent bank with great service. Would recommend.

    Read full review

    Excellent bank with great service. Would recommend.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Nicki, Queensland reviewed about 2 months ago
  • Overall 10/10
    Great customer service.

    It's really easy to manage your bank account from any device.

    Read full review

    It's really easy to manage your bank account from any device.

    Price
    10/10
    Features
    9/10
    Customer service
    10/10
    Convenience
    8/10
    Trust
    10/10
    Less
    Gaston, New South Wales reviewed 2 months ago
  • Overall 9/10
    Very happy with service and products.

    I'm very happy with service and products.

    Read full review

    I'm very happy with service and products.

    Price
    7/10
    Features
    -1/10
    Customer service
    8/10
    Convenience
    9/10
    Trust
    8/10
    Less
    Michelle, Queensland reviewed 2 months ago
  • Overall 2/10
    Disappointing with low interest rate.

    The initial ploy was that of higher interest rates, but now I'm locked in and the interest rate is really low.

    Read full review

    The initial ploy was that of higher interest rates, but now I'm locked in and the interest rate is really low.

    Price
    2/10
    Features
    2/10
    Customer service
    3/10
    Convenience
    5/10
    Trust
    5/10
    Less
    Jessica, Victoria reviewed 3 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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