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FREE $50 for Opening CBA GoalSaver Account

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FREE $50 for Opening CBA GoalSaver Account
Go to Deal
luker9001 on 22/05/2013 - 21:51 commbank.com.au (7437 clicks)
Last edited 23/05/2013 - 14:07 by 1 other user

Just got some physical spam today, showing that the recent trend of banks giving us free money is still well and alive.

Basically open a GoalSaver account, leave it empty (because their interest rate is pathetic) until just before 11.59pm AEDST on 26/07/2013, transfer $200 into it, then transfer it out the next day and wait patiently for $50 to be credited to your account by 19/08/2013, then close the account, ready to take advantage of the next round of free money!

Copy pasta of full terms and conditions on the website:

*Rate includes a variable bonus interest rate of 3.65% p.a. above the standard variable interest rate of 0.75% p.a., which is paid on account balances up to and including $100,000 if the closing balance on the last day of a calendar month is at least $200 higher (excluding interest earned) than the opening balance on the first day of the same month, with no more than one (1) withdrawal in the same period. The standard variable rate of 0.75% p.a. will apply on any portion of the balance over $100,000. The above rates are current as at 21.05.13 but are subject to change at the Bank's discretion. A maximum of two (2) GoalSaver accounts per customer can be opened.

^Offer only applies to customers who open a new GoalSaver account by 28/06/2013, deposit $200 or more into their new GoalSaver Account by 11.59pm AEDST on 26/07/2013 and retain a balance of at least $200 in their new GoalSaver account as at 11.59pm AEDST on 26/07/2013. You will be ineligible for the $50 offer if your account is closed, transferred or in default at any time prior to the $50 being credited to your account. $50 will be credited to your account by 19/08/2013. A maximum of two (2) GoalSaver accounts per customer can be opened. A limit of one (1) $50 credit per customer.

This advice has been prepared without considering your objectives, financial situation or needs. Because of that, you should, before acting on the advice, consider its appropriateness to your circumstances. Terms and conditions for transaction and savings accounts mentioned are available here (PDF 660KB). Please read our Financial Services Guide (PDF 60KB).

Mod: Terms and conditions have been altered from the above description. It now reads:

Offer only applies to selected CommBank customers who were sent the communication for this offer and who open a new GoalSaver account by 28/06/2013, deposit $200 or more into their new GoalSaver Account by 11.59pm AEDST on 26/07/2013 and retain a balance of at least $200 in their new GoalSaver account as at 11.59pm AEDST on 26/07/2013. You will be ineligible for the $50 offer if your account is closed, transferred or in default at any time prior to the $50 being credited to your account. $50 will be credited to your account by 19/08/2013. A maximum of two (2) GoalSaver accounts per customer can be opened. A limit of one (1) $50 credit per customer.

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closed Comments

  • fryandlaurie on 22/05/2013 - 21:55
    +1

    What's an alternative with better interest rates? Am willing to sacrifice withdrawal flexibility.

    • luker9001 on 22/05/2013 - 22:00
      +3

      ING has an introductory rate of 4.75% for 4 months. No deposit/withdrawl requirements in that period.
      UBank has 4.66%. For their USaver Reach (maximum balance of $5000), no deposit/withdrawl requirement. For USaver (maximum balance of $100000, I think…), at least $200 deposit per month, no withdrawl restriction.
      EDIT: Further down someone mentioned RAMS with 5.01%

  • delusioned on 22/05/2013 - 21:59
    +1

    When I read the T&C, seems to me that a current customer can still get the credit if he doesn't have 2 goalsaver account.. right? :\

    • luker9001 on 22/05/2013 - 22:03
      +1

      The wording seems to suggest you're right, but in the future follow the advice from http://www.ozbargain.com.au/node/102084 of cancelling things once you've got the reward.
      I'll soon be cancelling the CBA credit card I opened because of this deal http://www.ozbargain.com.au/node/96565

      • spendinghacker on 23/05/2013 - 08:51
        +3

        Sound advice and I strongly endorse it.

        Also, given that now the government will TAKE AWAY your money from any account that didn't have any transactions in it for three years, it is CRUCIAL that people keep track of who they have accounts with.

        My advice is simple: Once you no longer regularly use a particular savings or transaction account (even if you think you might use it again in the future), EMPTY it and then CLOSE it. Full stop.

        The mantra should be: CLOSE account first ,ask questions later.

