In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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Commonwealth Bank Goal Saver Account

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Commonwealth Bank GoalSaver Account

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Maximum variable rate
4.90% p.a.
Base interest rate
0.4%p.a.
Minimum deposit
$0.01

Our verdict

This account offers bonus interest when you deposit at least $0.01 and grow your savings each month.

CBA’s Goal Saver account offers 4.9% each month you deposit at least $0.01 and grow your savings balance. This is a lower interest rate compared to the highest rate accounts on the market which offer higher interest rates.

However, CommBank has one of the best mobile banking apps in Australia which could be a big benefit of this account if you like to manage your money on the go. The app can help you budget and save by splitting your transactions into spending categories, helping you find benefits and rebates that you might be eligible for and reminding you of upcoming bills.

Pros

  • Earn ongoing interest rate of 4.90% p.a. if you meet the conditions
  • $0 monthly ongoing fee to pay

Cons

  • Not the highest rate in the market
  • Lower balances earn less interest

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

The Commonwealth Bank Goal Saver Account pays bonus interest when you meet the monthly deposit conditions and make no withdrawals from the account. As you're restricted from making withdrawals, it could motivate you to keep saving instead of making impulse purchases.

Details

Key details

Product Name Commonwealth Bank GoalSaver Account
Maximum Variable Rate 4.90% p.a.
Standard Variable Rate 0.40% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 18

Key features

No monthly fees

You pay no monthly maintenance fees with this account.

Maximum interest rate of 4.9%

The account has a standard variable rate of 0.4% and a variable bonus interest rate of 4.5% when you meet the account conditions. These rates are variable, meaning they can change at any time.

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How to apply

If that bonus interest is just the incentive you need to stick with a savings plan, you may apply for the Commonwealth Bank Goal Saver Account in just a few minutes by applying online. There are a few eligibility requirements for this account that you should ensure you can meet before going forward to the application page, and some documentation that you should have handy.

Eligibility

    • Minimum age. You can only apply for this account online if you are at least 18 years old.
    • Residency requirements. In order for your application to be accepted, you must have an Australian residential address.

Your reviews

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Alison Finder

Editor

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Ronald

March 26, 2024

I want to transfer $9600 from my Pensioner Account to my Goal saver account


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Sarah Megginson Finder

March 26, 2024

Hi Ronald, You should be able to do this online, but if you need support, we recommend you contact CommBank: 13 22 21


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Julieanne

March 08, 2024

I understand that earned interest does not count towards the deposit requirement. what if you just withdraw the earned interest amount but still put in $1 in that month, (which means the balance amount still growing compared at beginning of the month) will you still able to receive bonus interest for that month!? Thx


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Elizabeth Barry Finder

March 26, 2024

Hi Julianne,


To qualify, you will need to deposit more than you withdraw because you need to have a higher account balance at the end of the calendar month than at the start of the calendar month.


So, if you withdraw from your Goal Saver Account, you will need to deposit more money than you withdrew.


I hope this helps.


Elizabeth


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David

January 24, 2024

Can I have two gold saver accounts in the same name ???


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Sarah Megginson Finder

February 15, 2024

Hi David,


In most instances, it’s possible to open multiple savings accounts with one bank. I’ve reviewed the terms and conditions and unfortunately it doesn’t clarify CBA’s policy on holding multiple accounts, but generally they allow multiple accounts as you can have multiple savings goals.


Hope this helps!


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Michael

January 22, 2024

I understand that earned interest does not count towards the deposit requirement. what if you just withdraw the earned interest amount but still put in $1 in that month, (which means the balance amount still growing compared at beginning of the month) will you still able to receive bonus interest for that month!? Thx


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Richard Whitten Finder

January 22, 2024

Hi Michael – I suggest checking with CBA directly about this.


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Hazel

December 03, 2023

Is the goalsaver a/cc government guaranteed and for how much?


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Angus Kidman Finder

December 03, 2023

Under the Financial Claims Scheme, for which Commonwealth Bank is a listed authorised deposit-taking institution (ADI), money held in savings accounts is protected up to a total of $250,000 (that’s a total across all accounts held with the specific bank). I hope this helps.


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