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Receive a Better Rate (up to 1.4% Increase) on Bank Deposit Accounts - Netbank Saver with Commonwealth Bank


A hidden user option. Account holders can manually increase interest rate to receive bonus 1.25%
Increase remains in place for 3 months and must be reset after that period
Access by following steps
1. Login to NetBank
2. Select 'Settings' from main menu on Home page
3. Under heading 'Accounts' locate 'Product Requests' - select 'Switch Account Options'
4. In Account drop down - select 'NetBank Saver' account and click 'Go' button
5. Via available buttons - select to increase interest rate to access the bonus rate.

NEEDS to be reset every 3 months

Related Stores

Commonwealth Bank
Commonwealth Bank


  • so how much is the total rate and how does it compare to the other banks?

  • +5 votes

    i think what you get offered varies between individuals

    • +19 votes

      Tested with several people, the bonus varies.
      Not sure what their logic is though.

      CBA, if you're reading here: the first bank that will actually just give me the preferred rate, and will keep it updated with the best they could offer, without all these games every 3 or so months, will get my money.

      • +14 votes

        I'd hazard a guess that the loyalty/lazy tax makes them far more money than the occasional savvy individual switching to another bank.

      • The private sector fails again.

        And it will always fail because it's only aim is to remove your money.

        The Commonwealth Bank should never have been privatised.

        • I read an interesting article about global interest rates and the history of rates (okay that sentence doesn't make it sound interesting at all)

          Basically low interest rates are to encourage money OUT of savings accounts and into the economy. When done right, gets the economy purring again, increases interest rates due to inflation and then you can put your money back into a savings account - if you have any of it left by then.

          Simple logic, but I'd never really stopped to think about it before.

          • @Click_It: And RBA tries to maintain inflation at 3-4%, by tinkering with the interest rate, to keep Australia out of recession and maximise economy growth.

          • +3 votes

            @Click_It: In isolation that intent may be more successful, but other things like consumer confidence, debt levels, etc., also play a part.
            With almost no wage growth over multiple years, my understanding is that consumer confidence is low and more is being spent on reducing debt that on consumption (purchases). This is a difficult economic time, and the efforts by the RBA to stimulate the economy appear to be hampered by the policies of the government.

          • @Click_It: You just explained monetary policy

            It’s what the RBA has been using for the last two decades

            • +2 votes

              @YLD1: decreasing interest rates has diminishing returns. At this level, decreasing the rates wont stimulate the economy anymore. It will only increase consumer confidence in the housing market. Thus increasing house prices, and increasing debt levels and decreasing spending everywhere else in the economy.

              • @jwsc: Increasing consumer confidence in the housing market is stymied by the non-growth in wages coupled with increasing living costs.

                • @GG57: that only discourages the lower income households.
                  the higher income households remain unaffected and middle income households are just taking up larger levels of debt, while decreasing their spending in other areas. thus compounding the decrease in consumer confidence in other markets

      • Have you considered banks like Up, 86400, Xinja, UBank, ING or ME, which all offer better rates than CBA on an ongoing basis, so long as you meet their bonus eligibility requirements? I meet my bank's deposit requirement by having my pay put into that account. Several of those are full-featured enough to be a main bank, too.

      • I opened a new account with ongoing rate of 2.25% with attached transaction account that has no domestic or international atm fees. Australian Government guaranteed. Online only - app only. The name is Xinja, a play on word Ninja. Public funded bank.

  • unable to find on banking app - must be desktop im guessing

    • You can use the app to get directly to the NetBank page if you search for “Compare” and choose the search result “Compare & switch account options”. The NetBank page is not mobile friendly but it’s still doable.

  • Join Xinja, 2.25% no strings attached. Perfect for putting some funds away for savings.

    • My Oppo phone is not compatible to install the app.

    • I won't neg but I'm not sure this is that much of a deal. The netbank saver currently only has a 0.10% interest rate which is virtually nothing and combining this with the bonus is still way lower then quite a few other institutions.

