The Commonwealth Bank of Australia, commonly known as Commonwealth Bank or Commbank, is one of the big four banks of Australia. It was established by the Commonwealth Bank Act in 1911, and opened its first branch in Melbourne on 15 July 1912. In an unusual move during that time, the bank was authorised to conduct both savings and general banking business.
Today, Commbank provides a wide range of financial services, including business, institutional, and retail banking, superannuation, funds management, and insurance. Commbank is currently Australia's largest lender by market capitalisation and the world's ninth-largest bank.
In Australia, there are more than 4,000 Commbank and Bankwest ATMs that you can use to access your funds 24-7. For the convenience of its customers, some Commbank branches are now open on weekends. But if you'd rather bank over the internet, you can access your accounts over NetBank, Commbank's online banking service, which lets you review your transactions, transfer funds to other bank accounts, pay your bills over BPAY, view online statements, and manage all your Commbank accounts.
Commbank offers three types of bank accounts: transaction accounts, savings accounts, and term deposits. These include the following:
Commbank's Smart Access everyday account pays a tiered interest rate of up to 0.20 per cent p.a., depending on the amount deposited. Like other transaction accounts, it lets you do an unlimited number of electronic transactions through Commbank ATMs, internet, and EFTPOS. However, you have to pay $2 for each over-the-counter withdrawal. If you are fine with the $4 monthly account fee, then have a look at Smart Access.
Like Smart Access, Commbank's Complete Access everyday account also pays a tiered interest rate of up to 0.20 per cent p.a.; and provides an unlimited number of transactions through Commbank ATMs, internet and EFTPOS. Complete Access, however, gives you an unlimited number of free over-the-counter withdrawals, but you have to pay a $6 monthly account fee.
If you're looking for a savings account with a great interest rate and provide you a strong motivation to save, then you should seriously consider Goal Saver. If you meet its conditions, you'll get a variable bonus rate of 4.65 per cent p.a. until your balance hits $100,000. All you have to do is deposit $200 per month and withdraw no more than once per month. And guess what? It has no monthly fees, no minimum balance to open the account. Just one caveat though: you can open only a maximum of two Goal Saver accounts.
NetBank Saver is Commbank's online savings account. It pays a standard interest rate of 3 per cent p.a., but usually offers a teaser rate of 4.50 per cent p.a. for the first three months for account balances of up to $5 million. Since NetBank Saver is an online account, it needs to be linked to another account for you to transfer funds to and from it. There are no fees for NetBank saver, but take note that the linked account may have its own fees.
Cash Investment Account
The Cash Investment Account is perfect for those people looking to deposit a large sum of money into a savings account. The account has a tiered interest rate and a variety of features which are available for a small monthly fee of $5. However, customers with a balance of at least $500,000 are exempt from all fees.
The Youth Saver, as the name suggests, is a savings account for young people under 18 years of age. You can earn up to 3.81 per cent interest p.a on your savings by simply making a monthly deposit and not making any withdrawals. You can also avoid paying any fees as long as you only access your account through Combank branches and ATMs.
Mortgage Interest Saver Account(MISA)
Paying off a mortgage is tough. CommBanks MISA account is a feature which can link to eligible home loans. The balance of this saver account is offset against the balance of your home loan. This will reduce the interest you pay on your home loan and can save you thousands of dollars.
- To compare the Commonwealth Bank savings accounts with those offered by other institutions, click here.
- For information about other savings account providers, click here.
- Saving can often be very difficult. For those looking to save, check out our great money saving tips and our article section for more information on how you can achieve your saving goals.