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.

Commonwealth Bank

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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 Product Card access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly account fee
Commonwealth Bank Business Transaction Account ($0 Monthly Account Fee Option)
Visa
$0
$0
$0
An everyday business transaction account with a no monthly account fee option and a linked Business Visa Debit card to help you manage your expenses. Make unlimited electronic transactions for free and receive customised alerts regarding your balances. Flexibility to switch to the $10 monthly account fee option and get 20 assisted transactions per month.
Commonwealth Bank Business Transaction Account ($10 Monthly Fee Option)
Visa
$0
$0
$10
You'll get 20 free assisted transactions (normally $3 per transaction) per month for one $10 monthly account fee. Make unlimited free electronic transactions. Switch to the $0 monthly account fee option at any time.
Commonwealth Bank Smart Access
Mastercard
$0
$2,000
$4
Get unlimited CBA electronic transactions using internet banking, phone banking, ATM and EFTPOS.
Commonwealth Bank Streamline Basic
Mastercard
$0
$0
$0
Eligible if you hold a Commonwealth Seniors card, Pensioner Concession Card or Health Care card.
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Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
Commonwealth Bank NetBank Saver
0.4%
0.05%
0.35%
$0
Introductory rate of 0.4% p.a. for 5 months, reverting to a rate of 0.05% p.a. Available on balances up to $5,000,000.
Commonwealth Bank GoalSaver Account
0.35%
0.05%
0.3%
$0
Ongoing, variable interest rate up to 0.35% p.a. when you deposit at least $200 p/m with no withdrawals. Available on the entire balance.
Commonwealth Bank Youthsaver Account
0.6%
0.05%
0.55%
$0
Ongoing, variable 0.6% p.a. when you make at least one deposit with no withdrawals each month. Available on balances up to $50,000.
Commonwealth Bank Pensioner Security Account
0.25%
0.25%
0%
$0
A flexible transaction account that keeps your retirement savings at work.
Commonwealth Bank Business Online Saver
0.01%
0.01%
0%
$0
Ongoing, variable 0.01% p.a. when you link to Commonwealth Bank Premium Business Cheque Account or Business Transaction Account and maintain a balance of $10,000 or more.
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Name Product 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
0.08%
0.10%
0.10%
0.10%
0.10%
0.30%
0.25%
Choose between a range of term lengths from just one month to five years, and receive a fixed interest rate on your funds.
Invest from $5000 to $1,999,999.
Commonwealth Bank Business Term Deposit
0.08%
0.10%
0.10%
0.10%
0.10%
0.30%
0.25%
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Name Product Card access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly account fee
Commonwealth Bank Business Transaction Account ($0 Monthly Account Fee Option)
Visa
$0
$0
$0
An everyday business transaction account with a no monthly account fee option and a linked Business Visa Debit card to help you manage your expenses. Make unlimited electronic transactions for free and receive customised alerts regarding your balances. Flexibility to switch to the $10 monthly account fee option and get 20 assisted transactions per month.
Commonwealth Bank Business Transaction Account ($10 Monthly Fee Option)
Visa
$0
$0
$10
You'll get 20 free assisted transactions (normally $3 per transaction) per month for one $10 monthly account fee. Make unlimited free electronic transactions. Switch to the $0 monthly account fee option at any time.
Commonwealth Bank Smart Access
Mastercard
$0
$2,000
$4
Get unlimited CBA electronic transactions using internet banking, phone banking, ATM and EFTPOS.
Commonwealth Bank Streamline Basic
Mastercard
$0
$0
$0
Eligible if you hold a Commonwealth Seniors card, Pensioner Concession Card or Health Care card.
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Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
Commonwealth Bank NetBank Saver
0.4%
0.05%
0.35%
$0
Introductory rate of 0.4% p.a. for 5 months, reverting to a rate of 0.05% p.a. Available on balances up to $5,000,000.
Commonwealth Bank GoalSaver Account
0.35%
0.05%
0.3%
$0
Ongoing, variable interest rate up to 0.35% p.a. when you deposit at least $200 p/m with no withdrawals. Available on the entire balance.
Commonwealth Bank Youthsaver Account
0.6%
0.05%
0.55%
$0
Ongoing, variable 0.6% p.a. when you make at least one deposit with no withdrawals each month. Available on balances up to $50,000.
Commonwealth Bank Pensioner Security Account
0.25%
0.25%
0%
$0
A flexible transaction account that keeps your retirement savings at work.
Commonwealth Bank Business Online Saver
0.01%
0.01%
0%
$0
Ongoing, variable 0.01% p.a. when you link to Commonwealth Bank Premium Business Cheque Account or Business Transaction Account and maintain a balance of $10,000 or more.
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Name Product 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
0.08%
0.10%
0.10%
0.10%
0.10%
0.30%
0.25%
Choose between a range of term lengths from just one month to five years, and receive a fixed interest rate on your funds.
Invest from $5000 to $1,999,999.
Commonwealth Bank Business Term Deposit
0.08%
0.10%
0.10%
0.10%
0.10%
0.30%
0.25%
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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 0.35% 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.

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9 Responses

    Default Gravatar
    MichaelJanuary 12, 2017

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

      Avatarfinder Customer Care
      MayJanuary 12, 2017Staff

      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

    Avatarfinder Customer Care
    DeeNovember 30, 2016Staff

    Hi Judi,

    Thanks for your question.

    Please note that there are penalties when you withdraw from your term deposit account. You can check our guide on term deposit penalties for more information.

    Cheers,
    Anndy

    Default Gravatar
    MaryJune 7, 2016

    What is the best interest rate for 100000, to meet deeming requirements by Centrelink?

      Avatarfinder Customer Care
      ShirleyJune 7, 2016Staff

      Hi Mary,

      Thanks for your question.

      Please note that if your investment return is higher than the deemed income Centrelink calculates, the extra income doesn’t count towards your assessable income for your income support payment.

      At the time of writing, Commonwealth Bank is offering a pensioner security account. It’s offering 2.50% on balances over $48,600.

      The Netbank saver is offering up to 2.80% p.a.

      If you would like to compare alternatives, please check high-interest savings accounts.

      Regards,
      Joshua

    Default Gravatar
    NaomiDecember 9, 2015

    I need to access my bank account online and I don’t know my account details . How do I get access to it because my step mother holds my bank card .

      Avatarfinder Customer Care
      ShirleyDecember 9, 2015Staff

      Hi Naomi,

      Thanks for your question.

      In this case it’s best to call CommBank directly so they can verify your identity over the phone. You can also let them know about your stepmother holding your debit card so they can issue you a new one and block the other.

      Cheers,
      Shirley

    Default Gravatar
    JonNovember 6, 2015

    Is it possible to get a card that has no fees no interest no frills and no Visa or MasterCard? My

      Avatarfinder Customer Care
      ShirleyNovember 6, 2015Staff

      Hi Jon,

      Thanks for your question.

      Unfortunately this is not possible with CBA. All transaction accounts come with a linked Mastercard or Cirrus card.

      Cheers,
      Shirley

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