• targeted
  • long running

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


  • I got 0.5% ._.

  • +3

    Is there any benefit of keeping money in savings if one has a mortgage. you will save 3-4% if putting money in redraw/offset compared to getting 2% on the highest saving account.

    • +5

      Yes absolutely no point if you have a mortgage with redraw/offset

    • +3

      Absolutely - if you have a mortgage then redraw is definitely the way to go to maximise the difference in rates.

      Usually reducing what you pay in interest is more beneficial than trying to maximise savings interest when you have a compounding debt to pay off.

      • +3

        Not to mention that the $'000s of interest youll be earning will be taxable :-)

    • +2

      Depends. From a financial point of view, no, but personal, yes. Thought I would add why it might be beneficial. I have a mortgage with an offset account that's joint to my misus.

      My spending money which is everything minus the home loan repayment is $1.2k/month and thats on my commbank savings and everything else goes into the offset. If I spend too much, I won't have money for couple of days and this has trained me well for the close to a year to spend within a budget.

      Subtract the difference between home loan interest and the savings interest is my cost for this set up (with some taxable income to add). So set up is less than $30/year but has improved visibility on my spendings and made me stick within budget.

      Scott Pape has also advised to have different accounts for different purposes which he calls buckets - blow, mojo and grow. I had my own variation before reading his book and has worked well, so the $30 opportunity cost is worth it.

      Kudos to those that can do without the multiple accounts.

      • +1

        That's "mental accounting":
        BTW, there's heaps of interesting readings from Thaler.

        • Thanks for that reg401. Been reading for the past hour on mental accounting. Always keen to learn new things especially when it comes to logical fallacies.

          I would definitely read more when I start to invest.

          Yes, I do treat my cash in different account differently when it is fungible. Yes, it is irrational for me to not buy something because I spent more than usual to meet my budget.

          But, I would rather make irrational decisions like that if it means that my misus and I can achieve the amount of cash we want in our offset account by the end of this year and achieve the amount of money we want for an end of year holiday.

          • +1

            @azngamer: The aim of Behavioural Econ is to understand the way people think and make economic decisions. Think of it as a combo of Econ & Psychology. Specifically, mental accounting explains money allocation thought process, but not necessarily dictates how people should behave. It does point out when actions are irrational, but that can always be debated.

            Nothing irrational about saving when there's a reason for that (or at all).

      • Or, move to a real bank that lets you have multiple offset accounts…

    • The only benefit is that mortgage offset accounts are only deposit guaranteed up to 250k (like any institution) so putting upwards of a million dollars in them can be dangerous, even if it offsets all your interest.

  • +2

    Since when is 1.4% interest a great deal? I will not neg, but this rate is truly awful.

    Lower than CPI and even if you are super risk averse to doing anything apart from putting your money in savings it's lower than almost every other bank and neobank. CBA is laughing

    You are practically allowing the value of your cash go downward at this interest rate even with this 'bonus'. Please wake up to this

    • +3

      The fact that this "deal" is so popular shows either people are not financially literate, they are lazy or just irrational. Either way, CBA is profiting greatly from all this dumb money.

  • +1

    Got offered a range of offers from +0.15% to +1.4%. No prizes for guessing which one I took. Brings it to 1.5%.

  • +1

    I got 1.35%, thanks

  • +1

    It is 2.10% with Ubank

  • Is it on its app or website? Thx

    • Can't do these commands on the app, it's on the website.

  • Interesting game. Ive been meaning to close this acct for months (CEBA wants me to ring up). Yep, was offered 1.5%. Rechecked the ING acct Ive been using: 1.95%. Will stick with plan A.

    • +1

      Well, I rang up as Ceba suggested, waited on hold for 10min, only to be told that I had to go into a branch.. Ahh, the service industry…

  • Deals needs to amended to targetted as not everyone will get that percentage. I got 0.85 which much lower

  • Thanks, got an extra .65%, 8 months ago in a branch they gave me a 3 month around 3% or so, went back to .1%.

