Linked to a Commonwealth Bank transaction account, the NetBank Saver provides you with a convenient way to manage your savings without having to pay any fees for your transactions. If you apply now, you will have the added benefit of bonus interest applied to your deposits, allowing you to grow your savings quicker than you had thought.
Commonwealth Bank NetBank Saver
- Maximum variable rate
- 4.90% p.a.
- Base interest rate
- 2.15% p.a.
Our verdict
Open up a NetBank Saver Account today and you could be rewarded with a bonus introductory interest rate for your balance.
Be mindful that fees may still apply to your linked Commonwealth Bank transaction account.
Pros
-
Maximum deposit of $5,000,000
-
There is $0 monthly account fee
-
Earn interest each day
Cons
-
A transaction account should be linked
Details
Key details
| Product Name | Commonwealth Bank NetBank Saver |
| Maximum Variable Rate | 4.90% p.a. |
| Standard Variable Rate | 2.15% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Age | 18 |
"Only if your intention is get a slightly higher rate for a few months, the Netsaver is better than the Goalsaver. You won't have to meet any conditions to get the bonus interest (grow balance, make a deposit), but you are only getting it for the first 5 months. I prefer the Goalsaver account."
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How we picked theseHow the Finder Score helps you find a better savings account
The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?
Your reviews
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Alison Finder
Editorial Manager, Money
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Richard Whitten Finder
December 12, 2023
Hi Jack,
I’m unable to answer this question by looking at Commbank’s website or the PDS. I suggest contacting the bank directly to clarify.
Mia
October 02, 2023
Why’s CommBank only giving me like $300 as interest on something that’s supposed to be like $10k + interest based on the amount and the netsaver rate… something very fishy and thinking of escalating this. Something isn’t right. it’s got to be looked into 😕
Sarah Megginson Finder
October 13, 2023
Hi Mia,
We’re not licenced to provide personal advice, so we recommend you contact CommBank directly to escalate your enquiry.
A note that the interest rate of 4.75% applies only for the first 5 months as a bonus, then it reverts to 2.2%.
Also based on an interest rate of 4.75%, to earn $10,000 per month in interest, you would need to deposit around $2.5 million. Hope this helps.
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Jenny
June 29, 2023
After the 5 month bonus interest period ends can I negotiate a better variable rate than the 2.2%
Alison Banney Finder
June 29, 2023
Hi Jenny,
You’d need to speak to CommBank directly about negotiating the variable rate.
Good luck!
Alison
peter
June 07, 2023
can it be a joint account
Alison Banney Finder
June 08, 2023
Hi Peter, yes you can open this as a joint account.
Shane
May 22, 2023
I currently have a net bank saver that I had for several years, can I close it and open a new account or am I better off closing it and moving to another bank with a similar offer
Raj Lal Finder
May 22, 2023
Hi Shane,
We aren’t licensed to offer you any personal financial advice or product recommendations. However to help consumers pick a savings account, we have some information on how to compare, in this guide https://www.finder.com.au/savings-accounts/best-savings-accounts
Thanks
Raj
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Jack
October 31, 2023
Does this mean I can hold only a maximum amount of $5 million in this account? Or does it mean I can deposit a larger amount but only $5 will be eligible for the bonus interest rate?
Thanks!