What is the Commbank Yello rewards program?
30 Oct 2023
CommBank Yello is the Commonwealth Bank’s customer loyalty program. Find out who can join, what perks it might deliver and the potential pros and cons.
Key points:
- The program offers free cashbacks, discounts and prize draws.
- CommBank will invite eligible customers to join the Yello program.
- The program is currently not open to all account holders.
CommBank’s Yello loyalty program was launched in 2022, with the bank saying it wanted to recognise existing customers “by providing them with benefits for banking with us”.
The bank stated that the program would eventually be available to any eligible customer who had a bank account, and that benefits would differ between customers, depending on how long they’d been with the bank and what type of CommBank financial products they held.
So far (at the time of writing), the bank has launched one of what is assumed to be a succession of ‘benefit sets’, with eligible customers alerted to their eligibility via email, the app or NetBank, or at a branch. The first ‘set’ is aimed at people with a CommBank home loan, with the bank saying on its website that eligible Everyday Banking customers were next in line to score an invite.
Let’s take a closer look at the program and its structure.
Who is invited to join the CommBank Yello rewards program?
As with any loyalty program, there is eligibility criteria that a customer must meet before they can join. CommBank says when a customer becomes eligible, they will be invited to join Yello. The member must then maintain their eligibility status, to keep receiving the rewards.
How do you join and earn rewards with CommBank Yello?
The loyalty program has ‘base eligibility criteria’, that everyone has to meet before they can be invited to join. Then there are extra eligibility rules for the ‘benefit sets’.
CommBank defines a ‘benefit set’ as “a group of benefits available to eligible customers of the CommBank Yello program”. So far, the bank has launched only one ‘benefit set’, called Homeowners.
Base Criteria: You need to
- Hold an eligible transaction account or credit card account, such as:
- Smart Access
- Everyday Offset
- Pensioner Security (card access only)
- Private Banking Account
- Awards
- Low Fee
- Low Rate
- CommBank Neo
- StepPay
- Affinity
They can be joint accounts.
- Meet monthly transaction criteria
In either of the past two calendar months, from an eligible account, you need to have made at least 30 eligible transactions that were:
- Completed: Payments, transfers or cash withdrawals that have been fully processed (which can “sometimes take 10 or more business days”).
- Outbound: this includes such things as payments or purchases using a debit or credit card on an eligible account, including Digital Wallet transactions; StepPay purchases (not payments); cash withdrawals. Excluded are cash advances on credit cards, and transfers to your own, or your business, accounts.
Benefit Set criteria: Homeowners
- Meet the Base Criteria
- Hold an eligible home loan, such as:
- Standard Variable Rate
- Fixed Rate
- Extra
- Base Variable Rate (Economiser)
- No Fee (Low Rate)
- Green Loan
- Bridging Loan
CommBank says that if you pay off your loan or refinance to a different type of loan that’s ineligible, you won’t be able to stay part of the Yello program.
Read the terms and conditions of the program for more details.
What are the benefits of CommBank Yello?
CommBank says that Yello members can enjoy a range of benefits, including:
- Cashback on home insurance premiums: Yello members can earn $10 cashback each month on their eligible home insurance policies.
- Cashback on home loan package fees: Yello members can earn $4 cashback each month on their home loan package fees.
- One entry per month into a prize draw: Yello members have one entry into a monthly prize draw to win $1,200.
- Exclusive offers and discounts: Yello members can access exclusive offers and discounts from CommBank partners, such as retailers, restaurants, and travel providers.
- Personalised reports on property trends in your local area: Yello members can access personalised reports on property trends in their local area, such as median house prices and rental yields.
What are the potential pros and cons of CommBank Yello?
Potential Pros:
- Earn cashback on home insurance premiums and home loan package fees
- Exclusive offers and discounts from CommBank partners
- Personalised reports on property trends in your local area
- Free to join
Potential Cons:
- Currently only available to CommBank customers who are homeowners and have a home insurance policy or home loan package with the bank
- Staying eligible could be difficult for some people. For example, completing 30+ outbound transactions each month from your eligible transaction account or credit card could be difficult if this is not your main bank account, or if you are trying to curb your spending.
- Only applies to CommBank itself, not to its subsidiaries such as Bankwest and Unloan
Cover image source: Atstock Productions/Shutterstock.com
Thanks for visiting Canstar, Australia’s biggest financial comparison site*
This article was reviewed by our Content Lead Ellie McLachlan before it was updated, as part of our fact-checking process.
AD
Redraw freely – Access your additional payments.
Unlimited additional repayments free of charge.
Try our Home Loans comparison tool to instantly compare Canstar expert rated options.
