Commonwealth Bank Goal Saver Account

Commonwealth Bank Goal Saver Account

Maximum Variable Rate


Standard Variable Rate


Commonwealth Bank gives you a great incentive to maintain good financial habits by awarding you with bonus interest.

  • Ongoing, variable 1.80% p.a. rate when you deposit at least $200 p/m with no withdrawals
  • Available on balances up to $100,000
  • No monthly service fees
  • No minimum balance required

Product details

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.

Product Name
Commonwealth Bank Goal Saver Account
Maximum Variable Rate
1.80% p.a.
Standard Variable Rate
0.01% p.a.
Bonus Variable Rate
1.79% p.a.
Introductory / Bonus Offer Conditions
Deposit $200 each month and make no more than one withdrawal per month to earn the bonus interest rate. Applies on balances up to and including $100,000.
Monthly Fee
Minimum Opening Deposit
Minimum monthly deposit for bonus interest rate
Internet Banking
Internet Transaction Fee
Phone Banking
Phone Transaction Fee
Joint application?
Minimum Age Requirement
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

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 1.80%

The account has a standard variable rate of 0.01% and a variable bonus interest rate of 1.79% 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

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.

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  • Earn ongoing interest rate of 1.80% 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
  • Bonus interest rate applies up to balances of $100,000

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.

Eligibility criteria

  • Minimum age. You can only apply for this account online if you are at least 16 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.

Documentation needed

  • 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.

Can I receive eft payments directly into this account?

With the Commonwealth Bank Goal Saver account, you can receive EFT payments or direct credits into this account from a third party or institution. It’s only when transferring funds out of this account that you’ll need to transfer them to the linked account.

Can I add any amount more than 200.00 in my goalsaver. For example, If I start Goalsaver with 20000.00 and deposit 5000.00 in next month, will my interest be counted on 25000.00 or on 20000.00.?

With the Commonwealth Goal Saver account, the interest will be accrued on your daily account balance. So when you deposit $5 000 into the account, the interest will be calculated on the $25 000.

I have a master card with you. I want to open a Gold Saver account. Do I need to open transaction account? if so what are the fees and charges?

You don’t need to open a transaction account with this account.

With the CBA Goal Saver account can I make a deposit and within 7 days when the funds are cleared can I use the ‘pay anyone’ feature on line banking and transfer money to a different bank. Does it have a ‘pay anyone’ feature or only a bpay service? Seems from reading other comments that i need to have two accounts the goal saver and transaction is that correct?

Unfortunately the ‘pay anyone’ and BPAY facility is not available on the Goal Saver. You’ll need to link it to a transaction account and use the facilities through that account instead.

I am interested in opening a joint Goal Saver A/c in my name and my wife’s name. We already have a Commonwealth Bank A/c in joint names – CDIA. We have a key card for the CDIA. Do the two accounts need to be linked in any way ?

The CDIA and Goal Saver don’t need to be linked in anyway. When using NetBank, you’ll be able to manage the two accounts with the one login.

Am I able to use the Goal Saver A/c for EFT to another bank account?

You can’t use the Goal Saver to transfer funds into an external bank account, though you can send the funds through to your linked account instead.

Just wondering if you can make goalsaver account only accessible over the phone. So no access on netbank? As I am not saving money because its too easy to access my savings account.

If you wish to restrict yourself from transferring funds, you may wish to hide your account from view in NetBank (and consequently from the app) by following the steps below:
1. Log on to your NetBank account
2. Select the ‘More’ tab
3. Under ‘Profile & preferences’ select ‘Hide accounts

In December last year I withdrew some money in one transaction only and did not receive the bonus interest. Could you explain why this is?

The condition is that you need to grow your balance by at least $200 by the end of the calendar month and make no more than one withdrawal in that month (earned on balances up to and including $100,000). If you had met all these conditions, please get in touch with a customer service representative from Commonwealth Bank to resolve the issue.

Can I get money from an international account transferred to my goal saver account?

Yes you can set up international transfers into your NetBank Goal Saver.

when I’m missing one month without depositing $200 into the Goalsaver, what interest rate that I receive on this month? And does it affect the interest rate per year?

