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 4.90% p.a. for first 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 those looking to boost their cash in the short term, thanks to the 4.90% p.a. variable introductory rate for the first five months. However, savers should be aware that the rate drops to 2.15% 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 such as the Goal Saver, or comparing savings account rates with other providers after the introductory period ends.
Your selected savings accounts
Theyve been around forever, and have had an account with them for nearly 40 years. unfortunately their ability to keep up with the other big banks as far as interest rates on savings accounts is a significant downfall. I would recommend comparing banks before settling here. on the other side Customer service in branch is great, cant fault them. happy to stay with them but considering not having all my eggs in one basket.
The staff are always friendly and helpful
I love this bank they keep well track on my savings and goals
Sadly many branches have closed locally. There have been difficulties with local ATMS. And the bank has spent a lot of funds having them changed at least 3 times in a short period of time. Also with accounts - it would be good if they were specific about who their overall financial advisors are, and what their fees are regarding people wishing to invest some funds - long term and short term. For even some very savvy customers baulk at the run around that can ensue when needing clear and practical advice regarding investments. Not all customers are interested in home loans and wrangling the stock market in Australia and overseas. However, it is positive that the Comm Bank brand has endured for a long time and keeps surving.
Commonwealth bank has been my first ever bank snice i was born i love everything about this bank account is amazing
The staff are friendly and professional
I have been a client of Commonwealth Bank since I was in my teenage years and i have to say I'd recommend this Bank to anyone. I've had excellent service when my account was hacked and successfully got my money back that was taken within the same week I made the complaint to dispute the transactions. I have also had a credit card through this bank and found it easy to make the payments back. I've now paid it off and cancelled it. I have a savings account and find the Commonwealth Bank app easy to use and also like the fact you can get special discounts or promotions through this Bank.
The commonwealth bank staff are very helpful when I speak to them if I have something that concerns me ,like transactions.
Always helpful
Coombank is easy and convenient to use and stores your assets securely
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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