Commonwealth Bank NetBank Saver

0.10% p.a.(for $1 and over)

1.65% p.a. (for $1 and over)

Commonwealth Bank NetBank Saver

0.10% p.a.(for $1 and over)

1.65% p.a. (for $1 and over)

Mozo Review   Commonwealth Bank NetBank Saver Review

Last updated: 9 January 2020.

What's hot:
  • 1.65% p.a. introductory rate

  • Easily move money between accounts

What's not:
  • 0.10% standard variable interest rate

Mozo snapshot:

With the Commonwealth Bank Netbank Saver, you’ll have easy access to your savings and the security of banking with one of the big four banks. The standard variable rate sits at 0.10% p.a., but for the first five months you’ll be able to enjoy an interest rate of 1.65% p.a.

Key features:

When you sign up for a Netbank Saver account, you can be confident knowing that there are zero account keeping fees, plus the ability to make unlimited free phone and internet transactions. 

You’ll be looking at an introductory rate of 1.65% for the first five months. While this might be music to the ears of many savers, you should keep in mind that once those five months are up, the interest rate reverts to a much lower 0.10% p.a. 

To apply, you’ll need to be at least 14 years old and an Australian resident. If you’re not already a CommBank customer, you’ll be asked to provide some identification, such as an Australian driver’s licence, Medicare card, passport or Australian birth certificate.

Once you’ve signed up, you’ll need to have a CommBank transaction account to go with your Netbank Saver account. If you don’t already have one, a Smart Access account will automatically be opened in your name. 

Who it's good for:

A decent introductory rate makes the Netbank Saver account a good option for anyone looking to give their savings a bit of a kickstart, but given the lacklustre standard variable rate you might be shopping around for somewhere else to park your savings before long. 

Any catches?

As mentioned above, once the five month introductory period is over, your interest rate will revert to 0.10% p.a. And while the Netbank Saver doesn’t come with fees, you might encounter some through your linked transaction account.

Details

Rates and fees information correct as at 18 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: 0.00% p.a.
    Balances from $1: 0.10% p.a.

  • Balances from $0: 0.00% p.a.
    Balances from $1: 1.65% p.a.

  • Bonus rate for the first 5 months from account opening

Fees
  • $0.00

  • n/a

  • unlimited free transactions from phone and internet

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • $0.00

  • $0.00

  • n/a

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • yes

  • yes

  • no

  • no

  • Must link to a transaction account with this provider

  • 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 NetBank Saver

  • Overall 10/10
    Great customer service.

    The app is super easy to use. Quick start up of the account.

    Read full review

    The app is super easy to use. Quick start up of the account.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Jessica, Western Australia reviewed about 1 month ago
  • Overall 10/10
    Yes they have good customer service call centres.

    Don't like that home loan interest rates are low which is good for a home owners but what about those that have money and want to save, theres no incentive for them. The bank should make the interest rate higher for members who save. I might as well just take my money and hide it in the backyard.

    Read full review

    Don't like that home loan interest rates are low which is good for a home owners but what about those that have money and want to save, theres no incentive for them. The bank should make the interest rate higher for members who save. I might as well just take my money and hide it in the backyard.

    Price
    4/10
    Features
    8/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    8/10
    Less
    Lana, Victoria reviewed about 2 months ago
  • Overall 10/10
    I totally trust the bank I bank with.

    Banking with Commonwealth means you get great customer service. Easy facilities to work with. I totally trust them with my money. Good on you Commonwealth Bank.

    Read full review

    Banking with Commonwealth means you get great customer service. Easy facilities to work with. I totally trust them with my money. Good on you Commonwealth Bank.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Lyn, Victoria reviewed about 2 months ago
  • Overall 10/10
    Fantastic service.

    So user friendly! Highly recommend.

    Read full review

    So user friendly! Highly recommend.

    Price
    9/10
    Features
    6/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Daniella, New South Wales reviewed about 2 months ago
  • Overall 6/10
    Good customer service and trustworthy brand.

    Reliable and trustworthy bank with investment into UX and online services. Interest rates could be more competitive.

    Read full review

    Reliable and trustworthy bank with investment into UX and online services. Interest rates could be more competitive.

    Price
    4/10
    Features
    3/10
    Customer service
    8/10
    Convenience
    9/10
    Trust
    9/10
    Less
    Dale, New South Wales reviewed about 2 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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