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
The staff are always friendly and helpful
Been banking with them my whole life
commbank is great, the online banking app is super easy to use and reliable. they are a trustworthy bank with lots of branches for easy access.
Excellent costumer service
Been with the commonwealth bank since my youth always found them reliable easy to use in bank or ATM never had a problem.
Had it for over 20 years never had a issue with it
I trust this bank but don't get many rewards I can actually use
Love commonwealth bank been a customer for over 30 years. I trust their products and the service is excellent. Their community participation is great and online services I rate highly
As an overall, I would give 8+ a half out of 10. Whenever there has ever been a problem, the bank staff are very nice and friendly. The only reason i can say anything negative, is because of the waiting time to see someone, who will help me in the end. At some busy times, there has been a long wait. Which very frustrated me. I am willing to wait up to 15mins , but anything over that, I believe should be used, as an appointment way... I believe that's fair.
This bank is quite good. It is very easy to use the online net bank and the app on the phone. It's set out to customers convenience and very appealing to the eye.
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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