The standard rate of 0.01% p.a. applies if the conditions aren’t meant. This just affects your interest calculation for that particular month.

When the next month occurs, you can still get the bonus interest for that month if you meet the conditions.

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16 Responses to Commonwealth Bank Goal Saver Account

  1. Default Gravatar
    Jared | March 23, 2017

    So just to be clear,

    You get 1.8%p.a regardless of whether you paid the $200 into the account each month, and if you do deposit the $200 each month you get 1.8% + 1.79% (bonus) = 3.59%p.a ?

    • Staff
      Anndy | March 23, 2017

      Hi Jared,

      Thanks for your question.

      Regardless of whether you paid the $200 into the account each month or not, you get the Standard Variable rate of 0.01% p.a.

      If you meet the eligibility criteria to receive the bonus rate, you’ll receive an additional 1.79% p.a. per month.

      The maximum interest rate that you can receive with this account is only 1.80% p.a. not 3.59%.

      You may check this page to compare other high-interest savings accounts.


  2. Default Gravatar
    Sally | February 16, 2017

    Hi, I wish to accurately understand your Goal Saver Account from Commonwealth Bank.
    With max variable rate 1.8% and $200 monthly, Bonus variable rate of 1.79% will be added on = 3.59%
    I plan to invest $800,000 for 2 yrs.
    ta, Sally

    • Staff
      May | February 16, 2017

      Hi Sally,

      Thank you for your question and for contacting – we are a financial comparison website and general information service designed to help consumers make better decisions. Please note that we are not affiliated with any company we feature on our site.

      CBA’s Goal Saver offers a standard variable interest rate of 0.01% p.a. However, you can earn the bonus variable interest rate of 1.79% p.a. to receive the maximum interest rate of 1.80% p.a. on balances up to and including $100,000 if you deposit $200 each month and make no more than one withdrawal per month.

      Please make sure that you’ve read the relevant T&Cs or PDS of this account before acting on the advice and consider whether the product is right for you. 


  3. Default Gravatar
    jennifer | January 21, 2017

    Can you transfer money out of this account more than once a month?

    • Staff
      Jason | January 21, 2017

      Hi Jennifer,

      Thank you for your enquiry.

      You may do more than one withdrawal per month from this Commonwealth Bank Goal Saver Account but you’ll be missing out on the bonus rate once you do more than one withdrawal per month.

      Kind regards,

  4. Default Gravatar
    John | December 27, 2016

    Does this account have a passbook?

    • Staff
      Anndy | December 27, 2016

      Hi John,

      Thanks for your question.

      With Commonwealth Bank Goal Saver Account, it doesn’t come with a passbook but you can check your balance from time to time through online banking.


  5. Default Gravatar
    Hanirooth | December 6, 2016

    how many withdrawals to receive the bonus rate

    • Staff
      Clarizza | December 6, 2016

      Hi Hanirooth,

      Thanks for your question.

      One of the conditions of receiving the bonus interest on this account is if you make no more than one withdrawal in the month, in addition to depositing at least $200 per month.


  6. Default Gravatar
    Sue | September 1, 2016

    Re’ Goalsaver account C0mmbank, if I withdraw $ today, am I entitled to receive interest for the next month?

    • Staff
      May | September 1, 2016

      Hi Sue,

      Thanks for your inquiry.

      To be able to get the bonus interest, you need to increase your balance by at least $200 by the end of the calendar month and make no more than one withdrawal in that month (earned on balances up to and including $100,000).


  7. Default Gravatar
    Jaccki | May 26, 2016

    Is there a debit card attached to this account?

    • Staff
      May | May 27, 2016

      Hi Jaccki,

      Thanks for your question.

      The Commonwealth Bank Goal Saver is a purely electronic savings account, so whilst it does allow for direct debits and credits – it does not come with a linked Debit MasterCard or key card.


  8. Default Gravatar
    Margaret | February 28, 2016

    If I open a Goal Saver account with CBA can I access the Travel Insurance through this account???

    • Staff
      Shirley | February 29, 2016

      Hi Margaret,

      Thanks for your question.

      Unfortunately you need have a CBA Gold, Platinum or Diamond credit card to have access to travel insurance.

      Hope this helps.

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