The Commonwealth Bank is well known as one of Australia's Big Four banks and is the largest bank in the country. Being such a large bank, it offers several different types of savings accounts to suit a wide range of customers. Take a look at CommBank's accounts in the tables below.
CommBank savings accounts, bank accounts and term deposits
The Commonwealth Bank (also known as CommBank or CBA) is the largest bank in Australia and one of Australia's Big Four banks.
It's been around for more than 100 years
It has one of the largest ATM networks in Australia with 1,000+ ATMs
The CommBank app is the most popular banking app and has been downloaded by more than 5 million people
The bank is well-known for its Dollarmites accounts as part of its school banking program (for a lot of Australians, their first bank account was with CommBank via this program)
Here's a brief overview of Commonwealth Bank's main personal accounts.
Commonwealth Bank Smart Access Account
A personal transaction account that provides you with unlimited access to your money electronically with a $4 monthly account-keeping fee. If you're a student or able to deposit at least $2,000 a month you can have that fee waived.
This is CommBank's primary savings account in the market. It currently offers an ongoing variable bonus rate of 4.9% each month you deposit $0.01 and make no withdrawals. If you often need to make withdrawals from your savings, the Commonwealth Bank NetBank Saver account could be better suited to you.
The Commonwealth Bank Term Deposit could suit you if you want to lock your deposit away for a length of time and earn a fixed return on your money. It offers term lengths from 1 month to 5 years, and you can open an account with $5,000.
Commonwealth Bank also offers specific accounts for students, youth, pensioners and business customers. You can see these accounts in the tables above.
Different ways to bank with Commonwealth Bank
Commonwealth Bank offers many different ways to do your banking.
Bank branches
Commonwealth Bank has more than 1,000 bank branches spread across Australia. There are also around 100 Bankwest branches across Australia that CommBank customers are able to use. Customers can go into a CommBank branch for general help and assistance with day-to-day banking, to deposit cash or cheques, to open or close accounts or to speak to a professional banker.
ATM network
There are more than 4,000 CommBank ATMs around Australia. Like most banks, CommBank has reduced its ATM numbers over the past few years as people increasingly do their banking online. Some of CommBank's ATMs are Smart ATMs, which allow customers to deposit cash and withdraw cash without their debit card.
Bank@Post
If you need to deposit cash into your account, you can do this at a participating Australia Post shop using Bank@Post. It's free to deposit cash into your account this way.
Commonwealth Bank Internet and mobile banking
Commonwealth Bank's online banking platform is called NetBank. It's an easy way to review transactions and balances, pay bills, transfer money between accounts and make BPAY payments. You can also view and download your statements, open accounts or apply for various products, change your card's daily withdrawal limit and you can activate your new card when it arrives in the mail.
The CommBank app is the most downloaded banking app in Australia and has been downloaded more than 5 million times. It offers spending categorisation and tracking tools, budgeting and bill-tracking features, spending alerts and the ability to set up personal savings goals.
Contactless payment options
Commonwealth Bank offers Apple Pay, Google Pay and Samsung Pay to customers with a CommBank debit card. This means you can use your phone (or any compatible device) to make contactless payments for everyday items instead of using your physical debit card. You can download the CommBank app to your smartwatch and tap and pay without your phone, too.
Pros and cons of banking with Commonwealth Bank
Pros
Large ATM network. CommBank has the largest ATM network in Australia, so you won't struggle to find an ATM when you need one.
Great mobile banking app. The CommBank app is the most popular banking app in Australia and has lots of spending, saving and budgeting tools.
Lots of bank branches. Some banks offer few or no bank branches; however, CommBank still has more than 1,000 branches available.
24/7 local customer service. CommBank has a 24/7 call centre based in Australia.
Large variety of products. CommBank has a larger range of bank accounts and products available than smaller banks do. There are dedicated accounts for students, seniors and business customers.
Lots of ways to bank. You can use bank branches, smart ATMs, Internet banking, mobile banking, Bank@Post or digital wallets.
Cons
Monthly account-keeping fees. CommBank's transaction accounts charge a monthly account-keeping fee unless you deposit a certain amount each month. Many other bank accounts change no fee.