  • someguy102 on 22/05/2013 - 22:00
    +8

    I'm loving this new trend of services literally paying us to use them.

  • Free Fall on 22/05/2013 - 22:02
    +11

    Just schedule $200 into this account a few days before 26/07/2013 and a payment out the next day.

    • PissLUR on 22/05/2013 - 22:09
      +1

      absolutely

    • highdealer on 22/05/2013 - 22:21
      +1

      You mean schedule a payment out on the 20/8/2013 because if you schedule a payment out the next day you get nothing.
      They are holding on to your $200 for at least 25 days

      • luker9001 on 22/05/2013 - 22:34

        Their wording doesn't suggest that

        retain a balance of at least $200 in their new GoalSaver account as at 11.59pm AEDST on 26/07/2013

        Unless "transferred" in the following paragraph means transferring your money away:

        You will be ineligible for the $50 offer if your account is closed, transferred or in default at any time prior to the $50 being credited to your account.

        Having a $0 balance shouldn't close or default your account, and "transferred" probably means a change of name or something.

        • highdealer on 22/05/2013 - 22:39
          +1

          Well that transferred could mean anything, better not take the risk.

        • luker9001 on 22/05/2013 - 22:55

          Anyone want to hit them up on live chat?
          http://www.ozbargain.com.au/node/96565#comment-1291966

        • spendinghacker on 23/05/2013 - 08:57

          That particular word in the T&Cs could be a problem for people who wanna do a quick in and out 'raid'.

          I agree with you that it is better to leave it in the account until you get your cash. At least you get some interest on it while it's in there.

          However, I would definitely NOT transfer a cent at any time before the deadline. Best is to do the transfer on 25/07 to make sure it clears into CBA by the 26th.

          Once that's done:

          1. Wait for your cash to be awarded
          2. Transfer entire balance out
          3. CLOSE account!
        • spendinghacker on 23/05/2013 - 09:21
          +7

          Official confirmation from CBA that money CAN NOT be taken out. Beware!

          "you: I have a question about your goal saver promotion
          you: in the T&Cs it says: "You will be ineligible for the $50 offer if your account is closed, transferred or in default at any time prior to the $50 being credited to your account."
          you: what does the word "TRANSFERRED" refers to?
          you: please explain the exact meaning of this word in the context of this promotion
          Viriama: Thanks for these details - I can certainly assist you with your Goal Saver enquiry.
          Viriama: Thanks - one moment please
          Viriama: Thank you for your patience
          Viriama: In regards to the transferred - this means you can not withdraw from the Goal Saver account.
          Viriama: You need to increase the balance by $200.00 monthly till the end of 26th July."

    • c64 on 23/05/2013 - 00:32
      +2

      i read the t&cs as saying you also need a min balance of $200. to be safe i'm just going to deposit $200 each month and leave it there. 4.4% isn't the best rate but it is not too bad either. lost interest is negligible.

      • spendinghacker on 23/05/2013 - 10:55
        +1

        I think that's excessive mate.

        Just do what I suggested above:

        "I would definitely NOT transfer a cent at any time before the deadline. Best is to do the transfer on 25/07 to make sure it clears into CBA by the 26th.

        Once that's done:

        1. Wait for your cash to be awarded
        2. Transfer entire balance out
        3. CLOSE account!"
  • Bullion78 on 22/05/2013 - 22:08

    rabobank are pick of the litter at the minute at 4.95

    • eleana on 22/05/2013 - 22:18
      +1

      Rams is 5.01
      Not sure when they will reduce their rate.

      • fchis on 22/05/2013 - 22:55

        RAMS has always come out on top because of no withdrawal policy which is almost the same as a term deposit.

      • jesseboy89 on 22/05/2013 - 23:47
        +1

        They also have not dropped it since the rate reduction; watch that go below 5% in the coming days/weeks.

        • eleana on 23/05/2013 - 10:42

          Yes, I'm thinking the same thing. I'm currently using MeBank @4.75 and thinking shall I move the money over to RAMS. But Rams could go under the 4.75 as they normally only matchs Ubank's rate (which is 4.66 atm).

        • spendinghacker on 23/05/2013 - 11:03
          +2

          I'm in the exact same boat as you.

          I've personally decided to stay with ME since this is the rate POST RBA cut whereas RAMS rate is PRE RBA cut which means they will drop this rate any day now and at best, will match the current rate you are getting with ME (but highly unlikely as you correctly stated).

