Your selected savings accounts
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.
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
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.
Your selected savings accounts
I love my bank because it's just so simple to do everything through the app. They have made it so simple and easy to use for everyday banking and saving money.
I have been a loyal customer since I opened my first account as a 6 year old. For the last 30 years I have continued to used the Commonwealth bank and I am happy with the service I receive
Very good
Bank has always been there for me, but charged me quite highly for car insurance once which. I wasn’t happy about. Otherwise my husband and I use them everyday
It’s an easy bank to deal with but I don’t like how they ask what you’re spending your own money on when you take money out of your account. It’s not their business
Last week commonwealth bank charged customers twice for transactions in the app but were refunded after a day
I do like commonwealth bank and find the app extremely easy to use compared to watching my partner do things on his phone with his bank. I feel commonwealth is good for what I need it for (personal loans and savings accounts)
This bank has a fantastic app that allows you to see all your linked accounts at a glance and it's so quick and easy to transfer money between accounts. It really is an excellent product that I would happily recommend.
I have been with Commonwealth bank for years, service in the branch has always been excellent and I have access to a no fee account for low income. There is some good rewards available within the app.
I found products , services , very good the down side is there other places with slity higher interest rates other than that there excellent
To open a NetBank Saver account online, you'll need:
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.
In addition to the NetBank Saver, CommBank offers several other savings account options:
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.
^See information about the Mozo Experts Choice Savings Account Awards
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