CommSsec have previously offered a free and convenient account with Master debit access, and a linked high interest savings account. However from the 26/1 new changes will mean this is consolidated into a single transaction/saving account with tiered interest rates.
Despite the "new simplified convenience", it leaves interest rates nothing short of undesirable. For those using CommSec this is actually a mild inconvenience to have to look elsewhere for decent interest rates.
Nevertheless, the new Commonwealth Direct Investment Account (CDIA) will continue to be a free account with Master debit access, and will now be accessed online from netbank which is a plus.
Balance Current Rate :-p
$0 - $5k 0.01 %
$5k - $10k 0.01 %
$10k - $20k 1.50 %
$20k - $50k 2.00 %
$50k - $100k 2.50 %
$100k - $250k 3.00 %
$250k - $500k 3.25 %
$500k or more 3.50 %
For those who trade shares, the most significant change is the following taken from the FAQs regarding the trading limit being the amount of money you have in the tiered low interest account. The workaround is a CBA netbank saver for instant transfers, or even another way of payment for settlement.
"Will funds in my CDIA contribute to my trading limit?
Yes. If you have a Commonwealth Direct Investment Account (CDIA) linked for settlement of your trades, the full balance of your account will automatically be integrated and added to your current trading limit. You can then place a trade online at any time provided there is sufficient collateral within this account."
"If funds are held in another CBA account within NetBank, you can instantly transfer funds into your CDIA to increase your trading limit."
http://www.investing.commsec.com.au/cash/faq.html
Thanks for reminding me to do that $200 promotion from here: http://www.ozbargain.com.au/node/86846
It finally worked and I could sign up :)