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 0.55% 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 0.55% 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: 0.50% 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
I've been with Commonwealth bank for 24 years always had great service and they have very polite and helpful staff.
Read full reviewI've been with Commonwealth bank for 24 years always had great service and they have very polite and helpful staff.
I feel secure with this bank and the customer service is excellent.
Read full reviewI feel secure with this bank and the customer service is excellent.
Nothing to write, it's all good.
Read full reviewNothing to write, it's all good.
Excellent dedicated and helpful and friendly staff. Easy to deal with and manage online. Excellent branches location and customer services.
Read full reviewExcellent dedicated and helpful and friendly staff. Easy to deal with and manage online. Excellent branches location and customer services.
The Commonwealth online app and setup is great and easy to use but the Commonwealth closed down one of the two branches in Mandurah and relocated the 2nd branch in central Mandurah from its easily accessible location on the foreshore to a shopping forum where it’s hard to get to and find somewhere to park and when you finally get into the bank they only ever have minimal staff working so there is always a line of customers out the door so it’s inconvenient when you work long hours and can only go in on your lunch break. I never had an issue finding an ATM no matter where I end up and if you can’t find one in the CommBank app there is an ATM finder making it easy to find. Other than the wait times, customer service is great when you finally get to the counter and complete your transaction and they actually take the time to explain anything you need to know and make sure you understand everything unlike my previous bank. I think I would trust them, but I wouldn’t recommend them to friends or family unless they live in a different area as I’m thinking about changing banks myself just so it’s not such a hassle when you need to quickly drop in as I dread going into my local branch and would rather change banks than to go into that chaotic shopping centre just to line up.
Read full reviewThe Commonwealth online app and setup is great and easy to use but the Commonwealth closed down one of the two branches in Mandurah and relocated the 2nd branch in central Mandurah from its easily accessible location on the foreshore to a shopping forum where it’s hard to get to and find somewhere to park and when you finally get into the bank they only ever have minimal staff working so there is always a line of customers out the door so it’s inconvenient when you work long hours and can only go in on your lunch break. I never had an issue finding an ATM no matter where I end up and if you can’t find one in the CommBank app there is an ATM finder making it easy to find. Other than the wait times, customer service is great when you finally get to the counter and complete your transaction and they actually take the time to explain anything you need to know and make sure you understand everything unlike my previous bank. I think I would trust them, but I wouldn’t recommend them to friends or family unless they live in a different area as I’m thinking about changing banks myself just so it’s not such a hassle when you need to quickly drop in as I dread going into my local branch and would rather change banks than to go into that chaotic shopping centre just to line up.
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
0.90% p.a. (for $0 to $1,000,000)
0.05% 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
0.85% p.a. (for $0 to $5,000,000)
0.05% 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
0.90% p.a. (for $0 to $1,000,000)
0.05% 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
0.85% p.a. (for $0 to $5,000,000)
0.05% 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
Suncorp
Everyday Options Sub-account
No Current Offer
0.05% p.a.(for $0 and over)
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)
0.50% p.a. (for $0 and over)
Yes up to $250,000
Newcastle Permanent
Smart Saver
0% p.a.(for $0 and over)
1.55% 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
