This was posted 11 years 6 months ago, and might be an out-dated deal.

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FREE $50 for Opening CBA GoalSaver Account

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FREE $50 for Opening CBA GoalSaver Account
Go to Deal
luker9001 on 22/05/2013 - 21:51 commbank.com.au (7441 clicks)
Last edited 23/05/2013 - 14:07 by 1 other user

Just got some physical spam today, showing that the recent trend of banks giving us free money is still well and alive.

Basically open a GoalSaver account, leave it empty (because their interest rate is pathetic) until just before 11.59pm AEDST on 26/07/2013, transfer $200 into it, then transfer it out the next day and wait patiently for $50 to be credited to your account by 19/08/2013, then close the account, ready to take advantage of the next round of free money!

Copy pasta of full terms and conditions on the website:

*Rate includes a variable bonus interest rate of 3.65% p.a. above the standard variable interest rate of 0.75% p.a., which is paid on account balances up to and including $100,000 if the closing balance on the last day of a calendar month is at least $200 higher (excluding interest earned) than the opening balance on the first day of the same month, with no more than one (1) withdrawal in the same period. The standard variable rate of 0.75% p.a. will apply on any portion of the balance over $100,000. The above rates are current as at 21.05.13 but are subject to change at the Bank's discretion. A maximum of two (2) GoalSaver accounts per customer can be opened.

^Offer only applies to customers who open a new GoalSaver account by 28/06/2013, deposit $200 or more into their new GoalSaver Account by 11.59pm AEDST on 26/07/2013 and retain a balance of at least $200 in their new GoalSaver account as at 11.59pm AEDST on 26/07/2013. You will be ineligible for the $50 offer if your account is closed, transferred or in default at any time prior to the $50 being credited to your account. $50 will be credited to your account by 19/08/2013. A maximum of two (2) GoalSaver accounts per customer can be opened. A limit of one (1) $50 credit per customer.

This advice has been prepared without considering your objectives, financial situation or needs. Because of that, you should, before acting on the advice, consider its appropriateness to your circumstances. Terms and conditions for transaction and savings accounts mentioned are available here (PDF 660KB). Please read our Financial Services Guide (PDF 60KB).

Mod: Terms and conditions have been altered from the above description. It now reads:

Offer only applies to selected CommBank customers who were sent the communication for this offer and who open a new GoalSaver account by 28/06/2013, deposit $200 or more into their new GoalSaver Account by 11.59pm AEDST on 26/07/2013 and retain a balance of at least $200 in their new GoalSaver account as at 11.59pm AEDST on 26/07/2013. You will be ineligible for the $50 offer if your account is closed, transferred or in default at any time prior to the $50 being credited to your account. $50 will be credited to your account by 19/08/2013. A maximum of two (2) GoalSaver accounts per customer can be opened. A limit of one (1) $50 credit per customer.

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closed Comments

    • c64 on 23/05/2013 - 12:39

      i don't see why not. as long as you applied using the special link. i'll be lodging a complaint to the fos if they don't honour the t&cs they advertised when i applied

      • jm48 on 23/05/2013 - 12:50

        Yes, I have a copy of the original webpage T&C.
        I think they should honour the T&C shown at time of application.

        • Ruprect on 23/05/2013 - 12:54

          It would seem legally they should as the Advert with original T&C's was open to the web but in practise I doubt they will.
          Maybe if one rings and pleads the case. It would be akin to bait advertising even if not intentional.

        • c64 on 23/05/2013 - 12:57

          i think it would be more hassle than it is worth for the cba not to honour the bonus. $$ spent on handling fos complaints could be spent on just giving out the bonus and as a bonus you've got a happy customer who is more likely to stay with the bank

        • jm48 on 23/05/2013 - 13:04
          +1

          Yes, when I said "I think they should", I mean't morally they should,
          but probably the only chance you have is if you complain a lot, as you say.
          After all we went to the trouble of opening an account, because of the T&Cs,
          its not really fair to change them later.

          Edit: Rang Customer service to plead my case.
          Nice lady said I should go to my local branch with screenshot print and tell them,
          since they have more discretion to grant things apparently.

        • spendinghacker on 23/05/2013 - 16:07
          +1

          Good job.

          Can you please upload a copy of the original T&Cs?

          Under consumer law, if the original T&Cs didn't state that condition then it is not applicable and we should get the cash. Full stop.

          However, given what has transpired, it is highly likely that we will have to fight for it and will probably need to get the FOS and ACCC involved.

          If all else fails, I reckon there is probably enough of us who applied to run a class action law suit against CBA.

