With the Commonwealth Bank NetbankSaver, 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 0.30% p.a., but for the first five months you’ll be able to enjoy an interest rate of 0.50% p.a.
When you sign up for a NetBank Saver account, you can be confident knowing that there are zero account keeping fees and unlimited free phone and internet transactions.
You’ll be looking at an introductory rate of 0.50% for the first five months. Just keep in mind that once those five months are up, the interest rate reverts to a lower 0.30% 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.
Given the lacklustre standard variable rate, you might consider shopping around for somewhere else to park your savings in the long-run. And while the NetBank Saver doesn’t come with fees, you might encounter some through your linked transaction account.
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Balances from $0: 0.00% p.a. |
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Balances from $0: 0.00% p.a. |
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Bonus rate for the first 5 months from account opening |
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$0.00 |
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n/a |
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unlimited free transactions from phone and internet |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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$0.00 |
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$0.00 |
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n/a |
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$0.00 |
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$0.00 |
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Monthly |
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no |
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none |
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no |
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no |
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no |
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no |
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no |
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yes |
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yes |
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no |
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no |
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Must link to a transaction account with this provider |
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none |
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none |
I like commbank as they’re very convenient and there are always atms around They are not great with interest & charge you a fee if your bank is in negatives even if you are unaware of it
Read full reviewI like commbank as they’re very convenient and there are always atms around They are not great with interest & charge you a fee if your bank is in negatives even if you are unaware of it
Standard big bank, doesn't do a great deal to support Australia despite its 'initiatives'
Read full reviewStandard big bank, doesn't do a great deal to support Australia despite its 'initiatives'
Whilst I understand the level of rates across the whole country, I still can’t justify the rate offered.
Read full reviewWhilst I understand the level of rates across the whole country, I still can’t justify the rate offered.
They could up there game a little and get out a little money here and there to the ones that are struggling.
Read full reviewThey could up there game a little and get out a little money here and there to the ones that are struggling.
One thing I like about my banker Commonwealth Bank is when I have not enough money in the bank and the are coming payment that should be deducted from my account the bank still allow the payment made which is cover my debt 1st even though I know there are charge on it later but that save my life.
Read full reviewOne thing I like about my banker Commonwealth Bank is when I have not enough money in the bank and the are coming payment that should be deducted from my account the bank still allow the payment made which is cover my debt 1st even though I know there are charge on it later but that save my life.
Westpac
Life - 18-29 years old
2.00% p.a. (for $0 to $30,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.15% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.10% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.60% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Grow Saver
0.25% p.a. (for $0 and over)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Westpac
Life - 18-29 years old
2.00% p.a. (for $0 to $30,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.15% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.10% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.60% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Grow Saver
0.25% p.a. (for $0 and over)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Westpac
Life - 18-29 years old
0.15% p.a.(for $0 and over)
2.00% p.a. (for $0 to $30,000)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
0.05% p.a.(for $0 and over)
1.15% p.a. (for $0 to $250,000)
Yes up to $250,000
MyState Bank
Bonus Saver Account
0.05% p.a.(for $0 and over)
1.10% p.a. (for $0 to $250,000)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
0.05% p.a.(for $0 and over)
1.60% p.a. (for $0 to $250,000)
Yes up to $250,000
Virgin Money
Grow Saver
0.05% p.a.(for $0 and over)
0.25% p.a. (for $0 and over)
Yes up to $250,000
Auswide Bank
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
1.26% p.a. (for $0 and over)
Yes up to $250,000
UniBank
Mighty Saver Account
0.10% p.a.(for $0 and over)
0.95% p.a. (for $0 and over)
Yes up to $250,000
Teachers Mutual Bank
Mighty Saver Account
0.10% p.a.(for $0 and over)
0.95% p.a. (for $0 and over)
Yes up to $250,000