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.
I think we know which CBA will pay. For the rest of us who were not emailed, but opened before the T&C changed it will probably depend on how our particular case is stonewalled/escalated by customer service.
I for one pity anyone (including my bank manager) that tries to tell me I don't qualify for the original T&C simply because they changed them after I opened my account. I'm a nightmare to deal with when stuffed around - measured and calm but unwavering in purpose.
A bit like Terminator 2, if he could be bought off with $50.