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 that Commonwealth’s Goal Saver Account offers against similar accounts with other banks to see which is best suited for your savings style:
- No monthly fees. You pay no monthly maintenance fees with this account.
- Interest rate. The standard interest rate for this account is a nominal amount.
- Bonus rate. 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 calculation. Interest is calculated daily and paid into your account the first day of each month.
- Accessibility. Your savings are available on call, either through a branch, online or with phone banking.
- 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.
- Terms. 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.
- $0 monthly ongoing fee to pay
- Higher interest rate on accounts with only 1 withdrawal a month
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 ensure you can meet before going forward to the application page:
- 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.
If you are able to meet all of those requirements you can gather together the following documentation and proceed to the secure application page:
- 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.
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 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.