          Please please upload the evidence. I am now kicking myself for not saving it as well. We live and we learn.

    • ggfatty on 23/05/2013 - 13:36

      I doubt it coz their system should auto flag whoever is eligible. And it will be base on new T&C

  • keithality on 23/05/2013 - 12:23
    +2

    Title needs to be changed to reflect the change in T&Cs

  • PissLUR on 23/05/2013 - 12:46
    +1

    can someone please share the page screenshot as of yesterday? Thanks

    • illumination on 23/05/2013 - 13:01

      Won't really help unless you actually opened it before they updated the T&Cs though.

    • imket on 23/05/2013 - 13:26

      i applied before the change, a copy of T&C or a screenshot would be much appreciated

  • dumadiscount on 23/05/2013 - 12:54
    +8

    Yeah i called them up and gave them a rev up.

    They said im welcome to report it to FOS.

    Which I will.

  • illumination on 23/05/2013 - 13:00
    +1

    So now we need to find out how to be sent this offer? :)

  • gm3stevens on 23/05/2013 - 13:05
    +1

    I have opened up the account last night with the condition for the $50 offer:

    ^Offer only applies to customers who open a new GoalSaver account by 28/06/2013, deposit $200 or more into their new GoalSaver Account by 11.59pm AEDST on 26/07/2013 and retain a balance of at least $200 in their new GoalSaver account as at 11.59pm AEDST on 26/07/2013. You will be ineligible for the $50 offer if your account
    is closed, transferred or in default at any time prior to the $50 being credited to your account. $50 will be credited to your account by 19/08/2013. A maximum of two (2)GoalSaver accounts per customer can be opened. A limit of one (1) $50 credit per customer.

    I will take the chance and put some money in. After all 4.4% interest is not that bad for me.

  • skayper on 23/05/2013 - 13:06

    My application status was 'incomplete' since last night (dated yesterday) as the system would not let me to proceed. I was planning to call them at lunch to finalise the account. Hmm, if it does get approved this afternoon I think it will be considered to be ineligible then(despite the date application made is yesterday)?

  • moonwalk on 23/05/2013 - 13:18

    so… the deal is on or not? =)

    • Ruprect on 23/05/2013 - 13:19
      -1

      Not.

  • montorola on 23/05/2013 - 13:23

    Guys, do we know the exact time the T&C's changed, I applied this morning but don't know whether I made it before or after the change..

    • SummerMan on 31/05/2013 - 15:16

      The PDF of old T/Cs https://dl.dropboxusercontent.com/u/2186209/cba.pdf
      Dated 23rd May 9:02:28 AM

      littleflowers on 23/05/2013 - 11:47

      I just read from the link: Offer only applies to selected CommBank customers who were sent the communication for this offer. Does this mean I would not be eligible if I was not sent with this offer through email or something? Can anyone clarify?

      ***** T/Cs changed around 9:02:28-11:47 23rd of May (AEST?) *****

  • dumadiscount on 23/05/2013 - 13:27

    Are they going to go through all the accounts and check which ones were sent the promo?

    If youre an existing customer I think its worth taking the chance.

    • Ruprect on 23/05/2013 - 13:36
      +1

      They already know who they sent the offer to. It was apparently mailed to them in the post. Would be interesting to read the paper correspondence of this offer and how to originally reach the link provided. Was it via the offers page from inside Netbank tailored to the individual?. It was then that person who published it on the web as being an open offer rather than a targeted one. The bank did not help by allowing the page to be openly accessed and by not being specific in their T&C's that it was targeted.

  • devilbabies on 23/05/2013 - 13:55

    could someone who has a screenshot of the old http://www.commbank.com.au/personal/accounts/savings-account… page please add it here.

  • Gina Rinehart on 23/05/2013 - 14:05
    +26

    Glad I kept this tab open overnight!

    SCREENSHOT OF OLD T&C: http://puu.sh/2ZgTO.jpg

    Now, if I can be bothered to take it into a branch…

    • jkp91 on 23/05/2013 - 14:31

      legend :)

    • rhyme324 on 23/05/2013 - 15:41
      +19

      My pdf copy this morning
      dates & time on it :)

      http://db.tt/Bu80B2b3

      • spendinghacker on 23/05/2013 - 16:12
        +1

        PERFECT!!!

        That's exactly what we need. Timestamped with the full link shown as well. Could not ask for better evidence then this.

        Let them try and get out of that one now!

      • montorola on 23/05/2013 - 17:19

        You guys are awesome, thanks!

