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Commonwealth Bank NetBank Saver

Shirley Liu
Shirley Liu
Last updated:  

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.

0.85% p.a.

Maximum variable rate

0.05% p.a.

Base interest rate

0.8% p.a.

Bonus interest rate

for 5 months

We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder.

Details

Product NameCommonwealth Bank NetBank Saver
Maximum Variable Rate0.85% p.a.
Standard Variable Rate0.05%
Bonus Variable Rate0.80%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age14

Expert review

Shirley Liu

Review by

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 0.85% 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.

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.

Compare other savings accounts

Data indicated here is updated regularly
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Interest Earned
Westpac Life (18-29 year olds only)
Westpac Life (18-29 year olds only)
3%
0.4%
2.6%
$0
You can earn an ongoing, variable 3% p.a. each month you grow your balance (excluding interest earned) and make 5+ debit card purchases from your linked Westpac Choice transaction account. The maximum variable rate of 3% p.a. is available on balances up to $30,000 for customers aged 18-29.
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Westpac Life (18-29 year olds only)
Westpac Life (18-29 year olds only)
0.75%
0.4%
0.35%
$0
You can earn an ongoing, variable 0.75% p.a. each month you grow your balance (excluding interest earned) and make 5+ debit card purchases from your linked Westpac Choice transaction account. The maximum variable rate of 0.75% p.a. is available on balances up to $30,000 for customers aged 18-29.
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MyState Bank Bonus Saver Account
MyState Bank Bonus Saver Account
1.5%
0.15%
1.35%
$0
Ongoing, variable 1.5% p.a. when you deposit at least $20 into the account each month and make 5 or more Visa Debit card transactions from a linked MyState transaction account. Bonus interest available on balances up to $250,000.
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Bankwest Hero Saver
Bankwest Hero Saver
1.15%
0.01%
1.14%
$0
Ongoing, variable 1.15% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
Go to site
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Bankwest Hero Saver
Bankwest Hero Saver
0.01%
0.01%
0%
$0
Ongoing, variable 0.01% p.a. rate when you deposit at least $0 each month and make no withdrawals. Available on balances up to $250,000.
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More Info
Westpac Life
Westpac Life
0.75%
0.4%
0.35%
$0
Ongoing, variable 0.75% p.a. each month you deposit money, and make sure your balance is higher at the end of the month than it was at the beginning. No monthly account-keeping fee.
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16 Comments

  1. Default Gravatar
    Diana
    February 6, 2020

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

    Reply
    • Avatarfinder 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

      Reply
  2. Default Gravatar
    Edward
    September 12, 2019

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

    Reply
    • Default Gravatar
      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

      Reply
  3. Default Gravatar
    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?

    Reply
    • Default Gravatar
      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

      Reply
  4. Default Gravatar
    Esther
    July 4, 2019

    do I have a net bank saver with you ?

    Reply
    • Default Gravatar
      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

      Reply
  5. Default Gravatar
    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!

    Reply
    • Default Gravatar
      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

      Reply
  6. Default Gravatar
    Wayne
    June 15, 2019

    Will the RBA rate cut change the interest rate offered by the Netbank Saver of 2.51% for 5 months?

    Reply
    • Avatarfinder Customer Care
      Jeni
      June 16, 2019

      Hi Wayne,

      Thank you for getting in touch with Finder.

      As per this page, depositors could soon be earning even less interest on their savings with the RBA’s decision on cutting the official cash rate to 1.25% after more than 30 months of no movement. This means that the RBA rate cut is good news for home owners but not for savers.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

      Reply
  7. Default Gravatar
    Bindu
    March 24, 2018

    While opening net saver account, i have opened 3 different net saver account. And actually i want only one. How can i close those other 2 accounts from my mobile app?

    Reply
    • Avatarfinder Customer Care
      Carlo
      March 26, 2018

      Hi,

      Thank you for contacting finder.

      I understand you would like to close your 2 other accounts.

      To close your accounts you will need to call the bank and let them of your intention to close the accounts. You can check their website to check their contact details.

      Thanks.

      Carlo

      Reply
  8. Default Gravatar
    david
    February 2, 2017

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

    Reply
    • Avatarfinder Customer Care
      Dee
      February 2, 2017

      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

      Reply
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