What is a Commonwealth Bank locked savings account?
A locked savings account could help you grow your savings. Find out what is on offer from CommBank.
A locked savings account could help you grow your savings. Find out what is on offer from CommBank.
A locked savings account could help you grow your savings. Find out what is on offer from CommBank.
A ‘locked savings account’ is a term that is used to describe an account that you can’t withdraw money from. This could make it harder to dip into your savings and encourage you to grow your account balance.
There are two main types of locked savings accounts:
Savings accounts are more flexible than term deposits. With a savings account, you can still access your money as needed but you may earn less interest. With a term deposit, you may need to give notice to withdraw your money, be charged fees and earn less interest if you withdraw your money early. You can compare savings accounts and term deposits on Canstar’s database.
Commonwealth Bank (Commbank) offers term deposits, which could be used as locked savings accounts. It currently offers term deposits between one month and five years and you can lock in a fixed rate of return.
If you need to withdraw your money early, Commonwealth Bank says you will need to give 31 days’ notice. You will also be charged a fee and earn a reduced rate of interest.
Commonwealth Bank offers three savings accounts: NetBank Saver, GoalSaver and Youthsaver (an account for under 18s). They are not lockable savings accounts and you can access your money as needed with no penalties.
If you think you’ll need to access your savings, a locked savings account may not be suitable for your needs. You can compare savings accounts with no conditions with Canstar and see some of the highest interest rates on our database.
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