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Commonwealth Bank of Australia Savings Accounts

Commonwealth Bank offers a GoalSaver savings account for adults and a Youthsaver savings account for minors. The standard interest rate for both accounts is only 0.01 per cent. However, GoalSaver pays bonus interest when customers deposit at least $200 during a calendar month and make no withdrawals during that period. Youthsaver pays bonus interest for one deposit and no withdrawals per month. Commonwealth Bank also offers term deposits, credit cards, personal loans, home loans, insurance, superannuation and financial planning. Commonwealth Bank has operations in Australia, New Zealand, Asia, Europe and North America.


Commonwealth Bank of Australia savings account interest calculator

Thinking about taking out a savings account with Commonwealth Bank of Australia? Use our savings account calculator to see how much you can earn under different investment scenarios. You can also see how Commonwealth Bank of Australia savings accounts compare with other options.

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A savings account is exactly what the term suggests. It is an account separate from your everyday bank account (also known as a transaction account) where you can set aside money for your savings plan. It can also be used as an emergency fund, should you need the extra cash.

A savings account generally has no monthly fee, along with a competitive and ongoing interest rate. There are different types of savings accounts, some with withdrawal restrictions and others with a bit more withdrawal flexibility.

Deciding which savings account is for you depends on your savings plan.

Commonwealth Bank savings accounts

Whatever you’re saving up for, be it a car, a house or a trip abroad, Commonwealth Bank probably has a savings account for you.

NetBank Saver

Commonwealth Bank’s NetBank Saver account provides unlimited transfers to and from a CommBank everyday transaction account (called the Complete Access account).


This GoalSaver savings account rewards you every time you reach a particular savings goal. Every time you save up each month, you get a variable bonus rate. This helps you build up your savings over time. It also provides a great incentive, as it forces you to make a contribution within a set time frame, which is usually a minimum monthly deposit.

Future Home Saver

This type of savings account is for customers looking to save a deposit for buying a home. The interest is usually the standard variable interest. Generally, it is paid monthly but calculated daily. There is usually a bonus interest (non-compounding), as well. This is, of course, also subject to changes and conditions apply, so be sure to check with Commonwealth Bank’s updated details. 


This type of savings account is available for Australians under 18 years old. Should you be interested in teaching your children about saving and financial discipline, you might want to consider getting them a savings account to start them off.

Commonwealth Bank’s Youthsaver rewards its customers with bonus interest if they are regular savers. You can also link your child’s YouthSaver account with yours in order to monitor their transactions.

Perks of getting a savings account

Commonwealth Bank savings accounts generally allow you to enjoy instant transfers online and to access to your money through the CommBank app.

Commonwealth Bank has a reliable mobile banking system that allows you to constantly oversee your transactions and manage their spending. In NetBank, you can easily see and manage your savings – and even set up savings goals – from anywhere, anytime, all through your mobile phone.

You can use the app to transfer money from your savings account to your everyday transaction account, should you need it. Commonwealth Bank usually allows you to choose the term of your term deposit, giving you a lot of leeway in getting an account that suits your savings plans.

How to become a better saver

Savings matters. You never know when you might need extra cash for an emergency. Becoming a better saver will also help you long-term, especially when you’re slowly working towards making a major purchase or investment in the future.

But how, exactly, can we learn to become more disciplined in saving?

First of all, it would be good to create a budget, so you can keep your expenses tracked. It would also be good to think long-term and assess your current financial situation. Once you’ve done this, it will be easier to determine your goals and in creating a savings plan.

To keep you in line, having a savings account might help in organising your short-term and long-term saving goals.

About the Commonwealth Bank

The Commonwealth Bank of Australia, founded under the Commonwealth Bank Act in 1911, started operations in 1912 and is now known to be one of Australia’s leading financial institutions. It is also known to have the largest ATM network.

It also has branches in different parts of the world, such as New Zealand, North America, Europe and Asia.

Commonwealth Bank is one of the ‘big four’ banks, along with the ANZNAB and Westpac.

^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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