Commbank Netsaver Account - Bonus Interest Rate

LKunalk222 on 24/05/2018 - 09:40
Last edited 24/05/2018 - 09:45 by 1 other user

So I am working towards saving for home deposit and I have been using CBA.

I figured the normal interest rate in Netsaver account is 0.8% but when you open a new Netsaver account you get a bonus 1.6%, so new interest rate for 3 months is 2.4%.
- There is no limit on opening Netsaver account (you can have infinite net saver account)
- There is no application or process for opening new netsaver account, basically it doesn't affect your credit score
- All account will be under your main login ID, so easier to manage
- You do not have to visit bank if you already have Netbank with CBA (all work can be done on Netbank website)
- Bonus Interest rate is for 3 months
- Once your three months finish, you can close that account and open new one (online)

I understand there are many banks which give better rates but this post is for people who want to stick with CBA as they have already started their home loan
process or are using CBA for normal day to day operations.

Related Stores

Commonwealth Bank

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  barbarella on 24/05/2018 - 09:46

  I have a similar ANZ account. I have had it for years and years. Every three months I ring them and get them to extend the bonus interest for another three months - and they do! :)
  If CBA refuse to do that then threaten to leave them for the ANZ.

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  AssociatedPharos5 @ Commonwealth Bank on 24/05/2018 - 10:18

  +2

  As above, you can just call and have the rate increased in 3 month increments.

  Also- if you have a home loan you would get a better equivalent interest rate by putting your money in the offset/MISA/redraw.

  • 

    AutomationGuy on 24/05/2018 - 10:30

    I have done this in the past, it was frustratingly easy to do (frustrating because I hadn’t been doing it prior!)

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  ziaxk87 on 24/05/2018 - 10:23

  +1

  hmmm..that works better I guess as you are not opening and closing accounts..

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  Savas on 24/05/2018 - 11:36

  That is good if it is true. I thought it was only for the first time because it says:

  Open a NetBank Saver for the first time from 15 January 2018 and you’ll receive a special bonus variable interest rate, currently 2.51% p.a.,

  Or am I looking at wrong thing?

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  dresh on 24/05/2018 - 12:39

  +2

  FYI, RAMS saver account is currently at 3%

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  ausdday on 24/05/2018 - 12:55

  Or you can just utilize the Special Loyalty Rate for Netbank Saver without opening new one. The current offer for me is base+1.25%.

  When I have enough money in my netbank saver that 0.35%pa difference concerns me, I know it's time to move the money to some other investments.

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  xc on 17/02/2020 - 11:26

  If you have a Commbank Netbank saver Account you can get the bonus interest Rate online using Netbank

  Go to cba netbank settings, Switch account options, Select account and see if you have any loyalty bonus to increase your interest rate.
  Add a repeating reminder in your calendar to repeat the process every three months