Thumbnail icon for Commonwealth Bank

Commonwealth Bank GoalSaver

Interest rate
0.10% p.a.(for $0 and over)
Maximum rate
0.40% p.a. (for $0 to $50,000)

Mozo editorial review Commonwealth Bank GoalSaver

Last updated: 27 July 2020.

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What's hot
  • Up to 0.95% p.a. ongoing bonus rate (conditions apply)
  • Mozo Experts Choice Excellent Banking App Award 2019
What's not
  • Low standard 0.10% interest rate
Mozo snapshot

With the Commonwealth Bank GoalSaver, disciplined savers will be handsomely rewarded with a bonus interest rate of up to 0.95% p.a. as long as you meet a few simple conditions every month. The Commonwealth Bank GoalSaver has no ongoing 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.

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Key features

For balances up to $50,000, the Commonwealth GoalSaver rewards you with a 0.50% p.a. bonus rate, as long as you make no withdrawals and deposit at least $200 in the month. If you have up to $250,000 deposited, then you'll receive a bonus rate of 0.95% p.a., and balances up to $1,000,000 will receive an interest rate of 0.95% p.a.

The GoalSaver is available to both 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 made over the phone and 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 (1 free assisted withdrawal per month) but remember not to make any withdrawals in the month otherwise the interest will drop to 0.01% p.a.

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Who is it good for

If you're a serious saver with a high level of self-control, then the Commonwealth GoalSaver could potentially be a fine suitor for you to stash your money in.

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Any catches

The 0.95% p.a. bonus rate only applies to accounts with a balance of at least $50,000 and up to $1,000,000 which suits 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 3 August 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: 0.10% p.a.

  • Balances from $0: 0.40% p.a.
    Balances from $50,000: 0.95% p.a.
    Balances from $250,000: 0.95% p.a.
    Balances from $1,000,000: 0.95% 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 9/10
    Easy

    In simple words its easy to use and helps me save money.

    Read full review

    In simple words its easy to use and helps me save money.

    Price
    7/10
    Features
    9/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    9/10
    Less
    Samiksha, Victoria reviewed about 1 month ago
  • Overall 6/10
    Helpful courteous customer service

    Pleasant and helpful staff usually on hand and happy to help.

    Read full review

    Pleasant and helpful staff usually on hand and happy to help.

    Price
    6/10
    Features
    5/10
    Customer service
    6/10
    Convenience
    6/10
    Trust
    6/10
    Less
    Colleen, Western Australia reviewed about 2 months ago
  • Overall 5/10
    Good customer service, garbage account

    I dislike this bank because the Goal Saver account is geared towards people with high incomes so for those without high incomes it is rubbish. NAB reward saver is an example of a better savings account or the rams saver account.

    Read full review

    I dislike this bank because the Goal Saver account is geared towards people with high incomes so for those without high incomes it is rubbish. NAB reward saver is an example of a better savings account or the rams saver account.

    Price
    1/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Daniel, New South Wales reviewed about 2 months ago
  • Overall 9/10
    Great bank.

    I like this bank because they are trustworthy and easy to follow along.

    Read full review

    I like this bank because they are trustworthy and easy to follow along.

    Price
    8/10
    Features
    8/10
    Customer service
    9/10
    Convenience
    9/10
    Trust
    10/10
    Less
    Meagan, South Australia reviewed about 2 months ago
  • Overall 5/10
    Good

    Fees suck.

    Read full review

    Fees suck.

    Price
    6/10
    Features
    6/10
    Customer service
    6/10
    Convenience
    6/10
    Trust
    6/10
    Less
    Tania, Western Australia 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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