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 0.40% 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 0.40% 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: 0.40% 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
Over the years they were the only bank that allowed me to get a loan even though I was only getting a pension. Always nice and helpful when I walk into stores, and always fast to cancel further payments on my card if it's lost or stolen.
Read full reviewOver the years they were the only bank that allowed me to get a loan even though I was only getting a pension. Always nice and helpful when I walk into stores, and always fast to cancel further payments on my card if it's lost or stolen.
I am a long term customer and have never had any complaints with Commonwealth Bank. They always assist with queries promptly and advise me on what accounts I should have.
Read full reviewI am a long term customer and have never had any complaints with Commonwealth Bank. They always assist with queries promptly and advise me on what accounts I should have.
They are always great. Trustworthy and reliable.
Read full reviewThey are always great. Trustworthy and reliable.
The interest rate is really low. Almost like just having a normal savings account as it is really not earning anything despite money being in the account.
Read full reviewThe interest rate is really low. Almost like just having a normal savings account as it is really not earning anything despite money being in the account.
We have a great local branch. The staff are always helpful and friendly. We have used the CBA for over 30 years and have both multiple savings accounts, mortgages and investment accounts with them.
Read full reviewWe have a great local branch. The staff are always helpful and friendly. We have used the CBA for over 30 years and have both multiple savings accounts, mortgages and investment accounts with them.
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.
MyState Bank
Bonus Saver Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Serious Saver
0.30% p.a. (for $0 to $1,000,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Flexi Saver
0.25% p.a. (for $0 to $5,000,000)
0.05% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Bankwest
Hero Saver
0.80% p.a. (for $0 to $250,001)
0.01% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Serious Saver
0.30% p.a. (for $0 to $1,000,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Up
Saver Account
1.10% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Flexi Saver
0.25% p.a. (for $0 to $5,000,000)
0.05% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Bankwest
Hero Saver
0.80% p.a. (for $0 to $250,001)
0.01% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
Bankwest
Hero Saver
0.01% p.a.(for $0 to $5,000,000)
0.80% p.a. (for $0 to $250,001)
Yes up to $250,000
Up
Saver Account
0% p.a.(for $0 and over)
1.10% p.a. (for $0 to $1,000,000)
Yes up to $250,000
ANZ
Progress Saver
0.01% p.a.(for $0 and over)
0.40% p.a. (for $0 and over)
Yes up to $250,000
Newcastle Permanent
Smart Saver
0% p.a.(for $0 and over)
1.40% p.a. (for $0 and over)
Yes up to $250,000
Auswide Bank
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
2.01% p.a. (for $0 and over)
Yes up to $250,000
