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Commonwealth Bank GoalSaver Account - 6% P.A. if You Increase Your Balance by at Least $200/Mth


GoalSaver rewards your saving efforts with a great variable bonus interest rate. Simply increase your balance by at least $200 a month (excluding interest) and make no more than one withdrawal per month. Whether it’s your first time with us, or you’re a loyal customer, GoalSaver will help you achieve your savings goal faster. So you and your savings rate can live happily ever after.

  • No monthly account fees.
  • Interest calculated daily and paid monthly.
  • No minimum balance to open the account.
  • Instant access to your money (in branch, online or through phone banking).
  • Access to BPay®, International Money Transfer and Bank cheques (in branch).
  • Base variable interest rate: 3% p.a. Bonus variable interest rate 3% p.a.

This seems like a good deal however the one catch I found is that as I'm not a Commonwealth Bank customer there's a NetBanking daily limit on transferring funds to a non-linked bank account of like $2000 a day which would make it hard to withdraw funds electronically to a non-Commonwealth Bank account I would guess.

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closed Comments

  • +17

    Why don't you go for Ubank 6.51% & better conditions.

    • +1

      ^This. Especially if you're a non CBA customer like the OP. To the OP have a look at Ubank saver and you'll see this is nothing special.

    • Ubank is better.

    • +1

      I wish CommBank would match Ubank's 6.51%. I'm a Commbank customer, but I've opened a Ubank account xD

      • +1

        likewise. Nothing like walking away with your feet.

      • if u have alot of savings u can talk to a sales rep and theyll try to match maybe
        banks these days are like harvey norman

        • I told the bank manager at my CommBank branch about Ubank's rate, the guy said they couldn't go anywhere near. But then I only had about 30K in my fixed term deposite.

      • +1

        Same. I had always used Netbank Saver, but UBank's base rate is better than Commbank's bonus rate, with no conditions. I called Commbank to ask if they'd like to match the interest rate before I opened a UBank Saver and the best they could do was this GoalSaver 6.0% with conditions or 5.85% for 3 months on the Netbank Saver.

  • +1

    Not a bargain.

  • +2

    Don't bother as per comments from letmecry.

  • +7

    Based on the OP description it seems ubank is a better deal/bargain.

    The key difference appears to be CBA offers more flexibility to get at your money (cash withdrawals from a branch, Bpay, Int'l transfers & bank cheques) while Ubank doesn't.

    On the other hand Ubank has unlimited withdrawals versus the CBA restriction of one/month to earn the full 6%. Oh, and assuming $200 monthly deposit for either bank, then Ubank interest rate is 6.51% vs 6% for CBA. So it is a case of increased flexibility or higher rates.

    But what appears on first inspection to be increased flexibility from CBA on reflection looks illusory. The 3% bonus rate (the base rate is 3%) is lost if you take advantage of all the ways to access your funds more than once in a month. I think CBA are being a bit tricky with this one…

  • +1

    Isnt this the same as netbank saver. I've saving in that account for the past few years

    • +2

      This one is more restrictive than Netbank Saver. I talked to a a staff member at my local branch and they hinted that I can come back every now and then for the promotional rate (currently 5.85%pa) rather than go for one of these new accounts.

  • i think you need to factor in the bank fee too…ubank +1

  • Only positive is time for money to be shifted into/out of account. Ubank are so slow, not good if you need money in a hurry.

  • +1

    Ubank FTW!

  • As an existing CBA customer with a NetBank saver, adding this account online as a third account (regular, NetBank Saver, GoalSaver) was painless. It clearly isn't the greatest deal ever, but for me it gives something extra effectively for nothing.

  • +2

    don't forget that australia has the highest tax on interest on savings.

    • lol, got a letter from ATO today for not declaring all interest…in my defence I have more than one savings account and did forget!

  • +3

    Ubank is better, making this not a bargain.

  • +2

    As mentioned, screw CBA go uBank.

  • This is a piece of shit. Not a bargain.

    BTW, Thanks to CBA, I got $100 from NAB campaign. That account opened for this purpose will be close soon.

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