Commbank Goalsaver earns you more interest, but you must deposit by $200 and only make one withdrawal.
The Commonwealth Bank of Australia, or CommBank, is an Australian multinational bank with businesses across New Zealand, Asia, the United States, and the United Kingdom. Below are all findings of Commbank Goalsaver.
Features & benefits
Bonus interest, now even easier to score
Earn bonus interest when you grow your savings balance each calendar month (excluding interest and bank-initiated transactions).
Building your saving skills
See how much you can save with our savings calculator, set up regular automatic transfers to keep you on-track, and set a savings goal in the CommBank app with Goal Tracker.
100% Security Guarantee from Australia’s largest bank
Your hard-earned savings are backed by our 100% Security Guarantee and the Australian Government’s guarantee on combined balances of up to $250,000 per account holder.
Instant access
Instantly access your savings and check how you’re tracking with your savings goals from the CommBank app, NetBank or at your nearest branch.
Interest rates
BalanceStandard Variable Rate
Bonus Variable Interest
With Bonus InterestBalances less than $50,000
0.05% p.a.
0.30% p.a.
0.35% p.a.
Balances between $50,000 – $249,999
0.05% p.a.
0.30% p.a.
0.35% p.a.
Balances between $250,000 – $999,999
0.05% p.a.0.30% p.a.
0.35% p.a.
Balances $1,000,000 and over
0.05% p.a.
0.30% p.a.0.35% p.a.
One bonus interest rate applies to your entire balance. The interest rate depends on your account balance.
- Interest calculated daily and paid monthly
- The standard variable rate of 0.05% p.a. will apply if the bonus interest conditions aren’t met
How to qualify for bonus interest
- Make a deposit each calendar month into your account, and
- Have a higher account balance at the end of the month compared to the account balance at the start of the month (excluding interest and bank-initiated transactions)
Fees
FeeFee AUDDescriptionMonthly account fee$0No monthly feesPaper statement fee$2.50A fee charged when you ask us to give you an additional account statement outside the standard cycle transaction listing and ad-hoc paper statement fee$2.50A fee charged when you ask us to give you a paper copy of transaction listing, past statement or ordered statementsAssisted withdrawal fee$3.00A fee charged when you take money out:
- At a CommBank Branch, agency or through telephone banking
- Cheques written by you and negotiated through the clearing system
- By cashing a cheque
It’s simple to apply
You can open an account online if you:
- Are 18 years or older
- Are opening the account in your name for personal use. You can also open a joint GoalSaver account with one other person.
There’s no minimum balance to open this account.
Already registered for NetBank? You may also need your NetBank Client Number.
You can open online now or visit your nearest branch.
You’ll need:
- An Australian residential address
- Tax File Number (TFN) or TFN Exemption. You don’t have to provide your TFN to open the account, but if you don’t CommBank is legally required to deduct tax from any interest earned on the account above a certain threshold.
We’ll also ask you about your tax residency (a Government requirement). Here’s why.
For joint accounts:
- You can open this account with one other person if you already have a joint account together with us
- To open up a joint account for the first time or with someone new please visit your nearest branch together.
Link to your everyday account
Access your money effortlessly by linking your GoalSaver to our Everyday Smart Access account. Then supercharge your savings with recurring payments from the CommBank app or NetBank.
Download the CommBank app
Here ends Commbank Goalsaver article.