Commonwealth Bank NetBank Saver

Open up a NetBank Saver Account today and you could be rewarded with a bonus introductory interest rate for your balance.

Linked to a Commonwealth Bank transaction account, the NetBank Saver provides you with a convenient way to manage your savings without having to pay any 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.

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Shirley Liu

Last Updated Dec 31, 2020

0.4% p.a.

Maximum variable rate

0.05%p.a.

Base interest rate

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Product Name	Commonwealth Bank NetBank Saver
Maximum Variable Rate	0.4% p.a.
Standard Variable Rate	0.05%
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	14

Pros

Maximum deposit of $5,000,000
There is $0 monthly account fee
Earn interest each day

Cons

A transaction account should be linked

Review by

Shirley Liu

shirley@finder.com.au

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

Be mindful that fees may still apply to your linked Commonwealth Bank transaction account.

Key features

$0 Account keeping 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.

Up to 0.4% p.a. for the first 5 months on your first NetBank Saver

Your savings will grow with a competitive interest rate applied to your balance.

That comes to a bonus interest rate of 0.35% p.a.

For the first 5 months after the account has been opened your savings will receive a special bonus interest rate.

How is interest applied to my account?

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.

Must be linked to a Commonwealth bank 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 $0 to $5,000,000

Launch savings calculator

How to apply

Eligibility

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 14 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 $0.

Documentation needed

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.

What happens after I submit my application?

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.

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16 Comments

Diana
February 6, 2020

How do I apply for the increased interest on Netbank Saver account

finder Customer Care

Charisse
February 7, 2020

Hi Diana,

Thanks for reaching out to Finder.

If you are referring to NetBank Saver’s bonus introductory interest rate, you will be able to receive it if you open a NetBank Saver for the first time from 04 October 2019. You’ll then receive a variable introductory interest rate of 1.65% p.a. (this includes a fixed bonus margin of 1.55% p.a. on top of the standard variable rate) for the first 5 months after account opening.

Please note that the variable introductory interest rate will not apply to NetBank Saver accounts which are jointly owned, where one of the account holders has previously held a NetBank Saver account. At the end of the introductory rate period, the NetBank Saver standard variable rate applicable at that time will apply.

As a reminder, before applying, please ensure that you meet all the eligibility criteria and review the PDS/T&Cs before making a decision on whether it is right for you.

I hope this helps.

Cheers,
Charisse

Edward
September 12, 2019

Can I open 2nd NetBank account in order to get 2% interest rate benefit.

Nikki
September 13, 2019

Hi Edward,

Thanks for getting in touch! The bonus interest is only offered to those opening a NetBank Saver account for the first time. Given this, opening a 2nd Netbank Saver account will not allow you to take advantage of the 2% interest rate.

Hope this helps and feel free to reach out to us again for further assistance.

Best,
Nikki

Yiu-kwok
August 28, 2019

I have a term deposit in your bank to be matured in Sept. If I put that money in my Netbank saver which I am using since 2014. Can the amount still get the bounus interest rate of 2%. for 5 month?

Nikki
August 30, 2019

Hi Yiu-kwok,

Thanks for getting in touch! Yes, you can transfer your funds after maturity to your Netbank Saver’s account. However, if you’ve had your Netbank opened for a while, it’s helpful to know that you the bonus interest cannot be applied since the bonus interest is only offered to those opening a NetBank Saver account for the first time. Offer is valid for 5 months after account opening.

Hope this helps!

Best,
Nikki

Esther
July 4, 2019

do I have a net bank saver with you ?

Nikki
July 5, 2019

Hi Esther,

Thanks for getting in touch!

Kindly note that you’ve reached Finder and we are a product comparison website. The information above is a review page for Commonwealth Bank’s product: NetBank Saver. To find out if you have a NetBank Saver account, please contact Commonwealth Bank directly.

Hope this helps! For any further questions, feel free to reach out to us again, we’re here to help.

Best,
Nikki

SB
June 24, 2019

Hi, I already have a commonwealth account with a NetBank saver linked to smart access. I would like to open another NetBank saver account. Is that possible to link two NetBank saver accounts to a smart access account? Thanks!

Ash
June 26, 2019

Hi SB,

Thank you for contacting Finder.

You may only link one (1) NetBank Saver Account to one (1) Smart Access Account. If you wish to proceed with your preference of linking 2 NetBank Saver Account to a single Smart Access Account, you need to visit CommBank’s nearest branch to you to confirm this and make the necessary arrangements.

I hope this helps.

Please do not hesitate to reach out again to us if you have additional questions.

Cheers,
Ash

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