CommBank customers set to earn more interest on GoalSaver accounts
Customers will earn bonus interest on balances up to $999,999.
Commonwealth Bank customers with GoalSaver accounts will be happy to hear that come 1 May they will be able to earn a lot more interest on their money.
The bank has announced that starting in May, customers will be able to earn bonus interest on balances up to $999,999, a large increase from the current cap of $100,000.
GoalSaver account holders are currently earning 1.79% p.a. bonus interest on top of the standard variable rate of 0.01%. New interest rates are also to be revealed on 1 May.
In line with the current account requirements, customers will still need to deposit at least $200 a month in order to receive the bonus interest rate, however, the number of withdrawals granted each month is set to decrease from one to zero.
Customers who do not meet these requirements will forfeit their bonus interest and receive the standard variable rate on their balance for that month.
Currently, customers are able to open more than one GoalSaver account, but from May onwards this will also be capped at one account per customer, excluding existing customers who already have more than one GoalSaver account.
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