          My advice to you: stay put with ME Bank and the promotional rate and enjoy the ride while it lasts. If you were able to secure it (like I did), you now have the highest rate on 'at-call' savings in Australia!

    • c64 on 23/05/2013 - 00:34

      rabobank are pick of the litter at the minute at 4.95

      not if you are an existing customer

    • spendinghacker on 23/05/2013 - 10:59
      +2

      Have they lowered their rates yet following the latest RBA cut?

      Doesn't look like that judging from their rates page:
      http://www.rabodirect.com.au/rates/?hp-gnb-sub2-rates#hisa

      "Interest rate last updated 02/04/2013"

      This means I believe that a rate reduction is IMMINENT and therefore the 4.95% is essentially irrelevant.

  • CI on 22/05/2013 - 22:13
    +3

    Signed up using net bank took 30 seconds

    • MattyD on 22/05/2013 - 22:20
      +2

      Yep ridiculously easy. Ka……wait for it……..ching!

  • s_agno3 on 22/05/2013 - 22:13

    how much do people get conditionally approved for? i applied as a full time student for a card and the number was crazy!

  • mrgeckoz on 22/05/2013 - 22:14

    awww, i already got a goal saver account..4.35% atm, special offer for the 1st 3months i think.

    • abc on 22/05/2013 - 22:17
      +2

      "A maximum of two (2) GoalSaver accounts per customer can be opened."

      This may mean that you are still eligible. Can anyone confirm?

    • xis123 on 22/05/2013 - 22:32
      +1

      That's actually the standard rate - 0.75% p.a + 3.65% p.a bonus provided you meet the conditions. (Deposit more at least $200 a month, and make no more than one withdrawal a month) but of course, subject to change by CBA. :)

      But yes, I think if you open a new goalsaver account you'll still be eligible for it..try it anyway! I just did haha!

      • mrgeckoz on 22/05/2013 - 23:09

        thanks guys. just opened a new one. application submitted'

  • [Deactivated] on 22/05/2013 - 22:15

    Hi all, young guy here who doesn't know much about money saving. I'm currently with Bankwest.

    What's the best banks for me to maximize my savings as well as have a debit card transaction that doesn't take like $6 every month.

    Please give me some tips.

    Thanks.

    • irajohn90 on 22/05/2013 - 22:42
      +1

      You could look at RAMS or Ubank for a savings account. RAMS offers an ongoing 5.01% p.a however you can't make withdrawals within the month and must deposit at least $200 a month.

      UBank offers an ongoing 4.66% can make withdrawals but must deposit $200 a month using their automatic savings plan.

      it sounds like you maybe a student?? have you looked at bankwest other everyday transaction accounts? these days most banks provide everyday bank account fee-free. bankwest zero transaction is normally free if you deposit $2000 or more a month if not its a $6 month fee. reason for this is cause you get fee-free ATM transactions at 4 of the other big banks. with this sort of bank account you wont be walking around westfields looking for your banks ATM just find any one.

      • abc on 22/05/2013 - 22:47

        If he is a student or pensioner all banks will waive account keeping fees.

      • [Deactivated] on 22/05/2013 - 23:51

        I'm currently on Bankwest working part-time/student. I'm getting charged $6 a month since i can't always put in up to $2000.

        • tremell on 23/05/2013 - 00:08
          +2

          Do u have a student card? If so go into a branch and show them and they will load a student setting on the account for the rest of the year so the $2000 deposit fee waiver isn't applicable…

        • wenbin on 23/05/2013 - 08:37

          Why don't you move to NAB, HSBC, or Citibank? Or fee free. 6*12 =$72, can buy you lots of stuff.

        • wakkawalla on 23/05/2013 - 11:11

          helicopter
          you could always move the money out of the account and back into it before the month ends.
          this actually works with Commbank and St George. Dont know about Bankwest…

          and if they dont accept your a student and dont offer you the $0 monthly fee, just move from them.

    • bargainhunter on 22/05/2013 - 22:54
      +13

      Cancel Ozbargain membership.

      • irajohn90 on 23/05/2013 - 09:05

        considering an ozbargainer would spend on average $40 a month from specials i think you'll save alot

    • Bargain4U on 22/05/2013 - 23:30
      +2

      Go with the Citibank Plus account for no fees on anything ever.

