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
The online banking is simple and easy to use. Pros for the goal saver is the high interest rate. The only con would be that you do not get the bonus rate if you withdraw from the account.
Read full reviewThe online banking is simple and easy to use. Pros for the goal saver is the high interest rate. The only con would be that you do not get the bonus rate if you withdraw from the account.
I love CommBank because it is so reliable and convenient. The app is just amazing and I can easily transfer funds between accounts or to people with no issues. What I dislike about this bank is that I have been a loyal member for over 5 years and my interest rate has remained the same. I have also never been contacted about rewards or offers which is disappointing.
Read full reviewI love CommBank because it is so reliable and convenient. The app is just amazing and I can easily transfer funds between accounts or to people with no issues. What I dislike about this bank is that I have been a loyal member for over 5 years and my interest rate has remained the same. I have also never been contacted about rewards or offers which is disappointing.
I like the bank because it has a good online platform easy to use and manage the money. The interest rate is also encouraging if deposited as per the guideline and policy. The advantage is it has an online platform to manage and control your money. The client is not expected to go to the branch. The client can manage the money from whereever he/she is as long as there is internet. I did not see any cons.
Read full reviewI like the bank because it has a good online platform easy to use and manage the money. The interest rate is also encouraging if deposited as per the guideline and policy. The advantage is it has an online platform to manage and control your money. The client is not expected to go to the branch. The client can manage the money from whereever he/she is as long as there is internet. I did not see any cons.
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!
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
Virgin Money
Boost Saver with Go Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
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
Virgin Money
Grow Saver
0.65% p.a. (for $0 and over)
0.10% p.a.(for $0 and over)
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
0.70% 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
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
Virgin Money
Boost Saver with Go Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Grow Saver
0.65% p.a. (for $0 and over)
0.10% p.a.(for $0 and over)
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
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
0.70% 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
Bankwest
Hero Saver
0.01% p.a.(for $0 to $5,000,000)
0.70% p.a. (for $0 to $250,001)
Yes up to $250,000
ANZ
Progress Saver
0.01% p.a.(for $0 and over)
0.35% 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)
1.51% p.a. (for $0 and over)
Yes up to $250,000