Our verdict

Earn interest on your business savings balance while paying no fees.

This account doesn't charge a monthly fee and provides instant access to your funds with online and phone banking.

Pros

$0 account keeping fee

Cons

Linked cheque account may have fees
$0 balance required to earn interest

The Commonwealth Bank Business Online Saver is a flexible savings account designed to give you total access to your funds, while still paying you interest on your balance. There are no minimum deposit requirements to meet or monthly fees to pay with this savings account. However, you need to maintain a balance over $10,000 to earn interest.

Details

Key details

Product Name	Commonwealth Bank Business Online Saver
Maximum Variable Rate	1.15% p.a.
Standard Variable Rate	1.15% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

No fees

You will not be charged any monthly account keeping or maintenance fees for the Business Online Saver.

Earned interest

You will earn a competitive rate of interest on balances that are over $10,000. Balances less than this will earn no interest.

Calculating interest

Your interest is calculated on a daily basis and paid into the account monthly.

Linked account

In order to use this account correctly, you must have it linked to a Commonwealth Bank Premium Business Cheque Account or Business Transaction Account in the same name.

Minimum balance requirements

There is no minimum balance requirement, but you must have at least $10,000 in the account in order to earn any interest.

Making deposits and withdrawals

All transactions must be made electronically through the linked account (fees may apply to the linked account).

How to apply

Eligibility

Applying for the Commonwealth Bank Business Online Saver can be done from the comfort of your office chair. You can start an online secure application by visiting their website which you can fill out in your spare time. Before you get started, make sure that you and your business are eligible for this account:

Minimum age. Applicants for the Business Online Saver must be at least 18 years of age.
Residency requirements. The business that this account is serving must be registered in Australia.

Depository requirements. There are no minimum deposit requirements, but you will need a balance of at least $10,000 in order to qualify for earning interest on your balance.

Documentation needed

You will also need to provide documentation when filling out the application in order for Commonwealth Bank to be able to open your account. This will include:

Tax file number. By providing your tax file number (TFN) or exemption code, you are ensuring that the earned interest on the account is being taxed at the correct rate.
Identification. All persons named on the account must provide proof of identity. This could include your passport or driver's licence along with other identifying documents.
Business information. You will be required to provide your Australian Business Number (ABN) or Australian Company Number (ACN). Along with that you will be asked to give information about all of the owners and/or directors of the business.
Linked account information. In order to open the account you will have to provide the Commonwealth Bank business transaction account number that this one will be linked to. Keep in mind that it must be issued in the same name in order for Commonwealth Bank to process your application.

What happens after I submit my application?

It will take Commonwealth Bank a few days to review your application and provide you with the details of your new account. All information will be sent to the email address you gave including any requests for more documentation if necessary.

Compare other business savings accounts

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Name	Maximum Variable Rate p.a.	Base interest rate	Intro/Ongoing	Government Guarantee	Monthly Max Rate Conditions
Zeller Business Savings Account	Maximum Variable Rate p.a. 3.00%	Standard Variable Rate p.a. 3.00%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions N/A	Go to site View details Compare	loading Fetching your data...
Thriday Business Savings	Maximum Variable Rate p.a. 3.35%	Standard Variable Rate p.a. 3.35%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions N/A	Go to site View details Compare	loading Fetching your data...
Great Southern Bank Business+ Saver	Maximum Variable Rate p.a. 4.10%	Standard Variable Rate p.a. 4.10%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions N/A	Compare	loading Fetching your data...
AMP Cash Manager	Maximum Variable Rate p.a. 4.80%	Standard Variable Rate p.a. 4.80%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Balances $10,000.01 to $250,000.	Compare	loading Fetching your data...
ANZ Business Online Saver	Maximum Variable Rate p.a. 1.15%	Standard Variable Rate p.a. 1.15%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Balances $5,000 and above	Compare	loading Fetching your data...
The Mutual Bank Cash Management Account	Maximum Variable Rate p.a. 0.05%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions N/A	Compare	loading Fetching your data...

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Alison Finder

Editor

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Michelle

March 05, 2022

Hi.

How many business saver account can be linked to the one transaction account?

Alison Banney Finder

March 07, 2022

Hi Michelle,

Usually, you will only be able to have one savings account linked to a transaction account, and are only able to earn interest on the one account. It’s worth also noting that the savings account needs to be linked to a transaction account in the same name.

Thanks,

Alison

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Nadia

April 05, 2018

Hi What the commonwealth credit card fee are?

Jeni Velasco Finder

April 05, 2018

Hi Nadia,

Thank you for getting in touch with Finder.

You may refer to our list of CommBank credit cards. Our review page includes rates, fees, and other information that you need to know about credit cards this bank offers. If you would like to apply, you may then click on the “Go to site” button and you will be redirected to the CommBank’s website where you can proceed with the application or get in touch with their representatives for further enquiries.

Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.

I hope this helps.

Have a great day!

Cheers,

Jeni

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ian

June 02, 2016

how long is it before you start paying interest on the card

Shirley Liu Finder

June 03, 2016

Hi Ian,

Thanks for your question.

I think you have had this product confused with another, as this is a savings account and doesn’t charge the account holder interest.

You may wish to compare Commonwealth Bank savings accounts.

Regards,

Shirley

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pat

February 16, 2016

i want to SPEAK to someone about transferring my business account with a 100,000.00 (today, it varies)balance to a account that will pay me interest whilst I continue to operate it with paying my creditors and wages etc and receiving my payments

Pat

Shirley Liu Finder

February 17, 2016

Hi Pat,

Thanks for your question.

CommBank is available on 13 22 21 to speak to you about your business needs.

All the best.

ponoaperahama

January 12, 2016

Need money fast please to buy me a car like a ford focus and iphone 6 plus.

Shirley Liu Finder

January 12, 2016

Hi Ponoaperahama,

Thanks for your question.

The Commonwealth Bank does offer a series of personal loans that you can use to purchase a car or iPhone. You can refer to our review of the selection of Commonwealth Bank personal loans, including Fixed Rate Loans, Variable Rate Loans, Secured Car Loans, and Personal Overdrafts to find out the right loan for you.

Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply for the loan.

Cheers,

Shirley

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Commonwealth Bank Business Online Saver

Pros

Cons

Key features

No fees

Earned interest

Calculating interest

Linked account

Minimum balance requirements

Making deposits and withdrawals

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Compare other business savings accounts

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