In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask an expert
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Commonwealth Bank NetBank Saver

Commonwealth Bank NetBank Saver

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Maximum variable rate
5.10% p.a.
Base interest rate
2.35%p.a.

Our verdict

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

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

Pros

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

Cons

  • A transaction account should be linked

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask an expert

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.

Details

Key details

Product Name Commonwealth Bank NetBank Saver
Maximum Variable Rate 5.10% p.a.
Standard Variable Rate 2.35% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 14

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 5.1% 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.

Your reviews

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Mia

October 02, 2023

Why’s CommBank only giving me like $300 as interest on something that’s supposed to be like $10k + interest based on the amount and the netsaver rate… something very fishy and thinking of escalating this. Something isn’t right. it’s got to be looked into 😕


Avatar

Sarah Megginson Finder

October 13, 2023

Hi Mia,


We’re not licenced to provide personal advice, so we recommend you contact CommBank directly to escalate your enquiry.


A note that the interest rate of 4.75% applies only for the first 5 months as a bonus, then it reverts to 2.2%.


Also based on an interest rate of 4.75%, to earn $10,000 per month in interest, you would need to deposit around $2.5 million. Hope this helps.


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Jenny

June 29, 2023

After the 5 month bonus interest period ends can I negotiate a better variable rate than the 2.2%


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Alison Banney Finder

June 29, 2023

Hi Jenny,

You’d need to speak to CommBank directly about negotiating the variable rate.

Good luck!

Alison


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peter

June 07, 2023

can it be a joint account


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Alison Banney Finder

June 08, 2023

Hi Peter, yes you can open this as a joint account.


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Shane

May 22, 2023

I currently have a net bank saver that I had for several years, can I close it and open a new account or am I better off closing it and moving to another bank with a similar offer


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Raj Lal Finder

May 22, 2023

Hi Shane,

We aren’t licensed to offer you any personal financial advice or product recommendations. However to help consumers pick a savings account, we have some information on how to compare, in this guide https://www.finder.com.au/savings-accounts/best-savings-accounts


Thanks

Raj


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M Singh

May 16, 2023

I closed my netsaver account with Commonwealth Bank 5 years ago. Do I still get 4.50% rate if I open a netsaver account


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Raj Lal Finder

June 05, 2023

Hi M Singh,


Yes you will get the savings rate, if you open an account with CBA.


Thanks

Raj


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