Commonwealth Bank savings accounts

3.8
Based on 13,381 Commonwealth Bank savings account product reviews.
Fact Checked
Last updated

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.

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Editor's Pick: NetBank Saver

NetBank Saver

Maximum rate
5.10 % p.a.
(for $1 and over)
bonus rate for 5 months
Standard rate
0.00 % p.a.
(for $0 to $1)
No Partner link
  • 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

Our verdict

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.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 252 savings accounts using the filters.
Last updated 25 December 2024 Important disclosures

Commonwealth Bank savings accounts

  • NetBank Saver

    Maximum rate
    5.10 % p.a.
    (for $1 and over)
    bonus rate for 5 months
    Standard rate
    0.00 % p.a.
    (for $0 to $1)
    No Partner link

  • Youthsaver

    Maximum rate
    5.00 % p.a.
    (for $0 to $50,000)
    grow your balance for the month
    Standard rate
    2.60 % p.a.
    (for $0 and over)
    No Partner link

  • GoalSaver

    Maximum rate
    4.90 % p.a.
    (for $0 and over)
    at least one deposit, grow your balance for the month
    Standard rate
    0.40 % p.a.
    (for $0 and over)
    No Partner link

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Commonwealth Bank savings account ratings

Overall customer rating for Commonwealth Bank savings accounts

3.8
Based on 13,381 product reviews.

Customer reviews

Important disclosures

Commonwealth Bank products

FAQ

What do I need to open a NetBank Saver account online?

To open a NetBank Saver account online, you'll need:

  • An Australian residential address
  • Your NetBank Client Number (if you're already a CommBank customer)
  • If you're not a CommBank customer, you'll need one of the following: Australian driver's licence, Medicare card, passport, or Australian birth certificate
  • An eligible CommBank transaction account to link to your NetBank Saver (or one will be opened for you)
  • Your tax residency information
  • You may choose to provide your Tax File Number (TFN), Australian Business Number (ABN), or TFN Exemption.
Is CommBank safe?

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.

What other savings accounts does CommBank offer?

In addition to the NetBank Saver, CommBank offers several other savings account options:

  • Goal Saver: Designed to help you save for specific goals
  • YouthSaver: A savings account for young people under 18
  • Pensioner Security Account: A savings account for eligible pensioners

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.

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