The Goal Saver Account from Commonwealth Bank multiplies your interest earnings by paying a bonus rate for reaching their monthly terms. This fee free savings account is available to new and existing Commonwealth Bank customers, and requires no minimum balance to get started with.
Be mindful that there are deposit and withdrawal requirements for the bonus interest.
What are the features of the Commonwealth Bank Goal Saver Account?
Compare the following features that Commonwealth Bank’s Goal Saver Account offers against similar accounts with other banks to see which is best suited for your savings style. If you don't think this account is right for you, take a look at the other accounts offered by Commonwealth Bank.
No monthly fees
You pay no monthly maintenance fees with this account.
Maximum interest rate of 2.30% on balances $250,000 - $999,999
The account has a standard variable rate of 0.01% and a variable bonus interest rate of 2.29% when the conditions are met. These rates are variable, meaning they can change at any time according to the official cash rate.
Bonus rate conditions
Earn a variable bonus rate each month that you increase the balance by at least $200 and make only one withdrawal. 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.
No minimum balance requirement
There is no minimum balance requirement for this account, however you do need to increase the balance by at least $200 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, and are allowed to have up to two Goal Saver Accounts at the same time.
Users are requested confirm rates and to read the Product Disclosure Statement (PDS) carefully before committing to this product.
- Earn ongoing interest rate of 2.30% p.a. if you meet the conditions
- $0 monthly ongoing fee to pay
- Need to deposit at least $200 per month to earn bonus interest
- Lower balances earn less interest
How do I apply for the Commonwealth Bank Goal Saver Account?
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.
- 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 $200 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 next?
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.