The Commonwealth Bank Goal Saver Account pays bonus interest when you meet the monthly deposit conditions and make no withdrawals from the account. As you're restricted from making withdrawals, it could motivate you to keep saving instead of making impulse purchases.
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Commonwealth Bank Goal Saver Account
- Maximum variable rate
- 4.90% p.a.
- Base interest rate
- 0.4%p.a.
- Minimum deposit
- $0.01
Our verdict
This account offers bonus interest when you deposit at least $0.01 and grow your savings each month.
CBA’s Goal Saver account offers 4.9% each month you deposit at least $0.01 and grow your savings balance. This is a lower interest rate compared to the highest rate accounts on the market which offer higher interest rates.
However, CommBank has one of the best mobile banking apps in Australia which could be a big benefit of this account if you like to manage your money on the go. The app can help you budget and save by splitting your transactions into spending categories, helping you find benefits and rebates that you might be eligible for and reminding you of upcoming bills.
Pros
-
Earn ongoing interest rate of 4.90% p.a. if you meet the conditions
-
$0 monthly ongoing fee to pay
Cons
-
Not the highest rate in the market
Details
Key details
| Product Name | Commonwealth Bank GoalSaver Account |
| Maximum Variable Rate | 4.90% p.a. |
| Standard Variable Rate | 0.40% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Age | 18 |
"In my opinion, Goalsaver is a far superior product to the generic Netsaver that many are directed to when they open a CBA savings account. Goalsaver allows you to get an ongoing high interest rate, whilst the Netsaver rate is high only for the first few months and then drops down. You can get the interest rate simply by growing your balance and it pays interest on balances of all sizes (not limited to $100K), which is perfect for those who are saving for a house deposit."
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Alison Finder
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Sarah Megginson Finder
July 17, 2024
Hi Neil,
The basic interest rate on this card is 0.4% so you’ll always earn this amount. But if you met the conditions – which is to increase the balance by at least $0.01 each month – you will qualify for bonus interest, which right now is 4.5%.
Bottom line, as long as you meet this condition, you’ll earn 4.9%. There is also no minimum balance requirement for this account.
Hope this helps!
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Gil
May 16, 2024
Do you have to deposit amounts monthly and what is the minimum
I have not received an answer
Sarah Megginson Finder
September 23, 2024
Hi Gil,
There is no minimum, you can deposit as little as $0.01 to meet the conditions. However, your account balance must grow each month, so you must not make any withdrawals throughout the month. If you set up a direct deposit to transfer at least 0.01c per month, you will meet the minimum. Hope this helps!
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Francisco
April 29, 2024
Hi, the money that needs to be transferred monthly to the GoalSaver account has to be from someone else’s bank account? or can I just transfer money from my NetBank saver or my SmartAccess every month and still comply with this requirement? thank you!
Sarah Megginson Finder
June 26, 2024
Hi Fransisco,
Yes, transferring money from another CBA account counts!
You need to make at least one deposit of any amount into your account in the calendar month; and have a higher account balance at the end of the calendar month than at the start of the calendar month. That doesn’t mean you can’t make any withdrawals, but if you do withdraw from your account, you need to deposit more money than you withdrew in the calendar month.
Hope this helps!
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Carolyn
April 24, 2024
Is there a maximum amount you can have in a goal saver?
Sarah Megginson Finder
April 24, 2024
There is no maximum amount, though balances over $1m may earn a different rate of interest to other values. Right now, it’s the same interest rate across all tiers of savings.
Hope this helps!
Kieran
March 31, 2024
Hi I’ve just opened a goal saver account what is the maximum annual deposit amount to the account to receive the 4.90%
Thanks
Sarah Megginson Finder
July 23, 2024
Right now, CBA’s website confirms they are offering 4.90% (0.4% standard interest and 4.5% bonus interest) on all balances, even those over $1m. So right now, there is no maximum amount.
Hope this helps!
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Neil
July 17, 2024
We need to bust our GoalSaver account up so your telling me will only get .4% on balance..??