      The total interest rate needs to be over 2% to be a deal.

    • Are these guys new?

      How reliable would they be? As someone who doesn't know much about this stuff

      • They are backed by APRA for up to 250k per person, so if you're putting in less than that then you have nothing to worry about.

        • Thank you, will look into them then

        • Up to 20 Billion per institution ;)
          Which is kind of laughable, considering Commbank has over 400 Billion in deposits. If Commbank goes bust, chances are you'll get 5% back from what you put in

      • If you're not comfortable with a small independent like Xinja, then Ubank (A division of NAB) offers 2.10% (monthly compound) with a $200 monthly deposit.

    • Same rate as 86400.

      I don't know which is better

  • Thanks. Got +1.4%

  • I currently don't have a commbank account. What account should I open to get this rate?

  • +1 vote

    CUA has 2% by transferring $1000 monthly.

  • mine is only 0.10% to 0.25%. my money will stay elsewhere.

  • You'd think Ozbargainers would be more savvy than chasing 2% (close to a negative real return) rather than ETFs etc.

  • I got 1.25% but I don't keep money in that account.

  • .1% to 1.1% for me. Why not.

  • It says the Netbank Saver requires a linked Transaction Account?

  • "Please read the following message
    When you switch price options, the new fees and interest rates will apply from the day you switch. Any fee waivers or interest rates that applied to your previous option, will no longer apply following the switch."

    ps. i only get 1%. Guess it's a random offer.

    • So this means monthly account keeping fees potentially? I went ahead and switched however have now switched back to the "Classic"

      • Seems like it needs a linked transaction account for you to have a Netbank Saver. So probably requires $2000 monthly deposit into the linked transaction account to avoid the $4 account keeping fee each month (unless you are under 25 years old)

  • Does this change the account (bsb and AC number)?

  • Plenty of other banks offering better rates, some over 2%.

    Netsaver has a base rate of 0.1% + whatever bonus you get. The introductory bonus is 1.55% for the first 5 months. Total of 1.65% at the very most.

    This is not a good deal at all.

    • I have my income go into CommBank and siphoned into better savings account later on. With this I can still get extra bonus interest.

  • Good post thanks Ballsy.

  • they gave me + 0.25%, so its now 0.35%, lol, luckily i keep my savings in rams but their rates have been pretty bad lately as well.

  • Awesome. Went from 0.10% to +1.4%

  • Thanks OP, got the 1.25% rate as well

    though I opened up a Ubank saver recently so most of my savings are in there

  • Cheers OP :)

  • Better than my Goalsaver rate, Cheers.
    I know people are listing other banks with better rates but the thought of setting up with an entire new Bank and going through every single one of my automatic direct debit bills/wages/homeloans etc. and redirecting them to XYZ different banks sounds like a nightmare to me. It's not like I'm a millionaire where .5% difference is going to be a big deal anyway :P

    • Definitely adds up, especially when it’s full percentages higher like with UBank, Xinja, etc. One-time effort (half to full day max) and you’ll permanently have higher interest rates for life! I’ve made sure to have the highest interest rates since being a teen, now in my 30s, it’s made me thousands. Cashback sites and little OzBargain discounts definitely have a lower payoff.

    • your new bank can get a 13-month old list of all direct debits and credits from your current bank

    • The open banking deadline for all banks is July next year and this will make switching easy. It basically means that all banks have to be able to send your customer data to each other on your request (using api gateways). Look forward to it!

  • what does it mean it has to be reset every 3 months? can someone please explain

    • The rate automatically defaults to the basic 0.1%

    • It's a "for a limited time promotion". Your interest rate will go back to normal rate once the 3 months is up. You need to repeat the process again, and see what's the new offer at that time.

  • Brilliant - many thanks for the easy instructions.

    Been pondering what to do with my NetBank account for a while but this little extra certainly helps.