      • spendinghacker on 23/05/2013 - 09:32
        +1

        Agreed. This is the BEST transaction account in Australia. Full stop!

        With a savings account, it's hard to pinpoint the best one as it is a constantly moving target and depends on who is running what kind of promotion on their interest rates.

        With savings accounts, if you wanna secure the ABSOLUTE BEST rate on your money at ALL TIMES, be prepared to move your money around pretty often.

    • brongz on 23/05/2013 - 01:39

      NAB classic banking has no fees. don't know about the rate though. but ubank is my choice right now for mojo money

  • Sebby on 22/05/2013 - 22:17

    I already had a goal saver account I don't use as I get much better rates else where… took 30-45secs to have a 2nd account opened… time will tell if I will also qualify for the bonus $50

  • excite on 22/05/2013 - 22:19

    Thanks, opened a GoalSaver account and put in $200, now wait for the $50 bonus

  • cj3 on 22/05/2013 - 22:22

    Is the offer available now?
    I tried to navigate the site and could not find any info about the offer.

      • cj3 on 22/05/2013 - 22:27

        I know about that link, but that was not what I was saying.

        • Sebby on 22/05/2013 - 22:29

          just above the 'Open Now' buttons there a line 'Plus, apply now and we’ll offer you $50 to kick-start your savings^.'

        • Piquant on 22/05/2013 - 22:29

          Umm … if you click on that link
          http://puu.sh/2YJtC/3949f6f622.jpg

        • Pratty on 22/05/2013 - 22:37
          +2

          I think he means he can't actually navigate to the deal link when starting from www.commbank.com.au

        • cj3 on 22/05/2013 - 22:38
          +1

          This!
          Just wondering whether the promotion is launched yet.
          Think I'll wait a few days before opening the account.

        • Pratty on 22/05/2013 - 22:40

          Figured! I can't find it either. I'm with you on this one - wait it out!

        • luker9001 on 22/05/2013 - 22:45
          +3

          I found out about it by physical spam from CBA.
          Was expecting some life insurance or credit card bullshit. Boy was my day made the moment I saw http://i.imgur.com/KOZYDXG.jpg in big writing.

        • Pratty on 22/05/2013 - 22:48
          +1

          Excellent, even better! Yeah the shoddy life insurance crap they send. I feel sorry for trees when I get those PDS books.

          Also, by getting that letter, have you ever had a GoalSaver before? Deal mentions nothing about already having a GoalSaver, and it says maximum of two accounts…

        • luker9001 on 22/05/2013 - 23:43

          I had a transaction account and credit card with them.

        • SummerMan on 31/05/2013 - 14:53

          Reply to cj3 on 22/05/2013 - 22:38

          Too late mate! CBA changes its mind.

  • VehemenceThePhoenix on 22/05/2013 - 22:24
    +1

    Since I already have a netbank account that literally took under a minute to earn $50. So good!

  • No ONE on 22/05/2013 - 22:30

    Will the bonus comes after the first deposite, or it won't be there until August

    • Sebby on 22/05/2013 - 22:32

      as per the terms & conditions 'retain a balance of at least $200 in their new GoalSaver account as at 11.59pm AEDST on 26/07/2013. You will be ineligible for the $50'

  • irajohn90 on 22/05/2013 - 22:33
    -6

    A maximum of two (2) GoalSaver accounts per customer can be opened.

    so does that mean we can get $100 for FREE? although we have to invest $400 for 1 day.

    • luker9001 on 22/05/2013 - 22:36
      +2

      If you read the next sentence:

      A limit of one (1) $50 credit per customer.

    • CI on 22/05/2013 - 22:37

      No also says only 1 $50 credit per customer regardless you open 2 or 1

      Edit: beat me to it

    • Kafkaesque on 22/05/2013 - 22:37

      Edit: Okay everyone already replied the same thing.

    • irajohn90 on 22/05/2013 - 22:46
      +5

      if i could vote on my own comment i would neg myself. such an idiot i am. i should have not had so much of this http://www.ozbargain.com.au/node/102272

  • kyeol58 on 22/05/2013 - 22:35

    is this being ozbargained haha I get the following message..

    "Sorry!

    The accounts applications forms are temporarily unavailable.

    Please try again later.

