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Maximum variable rate: 4.45% p.a.
Base interest rate: 1.55% p.a.

Our verdict

Open up a NetBank Saver Account today and you could be rewarded with a bonus introductory interest rate for your balance.

Be mindful that fees may still apply to your linked Commonwealth Bank transaction account.

Pros

Maximum deposit of $5,000,000
There is $0 monthly account fee
Earn interest each day

Cons

A transaction account should be linked

Linked to a Commonwealth Bank transaction account, the NetBank Saver provides you with a convenient way to manage your savings without having to pay any fees for your transactions. If you apply now, you will have the added benefit of bonus interest applied to your deposits, allowing you to grow your savings quicker than you had thought.

Details

Key details

Product Name	Commonwealth Bank NetBank Saver
Maximum Variable Rate	4.45% p.a.
Standard Variable Rate	1.55% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

$0 Account keeping fees

With this online savings account you are not charged any monthly or transaction fees. Keep in mind that this account requires a linked account, where other fees may be charged.

Up to 4.45% p.a. for the first 5 months on your first NetBank Saver

Your savings will grow with a competitive interest rate applied to your balance.

That comes to a bonus interest rate of 2.9% p.a.

For the first 5 months after the account has been opened your savings will receive a special bonus interest rate.

How is interest applied to my account?

Interest is calculated on your balance each day and paid into the account monthly.

Accessibility

You can access your money anytime through transfers into a linked account. These are immediate transactions that will allow you to withdraw your funds right away.

Must be linked to a Commonwealth bank account

In order to use your CommBank Bank NetBank Saver it will have to be linked to a Commonwealth Bank transaction account. If you are not already a Commonwealth Bank customer you will automatically be set up with an Everyday Account Smart Access. This will allow you to open your NetBank Saver account.

Direct credits

You can set up your savings account to receive automatic transfers from your transaction account.

Minimum balance requirements

Interest is applied to balances ranging from $0 to $5,000,000

Launch savings calculator

"Only if your intention is get a slightly higher rate for a few months, the Netsaver is better than the Goalsaver. You won't have to meet any conditions to get the bonus interest (grow balance, make a deposit), but you are only getting it for the first 5 months. I prefer the Goalsaver account."

Taylor Blackburn

Finder crew member

How to apply

Eligibility

Commonwealth Bank allows you to apply for the NetBank Saver online. If after making your comparisons you feel that this is the account for you, you can apply online. Before doing so, make sure that you are able to meet the following eligibility requirements:

Minimum age. You must be at least 18 years old to apply for this account online.
Residency requirements. You must be able to provide an accurate Australian residential address when filling out the application.

Depository requirements. In order to open the NetBank Saver you will need to make a minimum deposit of at least $0.

Documentation needed

If you are able to meet those eligibility requirements, continue on to the application with the following documentation readily available:

Tax file number. Your tax file number (TFN) or TFN exemption code ensures that Commonwealth Bank is deducting the correct amount of tax on your earned interest. You can choose to not provide this information, but the bank will then be legally obligated to withhold taxes at the highest marginal rate.
Identification. Photo identification is required in order for Commonwealth Bank to verify your identity before the account can be opened. If you are not already a customer, you may be asked to bring your passport, driver's licence and other identifying documents to a local branch.
Linked account. The account number for your Commonwealth Bank Smart Access or Complete Access transaction account. If you do not already have one of these accounts, the bank will first issue you one. If you are a NetBank customer you will also have to provide your client number.

What happens after I submit my application?

After submitting your application, Commonwealth Bank will review the information provided and contact you if anything else is needed. If not, your account details will be sent to you so that you can begin to make deposits into your new savings account.

Sources

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Commonwealth Bank NetBank Saver information page
2. Commonwealth Bank NetBank Saver TMD

Your reviews

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Alison Finder

Editorial Manager, Money

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Susan

November 14, 2025

Gold saver rate now pls

Sarah Megginson Finder

November 17, 2025

Hi Susan,

The maximum variable interest rate for the Commonwealth Bank GoalSaver Account is 4.25% p.a. This rate is made up of a standard variable rate of 0.25% p.a. and a bonus variable interest rate of 4.00% p.a., which is applied if you grow your balance each calendar month. If the bonus conditions are not met, you will only earn the standard 0.25% p.a. Hope this helps!

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Jack

October 31, 2023

Does this mean I can hold only a maximum amount of $5 million in this account? Or does it mean I can deposit a larger amount but only $5 will be eligible for the bonus interest rate?

Thanks!

Richard Whitten Finder

December 12, 2023

Hi Jack,

I’m unable to answer this question by looking at Commbank’s website or the PDS. I suggest contacting the bank directly to clarify.

Mia

October 02, 2023

Why’s CommBank only giving me like $300 as interest on something that’s supposed to be like $10k + interest based on the amount and the netsaver rate… something very fishy and thinking of escalating this. Something isn’t right. it’s got to be looked into 😕

Sarah Megginson Finder

October 13, 2023

Hi Mia,

We’re not licenced to provide personal advice, so we recommend you contact CommBank directly to escalate your enquiry.

A note that the interest rate of 4.75% applies only for the first 5 months as a bonus, then it reverts to 2.2%.

Also based on an interest rate of 4.75%, to earn $10,000 per month in interest, you would need to deposit around $2.5 million. Hope this helps.

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Jenny

June 29, 2023

After the 5 month bonus interest period ends can I negotiate a better variable rate than the 2.2%

Alison Banney Finder

June 29, 2023

Hi Jenny,

You’d need to speak to CommBank directly about negotiating the variable rate.

Good luck!

Alison

peter

June 07, 2023

can it be a joint account

Alison Banney Finder

June 08, 2023

Hi Peter, yes you can open this as a joint account.

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Commonwealth Bank NetBank Saver

Pros

Cons

Key features

$0 Account keeping fees

Up to 4.45% p.a. for the first 5 months on your first NetBank Saver

That comes to a bonus interest rate of 2.9% p.a.

How is interest applied to my account?

Accessibility

Must be linked to a Commonwealth bank account

Direct credits

Minimum balance requirements

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Sources

Sources

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