CommBank has a small variety of savings accounts to suit the various needs of its customers, whether they value a goal-oriented approach to saving, a competitive interest rate, or security.
|
Savings accounts |
Available via CommBank? |
|
Traditional savings account |
✅ |
|
Bonus interest savings account |
✅ |
|
Youth-focused savings account |
✅ |
|
Account fees |
❎ |
CommBank savings account review
CommBank boasts two basic savings account offerings: Its NetBank Saver account and its GoalSaver account.
NetBank Saver allows a person to link their transaction account to their savings account for simplified transfers. It also offers a standard variable interest rate, meaning a customer doesn’t have to fulfil any monthly criteria to realise the account's top rate.
However, its standard variable interest rate is notably lower than the bonus interest rate offered by CommBank’s GoalSaver savings account.
To realise the bonus interest rate, a customer holding a GoalSaver account needs to grow their savings balance each calendar month. If they fail to do so, they’ll realise a far lower interest rate than that of the NetBank Saver account.
Neither the NetBank Saver or the GoalSaver accounts charge monthly fees.
Savings accounts for children
If you’re under 18, CommBank’s YouthSaver account might better suit your style. It comes with both a standard variable interest rate comparable to that of a NetBank Saver account, as well as a bonus interest rate. To be eligible for the bonus interest rate, an account holder needs to grow its balance each month. If they do, they’ll realise a total interest rate similar to that of a GoalSaver account.
A person holding a YouthSaver account also won’t face a monthly fee, or fees for assisted withdrawal, paper statements, or other statement fees.
Savings accounts for the young at heart
CommBank also offers a savings account with robust security features tailored to older customers, called the Pensioner Security Account.
The account comes with a debit card and offers protection from unauthorised transactions if a person takes necessary steps to stay safe online, as do all the bank’s accounts.
The interest realised on a Pensioner Security Account is scaled depending on how much money is kept in the account. Balances of under $10,000 receive the lowest interest rate and balances over $250,000 receive the highest.
Users of the account won’t be charged monthly fees but will face a fee for using cheques and for assisted withdrawals.
