Commonwealth Bank Transaction Accounts

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Commonwealth Bank is a provider of transaction accounts, as well as other banking solutions such as home loans, personal loans, credit cards and insurance.

Compare Commonwealth Bank transaction accounts 

Considering a transaction account from Commonwealth Bank? The table below displays a snapshot of Commonwealth Bank transaction accounts on Canstar’s database. These results are based on a person in VIC with an average of 35 transactions per month.  

Click here to compare more accounts based on your circumstances.

What transaction accounts does Commonwealth Bank offer?

Commonwealth Bank offers one transaction account at the time of writing:

Smart Access Account

The everyday account where you can access over 4,000 ATMs and 950 branches, bank online with Netbank and the Commbank app, use app to withdraw cash without a card and keep track, budget and pay shared bills.

You can view the current Star Ratings and fees on Commonwealth Bank transaction accounts in our .

Does Commonwealth Bank also offer savings accounts?

Yes, Commonwealth Bank does offer savings accounts in addition to its transaction accounts – The Netbank Saver and the GoalSaver.

In order to get more out of a savings account with Commonwealth Bank, you may need to link it with your transaction account. You do not, however, need to have a savings account with Commonwealth Bank in order to use its everyday transaction account.

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 in NSW with $10,000 in current savings.

Click here to compare more savings accounts based on your circumstances and preferences. To see the definition of a regular saver and other profiles used in Canstar’s Star Ratings, view Canstar’s savings account methodology here.

Does Commonwealth Bank charge fees on its transaction accounts?

Transaction accounts can come with several fees, such as monthly account-keeping fees, transaction fees, withdrawal fees and more. Commonwealth Bank charges the following fees on its transaction account at the time of writing (17/07/18):

  • $4 monthly fee that is waived if you deposit at least $2000 a month or if you’re on Students options, under 21 or you meet certain other criteria.

What does Commonwealth Bank offer in terms of mobile banking for its transaction accounts?

Commonwealth Bank offers both online and mobile banking for its transaction account products, with its app available in both the Apple and Google store. Notable features of Commonwealth Bank’s mobile banking include:

  • Get cash without your card using cardless cash
  • Stay in control of your credit card using Transaction Notifications and Spend Tracker
  • Pay someone using your camera, a mobile number, account or BPAY details
  • Store all of your loyalty cards in one place

How to apply for a Commonwealth Bank transaction account

Before applying for a Commonwealth Bank transaction account, try to first compare it against others on the market to ensure it is the right one for you. You can then apply for a Commonwealth Bank 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

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.

Eligibility requirements

Before applying for a Commonwealth Bank transaction account, you will also have to meet the following eligibility requirements:

  • You  must be 14 years of age or older
  • Have an Australian residential address
  • You must be opening the account in your personal name, not for a company, trading or trust accounts
  • Provide your Tax File Number

What other banking products does Commonwealth Bank provide?

Commonwealth Bank provides a variety of different products to consumers, including:

About Commonwealth Bank

The Commonwealth Bank of Australia (CommBank) was founded in 1911 as the government bank for our young nation, and they remain Australia’s largest provider of financial services today. CommBank sponsors the Australian of the Year and Australian of the Day Award.

When it comes to corporate responsibility, CommBank does a lot to support the Australian business community. They distribute more than $2 million in community grants every year to organisations that invest in young people, dollar-match their Staff Community Fund donations giving, and enable staff volunteer hours.

As for teaching young people how to manage money well, CommBank starts at a young age with the oldest and largest School Banking program in Australia, Start Smart financial literacy workshops for primary and high school students, and the BeanStalk website.

CommBank has focused on sustainable business practices when it comes to protecting the environment. In 2015, they exceeded their targets by reducing emissions by 40% against 2009 levels. At CommBank headquarters, the corporate kitchens use sustainably sourced produce from their own vege and herb patch and from local farmers.

Written by: Maddison Clarey | Last updated: August 22, 2018