Your selected savings accounts
Commonwealth Bank of Australia (CommBank) is Australia's largest retail bank and one of the big four. It offers a wide range of financial products and services from banking to loans, investing, and insurance.
For savers, CommBank provides several savings account options, including the NetBank Saver, Goal Saver, YouthSaver, and Pensioner Security Account.
High introductory rate of 5.10% p.a. for 5 months
No monthly account fees
Easy online application process
Unlimited free transfers to linked CommBank transaction account
Requires linking to a CommBank transaction account
The rate drops significantly after the introductory period
CommBank's NetBank Saver could be an attractive option for savers looking to boost their cash in the short term. The 5.10% p.a. variable introductory rate for the first five months. However, savers should be aware that the rate drops to 2.35% p.a. after this period, which is less compared to some other providers available.
One of the advantages of the NetBank Saver is its integration with CommBank's extensive banking network. If you're already a CommBank customer, opening and managing this account could be very convenient. The absence of monthly fees and the ability to make unlimited free transfers to your linked CommBank transaction account add to its appeal.
It's worth noting that you'll need to link the NetBank Saver to an eligible CommBank transaction account. If you don't already have one, a Smart Access account will be automatically opened for you. This Smart Access account comes with a $4 monthly account-keeping fee, although the fee can be waived if you meet certain conditions, such as depositing at least $2,000 each month or if you're under 30 years old.
For long-term savers, it might be worth considering CommBank's other savings products like the Goal Saver, or comparing rates with other providers after the introductory period ends.
Your selected savings accounts
The Commonwealth bank used to be very trustworthy and was very much a bank of the people even going as far as to visit school children and help them open their first accounts. Once the bank was privatised it slowly but surely started increasing fees and reducing services particularly for low-income earners including pensioners. The bank focused primarily on larger account holders and businesses. The wait time 4 a phone call can be hours rather than minutes which is absolutely outrageous. Westpac offers a fee free accounts for pensioners and children but this bank does not. The wait for customer service in a branch can be an outrageous amount of time and the services available in branches have been wittled away so that something must be done online and no other otherway. Too bad for people who are not technology savvy or have other disabilities or needs that mean a branch is really there only way to access banking services. Branches are being shut down and the hours R probably very good as a worker that for customers with a job having something open 45 and a half or 6 and a half hours a day is just not enoug. As I said if it takes a couple of hours to get through on the phone and there are no branches open or no branches near you it's no wonder people are leaving. Fees have become ridiculous for example I was charged $35 for an overdrawn account. The account was overdrawn by list then a couple of dollars.
Commonwealth bank is great
The bank is quick to respond to any discrepancies, but it is hard to find an actual branch as so many are closing.
Simple to use and great rates. Easy customer service features and very helpful staff.
Love my bank love the service and the help they give when In need
No real cons that I have experienced with Commonwealth Bank. Pros are friendly and very helpful customer support, reliable, convenient, and genuine. It's a great bank I have been with for a very long time and they make the value of saving money clear.
It is a very good product
My bank is always there to assist me with my needs
I like this bank for ease of access and the helpful customer service. The Commonwealth Bank's GoalSaver account offers competitive interest rates and no monthly fees, but requires meeting conditions for maximum interest and may have variable rates tied to market conditions. I also feel that Commbank are relevant and move with worldwide trends, such as use of AI
I have no loans only use as a savings account how ever never any savings in account as live from pay to pay. Would I recommend them I would tell everyone to do their homework before starting with any bank. I think it depends on your needs.
To open a NetBank Saver account online, you'll need:
Yes, CommBank is one of Australia's "Big Four" banks and is an Authorised Deposit-taking Institution (ADI). Deposits up to $250,000 are protected under the Australian Government's Financial Claims Scheme, providing a high level of security for your savings.
In addition to the NetBank Saver, CommBank offers several other savings account options:
Each of these accounts has its own features, interest rates, and terms, so it's worth comparing them to find the best fit for your financial needs.
^See information about the Mozo Experts Choice Savings Account Awards
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