  • Thanks OP, got a 0.75% increase for a total of 0.85%, just by clicking a few buttons.

  • +5

    Many banks have better rates elsewhere see here

    • Agreed.

  • +5

    OzBargainers bank with CBA? Isn’t that an oxymoron?

    • +4

      Not everyone wants to part with their adorable yellow dollarmites account book.

    • +1

      Haha so true. I used to have a CBA account to take advantage of their big ATM network, but now that the Big 4 has waived their ATM fees, it doesn't have much of a use anymore.

  • +6

    I get 2.25% with Up bank and 1.95% with ING, I don't understand why anyone would stay with CBA

  • +10

    Thanks mine went from .10 to 1.35. I rang and asked if as I’ve been with them for 35 years could it be left on there permanently. Surprise surprise no can do. I already have an ing acc so I’ve asked for them to email me all my direct debits as I’m done with Conbank

    • About time lol. Don't pay the lazy tax.

    • +3

      Good that you put in the effort. If more Australians were prepared to switch providers in banking, insurance, phone plans etc. every few years we'd probably have a more competitive market.

      I woke up to the lazy tax with EnergyAustralia and saved ~$600 over the past year changing supplier (with pretty much the same usage). Took one phone call and a 10 minute online application. Worth it

  • +1

    Still lower than inflation?

  • +3

    That's still a rip off. Just open an account at another institution and get way better interest. With Osoko instant payments, it is so easy to transfer your money back to CBA if you like to use their ATM network. Don't waste your time doing this for a rip off "bonus" rate, its not a bonus at all.

    • +3

      The popularity of the deal even with OzBargainers just goes to show that CommBank don't need to even have mildly competitive rates and deals to stay the largest and most profitable of the Big 4 banks that dominate the market.

      So I guess that customers see any increase as great (as they'd never consider switching away from CommBank anyway) even though the interest rate is still totally crap on this account

      • +1

        I call that the lazy tax. Great for Commbank shareholders I guess.

  • There are no alternative options currently available for the selected account. :(

    • Yes there are, there are many other great alternative options which gives you higher interest and the same deposit guarantee so you can run to the RBA to get your money if they ever go under.

      • +1

        I am pretty sure billyb67 was referring to the options under the Setting on CBA NetBank

        • I'm pretty sure I was sarcastic

  • Only +0.15% for me… Seriously?

    • They're subtly telling you that they don't like you as much as the others :P You'd never know if you weren't on OzB though

      • So true lol.

  • Can actually get up to 1.40% higher https://imgur.com/a/z1MKO07. Better than that for sure, but for many with low balances it may not be worth the inconvenience of moving to a different bank.

  • +1

    Thanks. Got +1.40% for 1.50% total. Still very average, and I'll stick with my savings in uBank (2.10% currently I think).

    • Same here, use netbank just for transit

  • +1

    thanks OP! I'm now on 1.35% for three months which is a lot better than my previous 0.10%…

  • +1

    My base interest in 0.1%, I can choose any 1 of 10 different bonus interest options, so I'd say some people wouldn't have the same combination. Max I can get is 1.25% bonus

    Options I have
    1.25 1.1 1.0 0.85 0.75 0.65 0.5 0.35 0.25 0.15 %

    • That does not make sense at all. Why would anyone choose the other lower options?

      • I guess the system they use is what they have in the branches where they can choose how much to give you before you could do it yourself. Since you can access it, you also see the options the branches have. Why would a branch give you less than the maximum might be related to their profits, etc. But that's another guess.

      • It may also be that after I use the 1.25% next time it wont be available to me? (different renewal periods for each option if they are coded separately in the system)

        I only just learnt I could bump the rate up, so I guess I'll find out in 3 months

  • Thanks so much!
    Was just able to increase all accounts to 1.5%

  • Join voltbank.com.au with their new savings, 2.15%

  • 2.25% with 86400 up to 300k and 1k monthly deposit. No brainer.

  • +1

    This is EFFING bulldust that you need to do this. When you ring them up, they thank you for being a loyal customer, but never mention this. Then you have to keep resetting it every few months. Better off jumping ship to Xinja.

