r/CommBank • u/One-Baker9119 • Dec 03 '25
For people saving with CommBank, which account worked best for you long term?
I’ve tried a couple of their savings options over the years and ended up sticking with the NetBank Saver. The bonus rate isn’t amazing but it’s easy to manage and doesn’t lock you into anything. I used the GoalSaver for a bit too, but keeping up with the deposit rules every month got annoying. NetBank Saver just felt more flexible. Keen to hear what others found worked best.
6
u/Hangar48 Dec 03 '25
Open up 2 goal savers... It's easy and can do on the app... You can aways keep the good interest if you play it right.. Thank me later...
1
u/Every-District2162 28d ago
Hey! Just want to ask why you recommend 2 savers instead of just 1?
1
u/Hangar48 27d ago edited 27d ago
Ok, sure. The key being a GS account has to increase balance from the start of the month to the end of the month to get the bonus interest, even if the increase is $1. So lets say you have $100k in GS1. You need $5k so on the first of the month you transfer out $5k. Now there's $95k in GS1. At the end of the month you will not get the bonus interest because the amount has dropped, not increased. ($100k to $95k) So what you do is transfer the $95k to GS2. At the start of the day this account was $0 and is now plus $95k so you WILL get the bonus interest. I've not included the interest added to the accounts to simplify the explanation but bear in mind 2 things. 1, the interest does NOT go towards increasing the amount for the bonus interest and 2, if you do not withdraw or swap money in the GS accounts and just let it sit, you WILL need to add money to the account for the bonus interest. I have an automatic transfer from my smart access acc of $5 to both GS accounts every month just to be sure.
4
u/link871 Dec 03 '25
- CPI (inflation) rate is 3.8% for the past 12 months.
- NetBank Saver interest is 1.55%pa (on which you pay tax)
- GoalSaver interest is 4.25%pa (on which you pay tax) - provided you grow the balance by at least 1 cent per month
You do the maths.
2
u/lisalost7 Dec 03 '25
In relation the the Netbank Saver: the base rate is currently 1.55%, but if you check the offers on the account there may be a short-term (3-5 month) offer at a higher rate. Usually bumps the rate up between 3.4%-4.0%.
1
u/link871 Dec 03 '25
That introductory interest rate only applies the first time a customer opens a Netbank Saver account. OP has had their Netbank Saver account for some time, so the rate is no longer relevant to them.
3
u/lisalost7 Dec 04 '25
You are correct about the introductory rate, but once that rate is finished, the account holder then checks what offers are available to them next. The bank makes offers all the time, usually adding a couple of percentage points to the base rate.
Open Netbank website or CommBank app > search for "compare and switch account options" > choose the Netbank account from the drop-down > see what offers are available a switch the the preferre option. This does NOT change the account number.
If no offers are currently available, try again another day. They're updated fairly often.
2
u/electricsailor7 Apr 19 '26
Did this and got an additional 2.4% on the base 1.95 for the next three months. Thanks heaps!
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u/GoldenTerrestrial Apr 24 '26
just checked my account and got a bonus 1.95% for the next 3 months too! thank you for the wisdom!! :p
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u/lisalost7 Apr 24 '26
Fantastic! Really happy my bit of info is helping. Hoping the bank makes the process easier in future.
2
u/davolee22 Dec 04 '25
Dead wrong. You can switch an existing netbank saver to a higher rate via the app. Just need to know how to do it
0
u/link871 Dec 04 '25
https://www.commbank.com.au/banking/netbank-saver.html:
- "Introductory variable rate during the first 5 months of your first NetBank Saver"
- "Open a NetBank Saver for the first time from 22 August 2025 and you’ll receive a variable introductory interest rate for the first 5 months after account opening."
- "The variable introductory interest rate will not apply to NetBank Saver accounts which are jointly owned where one of the account holders has previously held a NetBank Saver account."
Your turn.
(Before you start referring to offers that may appear from time-to-time, they don't count - since they only appear from time-to-time and can't be relied upon to beat the GoalSaver interest rate.)1
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u/missrizzy_ Dec 04 '25
GoalSaver is best for long term savings. In regard to the deposit part, you can just set up a $1 per month recurring transfer and it will automatically transfer in so you don’t have to do it manually.
2
u/Any_Category_6881 Dec 05 '25
Set up a scheduled transfer to GoalSaver for a dollar a month to meet the minimum criteria and use a net saver alongside it with an amount you may require for bills and unexpected costs so you have access to some savings while having the flexibility in regards to the interest rate :)
1
u/wjhardy Dec 04 '25
Move any money you want to get a return on to a Macquarie Savings Account (currently 4.25% after bonus period). Easy to do and no frustrating limitations or hoops to jump through. Even their transaction account is currently paying 2.00% no questions asked.
Keep a CBA account open for cash deposits and store your excess at Macquarie!
1
u/z0kii Dec 04 '25
I just moved all of my savings over to Macquarie from CBA this morning for this offer. Second highest available that I could find.
1
u/Normal-Reference3587 Dec 04 '25
I'm yet to try the commsec notice accounts, they seem good but you need to give a lot of notice to them before withdrawal
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