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 27 February 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 3/10
    Improvements can be made.

    Customer service in our branch isn't really that good.

    Read full review

    Customer service in our branch isn't really that good.

    Price
    3/10
    Features
    3/10
    Customer service
    1/10
    Convenience
    -1/10
    Trust
    7/10
    Less
    Paula, South Australia reviewed 3 days ago
  • Overall 2/10
    No cost was a bonus but they need internet banking

    Very poor return rate.

    Read full review

    Very poor return rate.

    Price
    3/10
    Features
    3/10
    Customer service
    3/10
    Convenience
    5/10
    Trust
    7/10
    Less
    Craig, Queensland reviewed 3 days ago
  • Overall 6/10
    But they are easy to use for my type of banking.

    I have always been with Commonwealth, they are okay. Nothing special and they’ve never caught my interest with any of their products and features.

    Read full review

    I have always been with Commonwealth, they are okay. Nothing special and they’ve never caught my interest with any of their products and features.

    Price
    5/10
    Features
    7/10
    Customer service
    3/10
    Convenience
    7/10
    Trust
    5/10
    Less
    Chloe, New South Wales reviewed 6 days ago
  • Overall 1/10
    Poor product.

    Cannot directly pay accounts online from this account.

    Read full review

    Cannot directly pay accounts online from this account.

    Price
    0/10
    Features
    0/10
    Customer service
    1/10
    Convenience
    3/10
    Trust
    1/10
    Less
    Kathy, New South Wales reviewed 21 days ago
  • 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 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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