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 5.10% p.a. for 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 savers looking to boost their cash in the short term. The 5.10% p.a. variable introductory rate for the first five months. However, savers should be aware that the rate drops to 2.35% 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 like the Goal Saver, or comparing rates with other providers after the introductory period ends.
Your selected savings accounts
Too many fees, especially if you’re overseas. There’s lot of international transaction fees, which adds up quickly.
The app is very easy to use, and through the app it’s typically very easy to find information on the accounts, interest rates etc. Unfortunately the physical branches or phone calls see a lengthy wait time but once you actually speak to someone they’re quite helpful. I have always been a commonwealth customer and apart from the usual complaints of ‘it’s hard to speak to a real person’, it’s been very good to me.
Functional and super easy to use
Overall really good bank, has good options when it comes to interest rates and different account types. Also has really good programs & incentives to promote savings habits amongst young people
I appreciate the Bank’s super efficient return of funds from someone who had stolen my card details and purchased something on Amazon. I got onto Amazon as well and they were so difficult to deal with. I spent hours talking to 12 different people then they ended up saying they wouldn’t refund the money. The Bank did it without hesitation. Very impressed.
Bonus interest is not widely advertised. When selected, option expires in 3 months. It would be great if one could select automatic renewal on expiry.
I appreciate how easy my bank made it for me to open my account. The fees are very minimal. The app is very easy to navigate and also offers some real great saving strategies and goal saving plans
Really good bank friendly staff always try put a smile on Ur face happy to put their way to help.. Don't like how transaction are over looked when their not Ur transactions think that needs to b felt with better other than that glad to b banking with them
Intrest rates payed on savings accounts are very low everything else is perfect
Very good service
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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