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Commonwealth Bank savings and bank accounts

CommBank offers a range of different savings accounts, including a bonus saver and a youth saver as well as everyday bank accounts and a term deposit.

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

Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
Commonwealth Bank NetBank Saver
Maximum Variable Rate p.a.
5.10%
Standard Variable Rate p.a.
2.35%
Intro Period
5 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
Commonwealth Bank GoalSaver Account
Maximum Variable Rate p.a.
4.90%
Standard Variable Rate p.a.
0.40%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit any amount
  • Grow balance each month
View details
Commonwealth Bank Youthsaver Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.60%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • 1 deposit
  • Grow balance
View details
Commonwealth Bank Pensioner Security Account
Maximum Variable Rate p.a.
2.80%
Standard Variable Rate p.a.
2.80%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
Commonwealth Bank Business Online Saver
Maximum Variable Rate p.a.
1.25%
Standard Variable Rate p.a.
1.25%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
Commonwealth Bank Farm Management Deposit Account - At call
Maximum Variable Rate p.a.
1.35%
Standard Variable Rate p.a.
1.35%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
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Showing 6 of 6 results
Name Monthly fee Govt. Guarantee Own network ATM fee Card type
Commonwealth Bank Business Transaction Account
Commonwealth Bank logo
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
More Info
Commonwealth Bank Business Transaction Account ($10 Monthly Fee Option)
Commonwealth Bank logo
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$10
Government Guarantee
Own network ATM fee
$0
Card type
Visa
More Info
Commonwealth Bank Smart Access
Commonwealth Bank logo
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$4
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
More Info
Commonwealth Bank Streamline Basic
Commonwealth Bank logo
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
More Info
Commonwealth Bank Everyday Account Smart Access for students
Commonwealth Bank logo
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$4
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
Commonwealth Bank Foreign Currency Account
Commonwealth Bank logo
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay14 currencies
Monthly fee
$0
Government Guarantee
Own network ATM fee
Card type
Visa
Commonwealth Bank Pensioner Security Account
Commonwealth Bank logo
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
More Info
Commonwealth Bank Smart Access Account for Youth
Commonwealth Bank logo
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
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Showing 8 of 8 results
Name 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a.
Commonwealth Bank Term Deposit
Commonwealth Bank logo
$5,000 min. deposit$49,999 max. deposit
3 Mths p.a.
3.45%
4 Mths p.a.
3.50%
5 Mths p.a.
3.60%
6 Mths p.a.
3.70%
7 Mths p.a.
3.75%
12 Mths p.a.
4.55%
24 Mths p.a.
3.95%
More Info
Commonwealth Bank Business Term Deposit
Commonwealth Bank logo
$5,000 min. deposit
3 Mths p.a.
3.45%
4 Mths p.a.
3.50%
5 Mths p.a.
3.60%
6 Mths p.a.
3.70%
7 Mths p.a.
3.75%
12 Mths p.a.
4.55%
24 Mths p.a.
3.95%
More Info
Commonwealth Bank Farm Management Deposit Account - Fixed term
Commonwealth Bank logo
3 Mths p.a.
3.25%
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
3.80%
7 Mths p.a.
-
12 Mths p.a.
4.55%
24 Mths p.a.
4.55%
Commonwealth Bank Term Deposit - $50000+
Commonwealth Bank logo
$50,000 min. deposit$1,999,999 max. deposit
3 Mths p.a.
3.50%
4 Mths p.a.
3.55%
5 Mths p.a.
3.65%
6 Mths p.a.
3.75%
7 Mths p.a.
3.80%
12 Mths p.a.
4.60%
24 Mths p.a.
4.00%
Commonwealth Bank Business Term Deposit - $50,000+
Commonwealth Bank logo
$50,000 min. deposit$1,999,999 max. deposit
3 Mths p.a.
3.50%
4 Mths p.a.
3.55%
5 Mths p.a.
3.65%
6 Mths p.a.
3.75%
7 Mths p.a.
3.80%
12 Mths p.a.
4.60%
24 Mths p.a.
4.00%
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Showing 5 of 5 results

Quick facts about CommBank

  • 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)
  • Its main competitors are Westpac, NAB and ANZ
  • The Commonwealth Bank also owns Bankwest

Accounts offered by Commonwealth Bank

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.

Commonwealth Bank Goal Saver Account

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.

Commonwealth Bank Term Deposit

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

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.

Written by

Alison Banney

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. See full profile

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18 Responses

    Default Gravatar
    AmandaMarch 18, 2023

    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

      AvatarFinder
      RajApril 3, 2023Finder

      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

    Default Gravatar
    KateMarch 28, 2022

    Can I find out which atm the cardless cash was withdrawn from my CBS account?

      AvatarFinder
      AlisonApril 7, 2022Finder

      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

      AvatarFinder
      AlisonApril 6, 2022Finder

      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

    Default Gravatar
    AhmedMarch 3, 2022

    Haw I deposit $70 to my TAB to NSW account

      AvatarFinder
      AlisonMarch 9, 2022Finder

      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

    Default Gravatar
    RobertNovember 9, 2021

    Hi,

    I would like to invest in Aust. Gov. Bonds to $150,000.

    How do I go about this?

    Thanks,
    Bob

      AvatarFinder
      AlisonNovember 18, 2021Finder

      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

    Default Gravatar
    MichaelJanuary 12, 2017

    What the highest interest rate on $100,000 pa?

      AvatarFinder
      MayJanuary 12, 2017Finder

      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

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