You will need to request this interest rate change in NetBank Settings > Product Requests > Switch account options, select Netbank Saver account and then click Go.
I am not sure if this offer is available for every existing customers. It could potentially be targeted.
Total Interest rate will be 3.00% (Standard Variable Rate 1.35% + 3 month special offer 1.65%).
I know there are better offers out there, but this is for those Commbank customers who don’t want to make the move.
Oh well
So it's just a worse version of this offer?
Anyone left at CommBank must really love them to turn down free money elsewhere.
I understand that some interest rates will just be lower, but the fact you have to opt in and that it's capped at three months says plenty about what they think of you, the customer.
Where's the bargain?
They offer different rates all the time, just go in and check what your offer is when it expires.
Other banks at 4% can't see any bargain.
For someone on the top marginal tax rate, the difference is effectively only 0.5%.
Plus, earning 4% might be enough to tip some people over the FTB thresholds or into a lower PHI rebate, higher HECS repayment etc. A bigger number isn't always better.
All really nice examples of stuff people in high-tax incomes really don't care about, relatively speaking
A bigger number isn't always better.
This statement is entirely wrong - when it comes to interest earnings, a bigger number is absolutely better.
This statement is entirely wrong
Unless your income means that you're close to one of the points where your EMTR > 100%
There's no point earning an extra $1000 interest, but then losing $485 in extra tax, $150 in extra Div 293, and losing the 8% PHI rebate (roughly $500 on a family policy). Yes, I'd earn an extra $1000 in interest, but pay $1135 to the government so that I'm actually $135 worse off. Personally, I'd rather invest in a high yield performance vehicle (especially given the current state of the second hand car market).
@CacheHunter: Yeah man - this is such a spectacularly niche scenario that nobody should be using it to choose their savings account. The highest rate is the better option for just about everyone.
It takes literally minutes to open a Macquarie account, so no reason to accept lower rates with an incumbent.
Add to that, Macquarie doesn't require you to go into a branch. CBA?
Macquarie wanted me to get a certified copy of 3 forms of ID to open an account. I’ve had less hoops for credit cards!
The joke is that they had to be ‘scans of originals’ like that was a layer of security lol
Jsut another way the banks **** you
I ended up with an extra 2.05% taking it to 3.4%. It’s the kids money though, harder to open accounts elsewhere
Sorry OP. This just doesn't belong on ozb. There are better rates readily available.
yes it is for all existing customer but u have to go to the app setting and activate thats what comm bank staff told me …
thanks for heads up…
already had this account so switched, worked like your described
now just to dump some money there :)
no bargain here
I’m currently getting 3.5% with ANZ, and there’s better than that available elsewhere. This isn’t a great rate, especially with it only lasting for 3 months.
Can we delete this ‘bargain’??
Oh wait guys! I got extra 2.05% so in total 3.4% is not too bad. This acct is only for transit tho i wouldnt complain.
Ubank is still our main for emergency funds
Is this even a deal ?
How do you check this in the cba app? I can't find product requests > switch accounts options
Who cares ?
If you have some savings, then put them in the account with the highest rate. Which isn't this one.
I know there are better offers out there, but this is for those Commbank customers who don’t want to make the move.
Those people are dumb. "The move" is literally just transferring your savings to your new BSB and Account Number - it couldn't really be any easier.
Move away from CBA if you’re comparing savings rate
I got 8 months extra 2.15%, what a wonderful night
There's no deal here!
This is not a deal. The deal was ING and Macquarie Bank posted here on Ozb. I moved my savings from CBA to ING with a simple and easy online application. CBA can suck big toe.
4% at at George
ROFLMAO.
What a steaming pile of garbage offer …. Ewww
For those that don't want to make the move?
Setting up an online deposit or savings account is less than 5 minutes work, no credit check involved, and at worst may take a few days to transfer funds over depending on daily limit.
Anyone accepting this offer as okay deserves to be ripped off
Why is this on OzBargain? There is no bargain.
1.65% - What a time to be alive!
This is the opposite of a deal.
You gotta know the darkness to see the light.
Bad deal.
Are we meant to cut some slack because it's a big 4?
Very bad rates!!!
I'm currently getting 3.45% with Macquarie Bank saving account and that's just an ongoing rate with no hoop to jump through - no special request, no minimum deposit requirement, no ongoing account fees, no spending requirement, just money sitting in the account. I'm an existing CBA customer with their transaction account, but I keep minimal amount of money with them. Bad deal.
I'm getting bonus 0.55% for 3 months make it total 1.90% lol
Oh wow! A whole 1.65% bonus!!! CBA making all our dreams come true. Well some…who are existing or maybe not even then.