    Reference: b0aaf4a7-4c1e-4926-9b00-2656214d9a66"

    ………….D:

    • luker9001 on 22/05/2013 - 22:39
      +2

      I did it just a few seconds ago. Took literally less than a minute (only 2 screens). I already had NetBank though, so maybe they have different servers for new customers.

    • someguy102 on 22/05/2013 - 22:40
      +3

      Yep just did it for my account as well, pretty fast and painless.

      • sywex on 22/05/2013 - 22:44

        That's what she said.

    • irajohn90 on 22/05/2013 - 22:44
      +2

      if vista print sent my ozbargained stamp already i would have stamped this deal 'ozbargained!'

  • sywex on 22/05/2013 - 22:37
    +6

    OMG YOU JUST MADE MY DAY! You are my hero luker9001. 9001/10 would ozbargain again.

  • thelastnoob on 22/05/2013 - 22:41
    +8

    I saw Broden making some fake id's to open 100 accounts

  • ajdj10 on 22/05/2013 - 22:42

    Great, thanks!

  • Aster on 22/05/2013 - 22:42
    +2

    Well, applying for a new account when you already have NetBank is too easy.

  • GreenRomeo on 22/05/2013 - 22:42

    When will be ANZ and NAB turn? Can't wait…

  • huntress_love on 22/05/2013 - 22:45

    application submitted how long they take to approve and open account?

    • No ONE on 22/05/2013 - 22:45

      A matter of seconds if applied via netbank

  • tomclancy on 22/05/2013 - 22:52

    +81 votes in under an hour. Nice!

  • gayman on 22/05/2013 - 23:03
    +3

    I find the woman on link very attractive

    • tendliya on 22/05/2013 - 23:09

      Looks like she is goal saving to go to Paris. May be you want to save money and take her to Paris and propose to her on the Eiffel tower?

    • nfr on 22/05/2013 - 23:10
      +12

      But you are gayman!

      • gayman on 22/05/2013 - 23:59
        +7

        straightman was taken

    • abc on 23/05/2013 - 11:25

      She can be yours for $50

  • irajohn90 on 22/05/2013 - 23:05

    dont forget ME Bank's FREE $50 deal. http://www.ozbargain.com.au/node/102084
    This way you can make $100. Then invest for one year with RAMS 5.01% savings account and make $5 http://www.ozbargain.com.au/node/96831. with that hard earned cash you can buy yourself Cheeseburger meal for $5

    • cpho on 22/05/2013 - 23:12
      +8

      Actually, it's buy one burger, get one free at HJ.
      So, you could get yourself 2 burgers, plus 5% off with ING PayWave, plus another 5% off if you price match at officeworks

      • lgacb08 on 22/05/2013 - 23:21

        the ing paywave thing will be long gone by the time you receive the hard earned cash, so better cash advance them, you'll recover your $5 next year ;)

      • ozmk on 23/05/2013 - 00:26

        Wow, That is the classic OzBargainer's "5% Money Formula" = 5% off with price match at officeworks + 5% off with ING PayWave… LOL

      • spendinghacker on 23/05/2013 - 11:12

        You guys are all insane. Love it!!!!!!!!!!!!!

  • tendliya on 22/05/2013 - 23:07

    Is it just me or does anybody think that you need to submit $200 every month? The fine print says that to open a goal saver by 28th June and by the 27th July, then it will be only one month and hence the $200 deposit. If we open the account now, then it will be more than a month and we will have to deposit $200 each month until 27th July? Please clarify.

    Also, what does Commbank get in return by giving these offers?

    • CI on 22/05/2013 - 23:10
      +2

      That $200 per month deposit condition is there to be eligible for the interest rate being offered, I don't think it's to do with the actual $50 credit.

      • spendinghacker on 23/05/2013 - 11:13

        Correct. Nothing to do with the $50.

        For the cash, only one deposit is required.

    • abc on 22/05/2013 - 23:34
      +2

      You only receive the bonus interest rate if you GoalSaver balance grows by $200 per month and you make no more than 1 withdrawal.

      Eg. If you deposit $200 or more and have not made withdrawals you will be eligible for bonus interest.

      Eg. If you withdrew $1000 from it you would need to make sure $1200 went into it in the same month to be eligible for bonus interest.

      Eg. If your balance remains the same you will not be eligible for bonus interest.

      Eg. If you withdraw more than once you will not be eligible for bonus interest.

      • tendliya on 22/05/2013 - 23:41

        Thanks for the clarification fellows

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