The Commonwealth Bank has the largest ATM network in Australia and leading online banking platforms.
Since 1912 the Commonwealth Bank of Australia (CBA) has provided financial services and products to thousands of Australians. It has now achieved a global presence with branches in North America, New Zealand, Europe and Asia. It's one of Australia's biggest banks, and is know as one of the Big Four banks.
Awards that Commonwealth Bank has earned
- Roy Morgan Customer Satisfaction Awards, 2015. Commonwealth Bank awarded Major Bank of the Year.
Commonwealth Bank is one of the leading banks in terms of technology for your personal finances. Its online banking platform, NetBank, is used by thousands of Aussies to organise their finances. It offers a range of financial products that encourage Aussies to both spend and save. Each has its own features and benefits designed to maximise your saving opportunity or spending style. With various options depending on your deposit size, interest paid and type of account, CBA provides you with maximum flexibility with its many branches and extensive ATM network.
- Commonwealth Bank SWIFT code: CTBAAU2S
What’s internet banking like with Commonwealth Bank?
NetBank, Commonwealth Bank’s online banking platform, gives you easy means to review transactions, view balances, pay bills, transfer money between accounts and transfer credit card balances. You can view your statements online and download them if required. You can use this platform to apply for a various products, change your card’s daily withdrawal limit and you can activate your new card when it arrives in the mail.
NetBank's 100% Security Guarantee provides protection against liability for unauthorised transactions.
Notable features include:
- Manage all your existing Commonwealth Bank Group bank accounts in a single place and these include Colonial First State and CommSec accounts, along with CommInsure policies
- View your rewards points balance and redeem points for rewards
Why is CBA Netbank considered the best?
- Commonwealth Bank’s Netbank system has gained a good reputation among consumers for its easy-to-use interface, flexible features and easy access to important account details and tax information. However, compare it with the online banking systems from other providers so you can make up your own mind.
Can I link a third party account to my CommBank account?
That is dependent on the type of CommBank account you have. For example, term deposits may be linked to a third party bank account for transfers, but not their standard online savings account.
Can I still access my CommBank accounts when I'm overseas?
You can still access your accounts if you have a stable internet connection in the country that you're travelling to.
What about the mobile app?Image Source: App Store
|Manage your accounts||Get cash without your card||Payments|
What transaction accounts are offered by Commonwealth Bank?
- Smart Access. A personal transaction account that provides you with unlimited access to your funds electronically for a small monthly fee. If you are a student or able to deposit at least $2,000 monthly you can have that fee waived.
- Streamline Basic. A transaction account available to health care or pensioner concession card holders. You won't have to pay any monthly account keeping fees if you hold a Commonwealth Seniors Health card, Commonwealth Pensioner Concession card or a Commonwealth Health Care card.
Pensioner Security. A flexible account for storing your retirement savings or pension income. This account is only available to retired individuals aged over 55, or those receiving an eligible pension aged over 18.
No monthly account fee
CommBank transaction account hack
If you're earning over $2,000 per month, account keeping fees are generally waived on CBA everyday banking accounts. However, you may need to call CBA directly to ask or remind them to waive this fee if they are currently charging you.
What high interest savings accounts are offered by Commonwealth Bank?
- Netbank Saver Account. This online savings account offers a bonus introductory rate for the first 5 months after the account is opened. In order to access your funds, it must be linked to an everyday account.
- Goal Saver Account. This account is designed for those who want to be encouraged to save with bonus interest for making monthly deposits of at least $200 and no more than one withdrawal. There are no fees and you can access your money online, in a branch or over the phone.
CommBank Goal Saver vs Netbank Saver
To earn the bonus interest with the Goal Saver, you need to meet deposit and withdrawal conditions. However, the Netbank Saver offers the same interest rate regardless of how much you withdraw or deposit. If you're a disciplined saver and can meet the conditions of the Goal saver month to month, then it might be the option for you. Though if you're a sporadic saver and need to access your funds regularly, then the Netbank Saver may be a better fit.
- Pensioner Security Account. For Australians aged 55 or older, this everyday account requires a $1 initial deposit and doubles as a savings account by applying interest to the monthly balance. The rate of interest applied is calculated based on the balance in the account.
Pensioner Security Account vs Netbank Saver
The Pensioner Security account is a hybrid savings account and transaction account, whereas the Netbank Saver is purely a savings account. If you're looking to easily access your funds, the Pensioner Security may be more suitable.
- Youthsaver Account. Young Australians under 18 benefit with a bonus interest rate each time they make a monthly deposit and no withdrawals in a single month. Account holders over 16 can choose to have a keycard to make purchases directly from their savings.
What term deposits are offered by Commonwealth Bank?
The term deposit account is a flexible account where you to earn a competitive interest rate on balances starting at $5,000. Terms can range anywhere from 1 month to up to 5 years, with the rate of interest increasing when you choose longer terms.Back to top
Any pros and cons to consider?
- You get 24/7 online accessibility. Online access allows you to manage all of your accounts at any time.
- Commbank has the best online banking platform. There have been many reviews praising the technology that CommBank provides – some have even mentioned as the 'best mobile/internet banking' service.
- You get a linked debit Mastercard with your bank account for free. Unlimited ATM withdrawals and purchases made directly from your account.
- Access to the largest ATM network in Australia. Not only does Commonwealth Bank have one of the largest ATM networks in Australia, you can also use those owned by Bankwest without being charged a fee.
- 24/7 Customer service centre based in Australia. CommBank has a 24/7 call centre available to help you with your bank needs and it's based in Australia.
- Monthly fees usually apply unless you meet deposit requirements. CommBank's transaction accounts usually charge a monthly fee unless you deposit a certain amount each month.
- Not-so-competitive interest rates. Being one of the big 4, CommBank doesn't offer as competitive rates as other smaller, financial institutions.
How do I apply for a Commonwealth Bank debit card, everyday account or savings account online?
Commonwealth Bank makes it easy to access their products by allowing you to apply online.
- You're at least 18 years of age. Being designed for specific age groups, you will first need to make sure that you are choosing the right account for your age bracket.
- You can verify your identity online or at your local branch. You will first need to verify your identity. This can be done using your passport or driver’s license and other identifying information.
- You can meet the initial deposit requirements (if there are any). With some of the savings products offered you will need to make a minimum opening deposit.
Are you currently a non-resident of Australia or plan to move to Australia?
You can still apply for an account by CommBank, but you'll need to do it over the phone or in person. See this page for more information.
None of the situations above apply to you?
You may still be able to apply for a CommBank savings or bank accounts. Speak to customer service representative today or visit your local branch to discuss your options.
Before proceeding to apply for a savings account, ensure you are getting the best terms and rates by doing careful comparisons with other bank’s savings accounts options. There may be alternative accounts that better suit your personal financial needs and your personal situation, so you need to do your research before deciding.