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:
$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 2.51% 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 1.71% 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.
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.
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 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 $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.