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Commonwealth Bank NetBank Saver

Advertiser disclosure
Interest rate
0.05% p.a.(for $1 and over)
Maximum rate
0.33% p.a. (for $1 and over)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Commonwealth Bank NetBank Saver - last updated: 31 August 2021

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What's hot
  • 0.33% p.a. introductory rate
  • Move money between accounts with ease
What's not
  • 0.05% standard variable interest rate
Mozo snapshot

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 0.05% p.a., but for the first five months you’ll be able to enjoy an interest rate of 0.33% 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 and unlimited free phone and internet transactions. 

You’ll be looking at an introductory rate of 0.33% for the first five months. Just 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. 

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Any catches

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.

Details

Rates and fees information correct as at 19 October 2021. 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: 0.33% 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

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