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Commonwealth Bank NetBank Saver

Interest rate
0.05% p.a.(for $1 and over)
Maximum rate
1.05% p.a. (for $1 and over)

Mozo editorial review Commonwealth Bank NetBank Saver

Last updated: 26 March 2020.

binocular icon
What's hot
  • 1.05% p.a. introductory rate
  • Easily move money between accounts
What's not
  • 0.05% standard variable interest rate
Mozo snapshot

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.

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Key features

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. 

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Who is it good for

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. 

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Any catches

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.

Details

Rates and fees information correct as at 26 May 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 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

Fees
  • $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

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • yes

  • yes

  • no

  • no

  • Must link to a transaction account with this provider

  • none

  • none

Customer Reviews

How are Commonwealth Bank savings accounts rated by the Mozo community?

Overall customer rating
7.5/10
Price
6.6/10
Features
6.3/10
Customer service
7.6/10
Convenience
8.2/10
Trust
7.6/10

Latest reviews of Commonwealth Bank NetBank Saver

  • Overall 8/10
    Big trusted bank

    One of the biggest and trusted banks of Australia with a variety of products.

    Read full review

    One of the biggest and trusted banks of Australia with a variety of products.

    Price
    10/10
    Features
    8/10
    Customer service
    7/10
    Convenience
    9/10
    Trust
    10/10
    Less
    Jatin, Victoria reviewed 6 days ago
  • Overall 10/10
    Great customer service

    Commonwealth bank is the best bank. You can trust it and their customer service is excellent.

    Read full review

    Commonwealth bank is the best bank. You can trust it and their customer service is excellent.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Conelias, Western Australia reviewed 12 days ago
  • Overall 8/10
    Trustworthy and known

    I like this bank as I am able to use ComSec.

    Read full review

    I like this bank as I am able to use ComSec.

    Price
    6/10
    Features
    6/10
    Customer service
    5/10
    Convenience
    10/10
    Trust
    9/10
    Less
    Charlie, New South Wales reviewed 15 days ago
  • Overall 10/10
    Very good

    I have been with this bank all of my life and will not every change.

    Read full review

    I have been with this bank all of my life and will not every change.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Mary, Queensland reviewed 18 days ago
  • Overall 8/10
    Good customer service when you go into the bank.

    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 review

    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.

    Price
    4/10
    Features
    -1/10
    Customer service
    3/10
    Convenience
    7/10
    Trust
    7/10
    Less
    Moira, Queensland reviewed about 1 month ago
Commonwealth Bank

About Commonwealth Bank

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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