Commonwealth Bank Business Online Saver

Commonwealth Bank Business Online Saver

Maximum Variable Rate

0.95

Standard Variable Rate

0.95

Earn a competitive rate of interest on your business savings balance while paying no fees.

  • Get access to your funds instantly
  • No minimum deposit requirements
  • No fees

Product details

The Commonwealth Bank Business Online Saver is a flexible savings account designed to give you total access to your funds, while still paying you interest on your balance. There are no minimum deposit requirements to meet or monthly fees to pay with this savings account.

This account doesn't charge a monthly fee and provides instant access to your funds with online and phone banking.

Product Name
Commonwealth Bank Business Online Saver
Maximum Variable Rate
0.95% p.a.
Standard Variable Rate
0.95% p.a.
Bonus Variable Rate
0.00% p.a.
Introductory / Bonus Offer Conditions
$10,000 or more.
Monthly Fee
$0
Minimum Opening Deposit
$0
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Joint application?
Yes
Minimum Age Requirement
18
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the Commonwealth Bank Business Online Saver account?

When choosing a savings account product for your business, you want to ensure that it is designed to help you meet all of your business needs:

  • Maintenance fees. You will not be charged any monthly account keeping or maintenance fees for the Business Online Saver.
  • Earned interest. You will earn a competitive rate of interest on balances that are over $.
  • Calculating interest. Your interest is calculated on a daily basis and paid into the account monthly.
  • Linked account. In order to use this account correctly, you must have it linked to a Commonwealth Bank Premium Business Cheque Account or Business Transaction Account in the same name.
  • Minimum balance requirements. There is no minimum balance requirement, but you must have at least $ in the account in order to earn any interest.
  • Making deposits and withdrawals. All transactions must be made electronically through the linked account (fees may apply to the linked account).

Pros

  • $0 account keeping fee
  • $10000 minimum deposit or withdrawal amounts, enabling flexibility in managing your account

Cons

  • Linked cheque account may have fees

How do you apply for the Commonwealth Bank Business Online Saver?

Applying for the Commonwealth Bank Business Online Saver can be done from the comfort of your office chair. Clicking “Go to Site” will take you to their secure application page which you can fill out in your spare time. Before you get started, make sure that you and your business are eligible for this account:

  • Minimum age. Applicants for the Business Online Saver must be at least 18 years of age.
  • Residency requirements. The business that this account is serving must be registered in Australia.
  • Depository requirements. There are no minimum deposit requirements, but you will need a balance of at least  $ in order to qualify for earning interest on your balance.

You will also need to provide documentation when filling out the application in order for Commonwealth Bank to be able to open your account. This will include:

  • Tax file number. By providing your tax file number (TFN) or exemption code, you are ensuring that the earned interest on the account is being taxed at the correct rate.
  • Identification. All persons named on the account must provide proof of identity. This could include your passport or driver’s licence along with other identifying documents.
  • Business information. You will be required to provide your Australian Business Number (ABN) or Australian Company Number (ACN). Along with that you will be asked to give information about all of the owners and/or directors of the business.
  • Linked account information. In order to open the account you will have to provide the Commonwealth Bank business transaction account number that this one will be linked to. Keep in mind that it must be issued in the same name in order for Commonwealth Bank to process your application.

It will take Commonwealth Bank a few days to review your application and provide you with the details of your new account. All information will be sent to the email address you gave including any requests for more documentation if necessary.

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6 Responses to Commonwealth Bank Business Online Saver

  1. Default Gravatar
    ian | June 2, 2016

    how long is it before you start paying interest on the card

  2. Default Gravatar
    pat | February 16, 2016

    i want to SPEAK to someone about transferring my business account with a 100,000.00 (today, it varies)balance to a account that will pay me interest whilst I continue to operate it with paying my creditors and wages etc and receiving my payments
    Pat

    • Staff
      Shirley | February 17, 2016

      Hi Pat,

      Thanks for your question.

      CommBank is available on 13 22 21 to speak to you about your business needs.

      All the best.

  3. Default Gravatar
    ponoaperahama | January 12, 2016

    Need money fast please to buy me a car like a ford focus and iphone 6 plus.

    • Staff
      Shirley | January 13, 2016

      Hi Ponoaperahama,

      Thanks for your question.

      The Commonwealth Bank does offer a series of personal loans that you can use to purchase a car or iPhone – please see this page.

      Cheers,
      Shirley

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