  • jkp91 on 23/05/2013 - 14:35

    deleted

  • dumadiscount on 23/05/2013 - 14:43

    nice, ill complain once the money doesnt show up in my account on the specified date, using the screenshot.

    for now im going to shutup and wait.

  • nadan on 23/05/2013 - 15:07
    +1

    Does anyone know if you can delete your account through netbank? I can't find an option within Netbank.

    • jkp91 on 23/05/2013 - 18:20

      Have to call. Its a pretty painless process though.

  • slackme on 23/05/2013 - 16:49
    +2

    Offer only applies to selected CommBank customers who were sent the communication for this offer

    ????

    • tikei on 23/05/2013 - 16:58

      well if you bothered to read the eariler posts, the original t&c's didn't state that. They changed it, which is why people who applied yesterday want a screenshot of the old t&c to contest commbank should they not honour it

  • knackers on 23/05/2013 - 17:28
    +1

    the ad was flashed on my netbank account… so i'm not sure how they're able to filter who saw the ad/promo and who hasn't

    This is ridiculous

    • jkp91 on 23/05/2013 - 18:19

      Mine as well - I haven't received any hard copy promotional material but I get all statements, etc online.

    • ozy on 23/05/2013 - 18:32
      +1

      Same here, so I opened a second account, seeing that it was advertised to me when I logged into my new account and looked at "My Offers".
      Checked again to get screen shots but, seems they know show an error message when you click the link.
      Oh well, I agreed to T&C's and if they dont stick to them then i'll just add to the ACCC complaints.
      Bad start to alot of potential customers trust.

  • montorola on 23/05/2013 - 17:33
    +4

    If all else fails, we should show CBA this thread, so they know how much their reputation is at stake ;)

  • easternculture on 23/05/2013 - 18:30

    Based on the view count of > 5000 id say at least 4000 people applied for this offer before they edited the T&C

    4000 X $50 = $200000 min just overnight

    Now wonder their spewing hard

    • montorola on 23/05/2013 - 18:34

      That's small change for them though, they recently posted a record profit i heard in the news

      • easternculture on 23/05/2013 - 18:39

        i know, but its a considerable amount in terms that it happened overnight in less than 24 hours (i.e. time period)

    • watwatwat on 23/05/2013 - 20:04
      +1

      Those calculations are VERY off. Just saying. Probably not best to pull numbers out of your arse.

      • easternculture on 23/05/2013 - 20:14
        +1

        just a guesstimate

      • montorola on 23/05/2013 - 20:48

        Well I agree with eastern, that's the very least it's come down to, we have to cater for people telling others by word of mouth etc so that is a reasonable guesstimate IMO

    • c64 on 23/05/2013 - 23:54
      +1

      i remember one cba promotion 1 or 2 years ago where they were giving the customer $50 for opening an account and the employee who opens the account gets $100 commission. the real cost of opening an account would be much higher. really a drop in the ocean i think

  • Newtz4 on 23/05/2013 - 20:09

    Damnit Commonwealth! Ah well, needed a savings account anyway!

    4.40% with $200 monthly deposit and 1 withdrawal seems about average so not too disappointed! Seems you can get higher, but with compromises….(No local branch, less withdrawals, no in-branch withdrawals etc). So seems alright!

  • easternculture on 23/05/2013 - 20:16
    +1

    If they don't honour it for me (i applied before they changed T&C), ill transfer all my money to my Westpac and Citibank account and leave the account empty. I've got a reasonable $S amount in my comm accounts

    • luker9001 on 23/05/2013 - 21:57
      +2

      Don't leave it empty! Cancel it so you can take advantage of the next offer that might (or might not) roll around.

    • spendinghacker on 24/05/2013 - 09:09
      +1

      Yes. Don't just leave it empty.

      People should really shift their mindset to: "don't need account = empty AND CLOSE"

  • huntress_love on 24/05/2013 - 01:17

    just keep calling to complain, i'm sure one of the person u talk to will cave and just credit it. or ask for supervisor to save time! well that's my plan anyway, will wait and see.

    easy $50 for 2mins work so glad to see the welcome email this morning.

  • Thinkswithelbow on 24/05/2013 - 09:18

    can someone post up the T&C…old link is broken.

    Cheers.

  • Thisisthevoice on 24/05/2013 - 12:19
    +3

    I called up CBA and spoke to Delene(Team Leader) (pronounced delaynie). She contacted the person who looks after the website and they said the terms and conditions hadn't changed. She also checked with the 8 other team leaders / managers and no one had received a similar enquiry. So said she couldn't do anything.

    Would be interested to know the names of other CBA staff (team leaders) people spoke with this morning.

