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
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.
- Read our full review of the Commonwealth Bank Smart Access Account.
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.
- Read our full review of the Commonwealth Bank Goal Saver Account.
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.
- Read our full review of the Commonwealth Bank Term Deposit Account.
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.
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.
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.
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
- 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.
- 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.
- You're over 18 years old
- You're an Australian resident for tax purposes
- You have an Australian phone number and residential address
- 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
More guides on Finder
Commonwealth Bank Pensioner Security Account
Your retirement money goes further in a versatile account that allows for free transactions as you earn interest on your balance.
Commonwealth Bank Streamline Basic
If you’re a pensioner and a concession card holder the Commonwealth Bank Streamline Basic gives you a simple fee free approach to everyday banking.
Commonwealth Bank Youthsaver Account
With a Youthsaver Account, young Australians can begin now to build savings with bonus interest earned each month.
Commonwealth Bank Smart Access everyday account
When you bank with Smart Access, you are given a multitude of free ways to manage your everyday spending.
Commonwealth Bank term deposit
With a term deposit from Commonwealth Bank you get flexible terms and competitive interest rates that will help your savings to multiply.
Commonwealth Bank NetBank Saver
The Commonwealth Bank NetBank Saver could be a convenient way to stockpile your savings without having to pay any fees.
Commonwealth Bank Goal Saver Account
With bonus interest paid as a reward for saving, you could reach your financial goals sooner.
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