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 0.05% p.a., but for the first five months you’ll be able to enjoy an interest rate of 1.05% p.a.
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 1.05% 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 0.05% 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.
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.
As mentioned above, once the five month introductory period is over, your interest rate will revert to 0.05% p.a. And while the Netbank Saver doesn’t come with fees, you might encounter some through your linked transaction account.
Balances from $0: 0.00% p.a.
Balances from $1: 0.05% p.a.
Balances from $0: 0.00% p.a.
Balances from $1: 1.05% p.a.
Bonus rate for the first 5 months from account opening
$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
$0.00
$0.00
Monthly
no
none
no
no
no
no
no
yes
yes
no
no
Must link to a transaction account with this provider
none
none
One of the biggest and trusted banks of Australia with a variety of products.
Read full reviewOne of the biggest and trusted banks of Australia with a variety of products.
Commonwealth bank is the best bank. You can trust it and their customer service is excellent.
Read full reviewCommonwealth bank is the best bank. You can trust it and their customer service is excellent.
I like this bank as I am able to use ComSec.
Read full reviewI like this bank as I am able to use ComSec.
I have been with this bank all of my life and will not every change.
Read full reviewI have been with this bank all of my life and will not every change.
I am glad we have our savings in this account, but the interest is so low and the rate has to be reviewed every 3 months by yourself. If you forget, it drops.
Read full reviewI am glad we have our savings in this account, but the interest is so low and the rate has to be reviewed every 3 months by yourself. If you forget, it drops.
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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1.80% p.a. (for $0 and over)
0.20% p.a.(for $0 and over)
Yesup to $250,000
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Bonus Saver Account
1.85% p.a. (for $0 to $250,000)
0.15% p.a.(for $0 and over)
Yesup to $250,000
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iSaver
1.70% p.a. (for $0 to $1,000,000)
0.05% p.a.(for $0 to $1,000,000)
Yesup to $250,000
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1.85% p.a. (for $1 to $250,000)
0.20% p.a.(for $1 and over)
Yesup to $250,000
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2.05% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yesup to $250,000
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USave with USpend Transaction Account
1.60% p.a. (for $0 to $250,000)
0.54% p.a.(for $0 to $5,000,000)
Yesup to $250,000
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High Interest Savings Account
2.25% p.a. (for $0 to $250,001)
0.80% p.a.(for $0 to $250,001)
Yesup to $250,000
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ME
Online Savings Account
1.80% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yesup to $250,000
Promoted
MyState Bank
Bonus Saver Account
1.85% p.a. (for $0 to $250,000)
0.15% p.a.(for $0 and over)
Yesup to $250,000
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iSaver
1.70% p.a. (for $0 to $1,000,000)
0.05% p.a.(for $0 to $1,000,000)
Yesup to $250,000
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UBank
USave with USpend Transaction Account
1.60% p.a. (for $0 to $250,000)
0.54% p.a.(for $0 to $5,000,000)
Yesup to $250,000
Promoted
Bank of Queensland
Fast Track Saver Account
1.85% p.a. (for $1 to $250,000)
0.20% p.a.(for $1 and over)
Yesup to $250,000
Promoted
Suncorp
Growth Saver Account
1.80% p.a. (for $0 and over)
0.20% p.a.(for $0 and over)
Yesup to $250,000
Promoted
Citi
Online Saver
2.05% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yesup to $250,000
Promoted
ME
Online Savings Account
1.80% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yesup to $250,000
Promoted
Rabobank
High Interest Savings Account
2.25% p.a. (for $0 to $250,001)
0.80% p.a.(for $0 to $250,001)
Yesup to $250,000
Promoted
HSBC
Serious Saver
0% p.a.(for $0 and over)
2.10% p.a. (for $0 to $1,000,000)
Promoted
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Hero Saver
0.01% p.a.(for $0 to $5,000,000)
1.25% p.a. (for $0 to $250,000)
Promoted
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Flexi Saver
0.01% p.a.(for $0 to $5,000,000)
1.25% p.a. (for $0 to $5,000,000)
Promoted
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Life Saver
0% p.a.(for $0 and over)
2.00% p.a. (for $0 and over)
Promoted
Newcastle Permanent
Smart Saver
0% p.a.(for $0 and over)
2.00% p.a. (for $0 and over)
Promoted
ANZ
Progress Saver
0.01% p.a.(for $0 and over)
1.00% p.a. (for $0 and over)
Promoted
Auswide Bank
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
2.01% p.a. (for $0 and over)
