Commonwealth Bank Goal Saver Account
This account offers bonus interest when you deposit at least $0.01 per month and make no withdrawals
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.
Maximum variable rate
Base interest rate
Alison Banney is the banking and superannuation editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
CBA’s Goal Saver account offers 0.75% each month you deposit at least $0.01 and make no withdrawals. This is quite a low interest rate compared to a lot of other accounts on the market which offer much 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.
No monthly fees
You pay no monthly maintenance fees with this account.
Maximum interest rate of 0.75%
The account has a standard variable rate of 0.05% and a variable bonus interest rate of 0.7% when the conditions are met. These rates are variable, meaning they can change at any time.
Bonus rate conditions
Earn a variable bonus rate each month that you increase the balance by at least $0.01 and make no withdrawals. Earned interest does not count towards the deposit requirement.
Interest calculated daily
Interest is calculated daily and paid into your account the first day of each month.
You can access your savings anywhere anytime, either through a branch, online or with phone banking. But remember, if you withdraw from the account you won't earn bonus interest that month.
No minimum balance requirement
There is no minimum balance requirement for this account, however you do need to increase the balance by at least $0.01 each month to qualify for bonus interest. Also, the interest rate is tiered, meaning the more you have in the account the more interest you can earn.
New and existing customers welcome
New and existing customers to Commonwealth Bank are welcome to apply for this product. This account can also be opened as a joint account.
Users are requested confirm rates and to read the Product Disclosure Statement (PDS) carefully before committing to this product.
How to applyIf 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.
- 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.
- Depository requirements. There is no minimum deposit required to open the account, but you will need to make monthly deposits that add up to at least $0.01 in order to receive the bonus interest.
- Tax file number. If you do not provide your tax file number (TFN) or TFN exemption when opening the account Commonwealth Bank with deduct tax from your earned interest at the highest marginal rate.
- Identification. You must be able to provide photo identification documents such as a driver's licence or passport in order to for your application to be processed. If Commonwealth Bank is unable to verify your identity electronically, you may be asked to visit a branch to complete this step.
What happens after I submit my application?
A Commonwealth Bank account specialist will review the details provided on your application after it has been submitted and contact you if more information is required. Once the information is confirmed, the details of your new savings account will be sent to you and the account will be ready to use.