  • do other big 4 banks have similar option

  • Thanks OP. Increased rate by 0.15%. Commbank sucks. Time to invest in crypto

  • Awesome thank you. I got +1.4%, so this beats the goalsaver rates I was getting previously.

  • Thanks OP, reminded me I had forgotten to do this, and also that I hate having to do it every three months. So just opened a Xinja account with 2.25% interest and no hoops to jump through. Will close off my CommBank saved once the funds transfer over!

    Giving a neg to highlight to others that there are better deals available.

  • I got 1.25% thanks

  • lol I got an offer of 0.15% or 0.35% increase. I really should move it to my ING.

  • Thanks OP.

  • Not only are their rates abysmal, their fees are extremely high too.

  • Thanks OP. I didnt know this!

  • +2

    As a CBA shareholder receiving around 7.5% in dividends andshare price increases I thank

    anybody taking up this offer.

    The bank reported a half year profit of almost 4.5billion today beating market expectations.

    The Suncorp Growth Saver Account suits myself best… 1.95% with a $200 monthly contribution.

    By using two accounts any amount can be accessed at the end of a month without reverting to the base rate.

    • Wouldn't mind buying some commbank shares to be honest….once they go down a bit though.

      • The horse has bolted regrettably.

        Up another2% today.

  • Thanks got the rate :) do you know if after 3 months you can apply it again?

    • I think it's 5 months, at least mine was…
      Edit - Woops ignore me. Didn't follow OPs instructions.

  • Currently getting 2.65% with Macquarie saver (4 month honeymoon rate) will be moving to Xinja when it expires next month.

  • uhm

  • thanks for the tip,

  • Cool cheers mate

  • Thanks OP

  • Other options yield a higher rate - UBank is 2.1% for example.

    Next there will be ozb deals for mortgage rates - our economy is so bad and everybody just keeps pumping "cheap" credit into it….

    Not against bank deals, but you can get better rates else where - maybe this belongs in the forum?

  • Will this suggestion to switch account creates a new account number?

  • Surprised me that citibank isn't getting any mention. I'm getting 2.3% variable intro rate for my online saver. After 4 months I just close and open another one to get the bonus rate again.

    • Won't they allow you 2 accounts at same time?

      • They allow it, I mean I close the old one after I open another since I won't need it anymore

        • We are talking about two different types of accounts.

          With the Suncorp one the 1.95% is ongoing .

          If access is need to the funds you just take out what you want on the first day of the month and transfer what's left to the other account so the 1.95% is ongoing.

          • @IanC: Sorry i have no idea what you are discussing now. I am just talking about the Citibank account. I didn't reply to your post about suncorp account.

            • @Jared17: No problem.

              Was just pointing out with the Suncorp account (similar to Nab Reward Saver and Westpac Life Account) for anyone interested you lose all the bonus interest for the month if you need funds.

              You can avoid the penalty by using two accounts and you don't have to open a new account every 4 months.

      • +1

        You can keep the existing account as long as you like just in case it needs to earn those last bit of interest on your last month.

  • nice one OP

  • I pity the people that jumped on this deal when there are so many better options to park your money like ubank

    • This is for people with cash sitting in CBA ready to be used in Commsec, 1.5% is better than 0.1%

      • Can't argue that 1.5 is better than 0.1, but this is still a shit deal

  • Just re-did my rate and its now dropped to 0.55% from 1.3%. That is upsetting

  • Can anyone on a low rate please trying resetting their rate before the 3 months to see if you can still do it?

    I used to be able to reset my 3 months every month to keep it but it now comes up with an error that I'm already on it, but I wonder if that's because if it's higher than the rate listed in title that they've now phased out.

  • Has anyone managed to get a better deal by going into a commbank branch.

    Just renewed this deal and its 0.80% percent, which is pretty outrageous for a special rate promo

  • My 3 month reminder has just gone off to remind me to reset the interest rate from virtually nothing to a little bit more than virtually nothing.

    Every little helps….

Login or Join to leave a comment