In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

Commonwealth Bank Goal Saver Account

  • Alison Banney's headshot
Commonwealth Bank GoalSaver Account

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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

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

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.

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

Key features

No monthly fees

You pay no monthly maintenance fees with this account.

Maximum interest rate of 4.9%

The account has a standard variable rate of 0.4% and a variable bonus interest rate of 4.5% when you meet the account conditions. These rates are variable, meaning they can change at any time.

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Taylor Blackburn 's headshot

"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."

Taylor Blackburn
Finder crew member

How to apply

If that bonus interest is just the incentive you need to stick with a savings plan, you may apply for the Commonwealth Bank Goal Saver Account in just a few minutes by applying online. There are a few eligibility requirements for this account that you should ensure you can meet before going forward to the application page, and some documentation that you should have handy.

Eligibility

    • Minimum age. You can only apply for this account online if you are at least 18 years old.
    • Residency requirements. In order for your application to be accepted, you must have an Australian residential address.

Compare other savings accounts

1 - 11 of 184
Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
Rabobank PremiumSaver
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Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
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Monthly Max Rate Conditions
  • Grow your balance by $200+ each month
  • Balances up to $250,000
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Suncorp Bank Growth Saver Account
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Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
0.35%
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Ongoing
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Monthly Max Rate Conditions
  • Grow balance by $200 each month (excl. interest)
  • Only 1 withdrawal
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Ubank High Interest Save Account
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Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.00%
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Monthly Max Rate Conditions
  • Deposit $500
  • Savings up to $100,000
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ING Savings Accelerator ($150,000 - $500,000)
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Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
4.70%
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4 months
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Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
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Macquarie Savings Account
Macquarie Bank logo
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
5.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
Newcastle Permanent Smart Saver Account
Newcastle Permanent logo
Maximum Variable Rate p.a.
4.50%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance
  • No more than 2 withdrawals
Go to siteView details
ING Savings Maximiser
ING logo
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
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IMB Reward Saver Account
IMB logo
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50
  • No withdrawals
  • Balances up to $1,000,000
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Earn up to 3.25% p.a. after the introductory period ends.
First Option Bank Savings+Bonus Account
First Option Bank logo
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $100
  • No withdrawals
  • Balances up to $249,999
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BCU Bonus Saver
BCU logo
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
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Bank of Queensland Simple Saver Account
BOQ logo
Maximum Variable Rate p.a.
4.85%
Standard Variable Rate p.a.
4.85%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $5,000,000
Go to siteView details
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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..??


Avatar

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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Avatar

Gil

May 16, 2024

Do you have to deposit amounts monthly and what is the minimum

I have not received an answer


Avatar

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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Avatar

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!


Avatar

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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Avatar

Carolyn

April 24, 2024

Is there a maximum amount you can have in a goal saver?


Avatar

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!


Avatar

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


Avatar

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!


Go to site