Commonwealth Bank NetBank Saver

Commonwealth Bank NetBank Saver

Maximum Variable Rate

2.50

Standard Variable Rate

1.00

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

  • Introductory rate of 2.50% p.a. for 3 months
  • Reverting to a rate of 1.00% p.a.
  • Available on balances up to $5,000,000
  • $0 Account keeping fees

Product details

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.

Product Name
Commonwealth Bank NetBank Saver
Maximum Variable Rate
2.50% p.a.
Standard Variable Rate
1.00% p.a.
Bonus Variable Rate
1.50% p.a.
Introductory / Bonus Offer Conditions
Bonus interest only offered to those opening a NetBank Saver account for the first time. Offer is valid for 3 months after account opening for balances up to $5,000,000.
Monthly Fee
$0
Minimum Opening Deposit
$1
Introductory Interest Period
3 month(s)
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Maximum Deposit
$5,000,000
Joint application?
Yes
Minimum Age Requirement
16
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 NetBank Saver account?

The NetBank Saver provides you with beneficial features to help with meeting your savings goals:

$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 2.50% p.a. for the first 3 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 1.50% p.a.

For the first 3 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 $1 to $5,000,000

Launch savings calculator

Pros

  • Maximum deposit of $5000000
  • There is $0 monthly account fee
  • Earn interest each day

Cons

  • 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.

 

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.

As a Netbank Saver can only be opened in a personal name, it cannot be linked to a business account.

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.

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.

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.

You would need to first transfer funds to your linked account before being able to transfer funds to a third party bank account.

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.

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.

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.

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2 Responses

  1. Default Gravatar
    davidFebruary 2, 2017

    what is the difference between 1.5% and 2.5% interest ie amount invested

    • Staff
      AnndyFebruary 2, 2017Staff

      Hi David,

      Thanks for your question.

      I would like to confirm, are you referring to the standard variable rate of 1.05% and maximum variable rate of 2.50% p.a.?

      The maximum variable rate is what you will receive if you are able to get the bonus rate which is offered to those opening a NetBank Saver account for the first time. Offer is valid for 3 months after account opening for balances up to $5,000,000. After 3 months, you’ll only be receive the standard variable rate which is 1.05% p.a.

      I hope this helps.

      Cheers,
      Anndy

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