Australia’s biggest bank has announced an overhaul of its CommBank Yello program in a bid to convince customers to take out more financial products with the bank.
The revamped program, which comes into effect on 1 October, will allow customers to earn rewards points via its existing Yello loyalty program across a broader range of products, including home loans, term deposits, insurances and one of its two debit cards.
Customers need to hold an eligible transaction account and make at least five transactions a month among other criteria. However, the rate at which they earn points will be, at least in part, based on how many different banking products a customer has.
CBA credit card customers will still collect rewards points, however, they’ll do so under the Yello program, not the existing CBA Awards program.
The bank will also be changing other aspects of its credit card rewards program including fees and earn rates, in a similar move to its competitors, in the lead up to the 1 October RBA surcharge ban.
Details of the exact changes are expected August 19.
CBA has a head start on loyalty
CBA’s Yello overhaul is the latest move in a decades-long push to build and retain customer loyalty – from Dollarmites and school banking through to cashback sign-up deals and the refreshed Yello offering.
That loyalty has helped CBA build a sizable customer base, with the bank holding the largest share of Australian home loans and household deposits.
The latest APRA data shows CBA accounts for 25% of home loans and 26% of household deposits held by authorised deposit-taking institutions.
APRA: Residential housing loans | ||||
Amount | Market share | Monthly change | Year-on-year change | |
CBA | $635.5 billion | 25% | +0.8% | +7% |
Westpac | $517.6 billion | 21% | +0.5% | +6% |
NAB | $351.5 billion | 14% | +0.5% | +5% |
ANZ | $330.9 billion | 13% | +1.0% | +4% |
Macquarie | $183.7 billion | 7% | +1.9% | +27% |
All ADIs | $2.51 trillion | 100% | +0.7% | +7% |
Source: APRA Monthly Authorised Deposit-taking Institution Statistics, June 2026, released 31 July 2026, prepared by Canstar. Includes owner-occupied and investor loans to households. ANZ figures do not include former Suncorp mortgages.
Loyalty doesn’t always pay
While rewards can be a useful sweetener, the revamp from CBA focuses on getting customers to consolidate more of their financial products with the bank, potentially making them less likely to shop around.
CBA’s lowest home loan rate for owner-occupier borrowers is 6.09%, but the Canstar database shows 60 lenders offer at least one home loan rate below this.
Similarly, CBA’s highest term deposit rate is 5.25% for 12 months, however, Canstar shows more than 18 banks have higher rates for the same term.
One in four in the dark on rewards
While banks continue to overhaul rewards programs, over one in four Australians admit they aren’t sure how to get the most out of them.
Canstar surveyed 3,005 Australians and found 59% believe rewards programs are worth it and deliver good value. However, 29% aren’t sure how to use them to maximise their value.
Money off everyday expenses such as groceries and petrol was the most commonly used perk in the past 12 months (59%), yet almost one in four (23%) hadn’t used any rewards at all.
Source: 2026 Canstar survey of 3,005 Australians.
Canstar data insights director, Sally Tindall, says, “CBA has spent decades building customer loyalty and the overhaul of Yello is the latest attempt to make that loyalty even stickier.”
“However, the devil will be in the details. Earning points on a wider range of banking products might sound appealing, but customers shouldn’t assume this will automatically mean they’re going to get a better deal.
“If you’re getting a perk for something you would have taken out anyway, rewards points can be a genuine bonus. However, if the lure of more points is influencing your decision-making process and you end up spending more or opting for a less competitive rate, the maths could quickly work against you.
“It’s also worth remembering that a reward is only worth something if you actually use it. There’s no point collecting points that sit untouched or chasing discounts on things you wouldn’t otherwise buy.
“While a one-stop shop can feel convenient, that convenience usually comes at a cost. If you’re looking for competitive rates and lower fees, it is well worth shopping around beyond the four walls of your main bank.
“Technology has made switching and managing accounts easier than ever. If keeping your money with the best providers for your finances simply means having an extra app or two on your phone, so be it.”
