Linked to a Commonwealth Bank transaction account, the NetBank Saver provides you with a convenient way to manage your savings without having to pay and fees for your transactions. If you apply now, you will have the added benefit of bonus interest applied to your deposits, allowing you to grow your savings quicker than you had thought.
Be mindful that fees may still apply to your linked Commonwealth Bank transaction account.
What are the features of the Commonwealth Bank NetBank Saver account?
The NetBank Saver provides you with beneficial features to help with meeting your savings goals:
- Bank fees. With this online savings account you are not charged any monthly or transaction fees. Keep in mind that this account requires a linked account, where other fees may be charged.
- Interest rate. Your savings will grow with a competitive interest rate applied to your balance.
- Bonus interest rate. For the first 3 months after the account has been opened your savings will receive a special bonus interest rate.
- How interest is applied. Interest is calculated on your balance each day and paid into the account monthly.
- Accessibility. You can access your money anytime through transfers into a linked account. These are immediate transactions that will allow you to withdraw your funds right away.
- Linked account. In order to use your CommBank Bank NetBank Saver it will have to be linked to a Commonwealth Bank transaction account. If you are not already a Commonwealth Bank customer you will automatically be set up with an Everyday Account Smart Access. This will allow you to open your NetBank Saver account.
- Direct credits. You can set up your savings account to receive automatic transfers from your transaction account.
- Minimum balance requirements. Interest is applied to balances ranging from $1 to $5,000,000
- Maximum deposit of $5000000
- There is $0 monthly account fee
- Earn interest each day
- A transaction account should be linked
How do you apply for the Commonwealth Bank NetBank Saver?
Commonwealth Bank allows you to apply for the NetBank Saver online. If after making your comparisons you feel that this is the account for you, you can apply online. Before doing so, make sure that you are able to meet the following eligibility requirements:
- Minimum age. You must be at least 16 years old to apply for this account online.
- Residency requirements. You must be able to provide an accurate Australian residential address when filling out the application.
- Depository requirements. In order to open the NetBank Saver you will need to make a minimum deposit of at least $1.
If you are able to meet those eligibility requirements, continue on to the application with the following documentation readily available:
- Tax file number. Your tax file number (TFN) or TFN exemption code ensures that Commonwealth Bank is deducting the correct amount of tax on your earned interest. You can choose to not provide this information, but the bank will then be legally obligated to withhold taxes at the highest marginal rate.
- Identification. Photo identification is required in order for Commonwealth Bank to verify your identity before the account can be opened. If you are not already a customer, you may be asked to bring your passport, driver’s licence and other identifying documents to a local branch.
- Linked account. The account number for your Commonwealth Bank Smart Access or Complete Access transaction account. If you do not already have one of these accounts, the bank will first issue you one. If you are a NetBank customer you will also have to provide your client number.
After submitting your application, Commonwealth Bank will review the information provided and contact you if anything else is needed. If not, your account details will be sent to you so that you can begin to make deposits into your new savings account.
I have an account with comm bank that I am being charged fees with no interest can this be swapped over to an interest account with no fees?
finder.com.au is an online comparison website so we don’t represent CommBank or their savings accounts.
However, you can compare a range of Commbank, and other savings accounts on this page to find one that offers competitive interest and minimal fees.
Can you attach your netbank saver account to a business account?
As a Netbank Saver can only be opened in a personal name, it cannot be linked to a business account.
When one opens a netbank saver account, can one be able to withdraw the money?
The NetBank Saver account allows you to access your money whenever you like. However, you will need a Commonwealth Bank transaction account that is linked to your NetBank Saver account in order to transfer money to and from each account.
3.45% P.A, what does “p.a” stand for?
P.a. stands for per annum, which means by the year or annually. So 3.45% will be the interest rate that you get per year.
Can you tell me how many net saver accounts can be linked to your everyday transaction account?
Please note that your Netbank Saver can only be linked to one transaction account from CommBank. You can link your transaction account to multiple high interest savings accounts, such as the NetBank Saver.
Can I transfer to third party account (external financial institution) from a goal saver account? What are the fees involved if this is possible?
You would need to first transfer funds to your linked account before being able to transfer funds to a third party bank account.
WE have $1000.00 which we have put aside until we need it on 01 April 2015. What is the best account for this?
Unfortunately we can’t recommend one account over another. You can compare high interest savings account on this page to help you choose the best one for your personal and financial situation.
Is the interest rate guaranteed for the first 3 months ?
As with almost all savings account, the interest rates are variable meaning they are never guaranteed, and can fluctuate with the movements of the official cash rate.
I have an existing Netbank Saver account. I would like to know if I am receiving the 3.91% as listed in your savings quotes listed above or should I be looking at ING or RABO direct?
You will have to log onto your Netbank account or call the Commonwealth Bank directly to learn more about what interest rate you’re currently receiving.