Commonwealth Bank Savings Account
Compare Commonwealth Bank savings accounts
Considering a savings account from Commonwealth Bank? The table below displays a snapshot of Commonwealth Bank savings accounts on Canstar’s database, sorted by Star Rating. These results are based on a regular saver profile in NSW with $10,000 in current savings.
To see the definition of a regular saver and other profiles used in Canstar’s Star Ratings, view Canstar’s savings account methodology here. Or you can search our database for a savings account to suit your needs.
What savings accounts does Commonwealth Bank offer?
Commonwealth Bank offers the following savings accounts at the time of writing:
This account offers unlimited transfers to and from your CommBank transaction account and a bonus introductory interest rate for the first 3 months.
This account rewards customers for reaching their savings goal, with a variable bonus rate when you regularly save each month.
You can view the current interest rates on Commonwealth Bank savings accounts in our comparison tables.
Do Commonwealth Bank savings accounts require a linked transaction account?
Yes, Commonwealth Bank does require linked transaction accounts to its NetBank Saver account.
You can compare transaction accounts with Canstar to potentially find one that suits your requirements.
Does Commonwealth Bank charge fees on its savings accounts?
Savings accounts can come with several fees, such as monthly account-keeping fees, transaction fees, withdrawal fees and more. At the time of writing (9/07/18):
- According to Commonwealth Bank, here are no fees for using a NetBank Saver but fees may apply to your linked CommBank transaction account. Fees will also apply if you request paper statements.
- There are no account keeping fees for using a GoalSaver account, but fees may apply for assisted withdrawals.
For current information on fees and how they apply, please check the Product Disclosure Statement.
What does Commonwealth Bank offer in terms of mobile banking for savings accounts?
Commonwealth Bank offers both online and mobile banking for its savings products, with its app available in both the Apple and Google store. Notable features of Commonwealth Bank’s mobile banking include the ability to:
- Check your Everyday Account balance with one swipe
- Find your nearest branch or ATM
- View upcoming payments, transfers and schedule new ones
- Share you BSB and account number via SMS or email
How to apply for a Commonwealth Bank savings account
Before applying for a Commonwealth Bank savings account, consider comparing it against other savings accounts on the market to ensure it is the right one for you. You can then apply for a Commonwealth Bank savings account online, provided you have the correct documentation:
- At least one form of ID, such as your driver’s license or passport
- Accurate personal information, such as your name, date of birth, address and phone number
- Tax File Number (TFN) or TFN Exemption. You don’t have to provide your TFN to open the account but you don’t CommBank says it is legally required to deduct tax from any interest earned on the account above a certain threshold.
Once your account is opened, Commonwealth Bank may require you to transfer in a minimum amount before your account can be activated – check the PDS document for more information on how much you might need to deposit.
Related article: How to change bank accounts
When applying for a Commonwealth Bank savings account, you will also have to meet the following eligibility requirements:
- 14 years or older
- Opening the account in your name for personal use.
What other banking products does Commonwealth Bank provide?
Commonwealth Bank provides a variety of different products to consumers, including:
- Financial advice
- Credit cards
- International banking
About Commonwealth Bank
The Commonwealth Bank of Australia (CommBank) was founded in 1911 and remains Australia’s largest provider of financial services.