Interest rates are less competitive. CommBank's savings rates are less competitive than other smaller banks and credit unions.
How to apply for a Commonwealth Bank account online
You can apply for a new CommBank account online in less than 10 minutes. Just make sure you meet the eligibility criteria and have the necessary documents handy before you start your application.
Eligibility
You're over 18 years old
You're an Australian resident for tax purposes
You have an Australian phone number and residential address
Documentation
Personal details like your name, date of birth, residential address, phone number and email address
ID documents such as your driver's licence, Medicare card, passport or proof-of-age card
Are you looking for another Commonwealth Bank product instead?
If you haven't found what you're looking for yet, you can compare a wide range of additional savings accounts and bank accounts from other providers with Finder.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds.
I have 4 commonwealth accounts ,award saver ,goal saver ,complete access and a master card diamond ,which account is best to set up a direct debit from to pay for my new Telstra phone and plan from for next 2 years
We can not advise you on how to set up your direct debit payments. There are pros and cons to paying with a transaction account, savings account or a Diamond Awards credit card. One of the benefits of using your Diamond Awards card to pay recurring bills is that you will earn points, or con of using a savings account means you will have less money for interest to be earned.
Sorry to hear that money was withdrawn from your account without your knowledge. For account-specific information, you will need to contact your card provider directly. You can call CommBank at 13 2221 from 6 am to 10 pm.
Sorry to hear that money was withdrawn from your account without your knowledge. For account-specific information, you will need to contact your card provider directly. You can call CommBank at 13 2221 from 6 am to 10 pm.
If you are looking at investing with Commonwealth Bank Goal Saver Account, the maximum variable rate you can get with your $100,000 investment is 1.85% p.a. Though you must meet the condition of depositing $200 each month and making no more than one withdrawal per month so that you earn the maximum or bonus interest rate.
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I have 4 commonwealth accounts ,award saver ,goal saver ,complete access and a master card diamond ,which account is best to set up a direct debit from to pay for my new Telstra phone and plan from for next 2 years
Hi Amanda,
Thanks for contacting Finder.
We can not advise you on how to set up your direct debit payments. There are pros and cons to paying with a transaction account, savings account or a Diamond Awards credit card. One of the benefits of using your Diamond Awards card to pay recurring bills is that you will earn points, or con of using a savings account means you will have less money for interest to be earned.
I hope that helps.
Thanks
Raj
Can I find out which atm the cardless cash was withdrawn from my CBS account?
Hi Kate,
Sorry to hear that money was withdrawn from your account without your knowledge. For account-specific information, you will need to contact your card provider directly. You can call CommBank at 13 2221 from 6 am to 10 pm.
Thanks,
Alison
Hi Kate,
Sorry to hear that money was withdrawn from your account without your knowledge. For account-specific information, you will need to contact your card provider directly. You can call CommBank at 13 2221 from 6 am to 10 pm.
Best,
Alison
Haw I deposit $70 to my TAB to NSW account
Hi Ahmed,
Are you referring to CommBank’s Albert Tab? If yes, it should already be connected to your CommBank Business Transaction and/or Savings Account.
You can call Albert Tab Support at 1800 230 177 for further assistance. They are open 24/7.
I hope this helps!
Thanks,
Alison
Hi,
I would like to invest in Aust. Gov. Bonds to $150,000.
How do I go about this?
Thanks,
Bob
Hi Bob,
There are a number of ways to invest in bonds. You can learn how to invest in bonds via our guide, “How do you invest in the bond market?”
Before you invest, we’d suggest speaking to a financial adviser who can offer you some personal advice on your investment.
Thanks,
Alison
What the highest interest rate on $100,000 pa?
Hi Michael,
Thanks for your question.
If you are looking at investing with Commonwealth Bank Goal Saver Account, the maximum variable rate you can get with your $100,000 investment is 1.85% p.a. Though you must meet the condition of depositing $200 each month and making no more than one withdrawal per month so that you earn the maximum or bonus interest rate.
Cheers,
May