    Ended up lodging a complaint with FOS - https://forms.fos.org.au/

    • c64 on 24/05/2013 - 12:50
      -1

      clearly they have changed.

      i'm confused. what is the point of lodging a complaint now rather than than after you are supposed to be paid? the promotion hasn't even run its course yet. you never know, the cba might pay you when they are supposed to. and surely the first step is to first lodge a formal complaint with the bank before going to the fos.

      • Thisisthevoice on 24/05/2013 - 13:01
        +1

        They have confirmed they won't be paying the $50. Why would you wait?

        I asked to lodge a complaint and was told by the team leader that she was the highest person I could speak to. She said she would add notes to my account and that I would need to take the screen shot to a branch. None are open near me on a saturday.

        If FOS gets involved hopefully it will help others in the same position.

        • c64 on 24/05/2013 - 13:12

          because you couldn't possibly have complied with all the stipulations in the t&cs yet. august 19 is a more appropriate time to lodge a complaint as then you are in the position of having complied with all the advertised t&cs of the promotion but not been paid

        • montorola on 24/05/2013 - 13:29
          +3

          Looks like there will be an informal OzBargain meetup at Commonwealth Banks around Australia on August 19 lol, hope to see you guys there! :P

  • chnach on 24/05/2013 - 15:02
    +3

    5,000 OzBargainers unite!

    Sneaky sneaky CBA

  • dumadiscount on 24/05/2013 - 15:15
    +1

    i reckon there's a chance they pay even though they SAY theyre not going to.

    if its been on banner ads in people's accounts i dont think theyre tracking it.

    "pay that man his money"

  • oak on 28/05/2013 - 13:46

    Glad I looked back at this thread - I didn't realised they'd changed the TOS. Dodgy as.

    Thanks for the PDF, it will come in handy if they don't pay up.

  • fredscool on 28/05/2013 - 16:08

    I dont think this offer is expired. Just opened tje goal saving account at my local branch today but i was not advised about this offer. Is this offer valid when opening the account at local branches? Or people have to follow the link provided here?
    Hope to get $50

    • jkp91 on 29/05/2013 - 10:23

      The offer is listed as expired due to the changed T&C's.

  • mlburnian on 28/05/2013 - 21:03

    opened an account. will see how it goes

  • SummerMan on 31/05/2013 - 14:28

    I think this may turn out to be the same as "Free $50 Coles Myer Card When You Open a Everyday Account @ Commonwealth Bank (Facebook Required)"
    http://www.ozbargain.com.au/node/99242

    "only open to the first 3,000 customers"

  • SummerMan on 31/05/2013 - 15:41
    +2

    Points to note:

    1. Offer page is open to the public. Linked from search engine, at least from Google. Therefore, it constitutes an offer to the general public. From time to time, Other institutions (Me, ING, NAB, etc) do have similar campaign for the general public too and the cost of comission and/or incentive are never an issue for them. If the number of applicants exceed the expectation, the bank may decide PULL OUT the entire campaign from the website/branch or other service channel but still need to honour the contractual obligation with customers who have applied for the product and have been approved.

    2. T/Cs changed around 9:02am-11:47am on the 23rd of May 2013 (AEST?) by having the clause "Offer only applies to selected CommBank customers" added to the page. http://www.ozbargain.com.au/node/104144?page=2#comment-14206…

    3. Dishounoring the offer for those who APPLIED before the change may constitue false/misleading advertisement and/or breaching a contractual obligation.

    4. CBA customers cannot see the APPLICATION date and time on netbank. The message is sent only when the account is OPEN. (The delay between application and openning could be overnight?)

    5. FOS.org.au only resolves the matter if the financial institution is participating in the FOS process and given an opportunity to resolve the matter. In this case, CBA is FOS member and was given an opportunity to resolve/comment on the matter. http://www.fos.org.au/centric/home_page/members/participatin…
      However, we need a written evidence which must be specific on who said what and when. You can obtain it easily by asking CBA representative to comment on this matter at their facebook page. Can someone post there please?

    6. "The ACCC is not a complaint handling body. This means that we do not investigate every allegation made to us. We will only contact you again if we need more information. Please see our website for information about the types of matters we prioritise." http://www.accc.gov.au/about-us/australian-competition-consu… Generally, it takes time for ACCC to response and this is one of their generic response after sending them message a month ago. So, if we wish to complain to ACCC, we have to raise the importance of the matter as REPEATED false/misleading advertisement, i.e. UNCOMPETTITVE PRACTICE. (see the facebook offer "Free $50 Coles Myer Card When You Open a Everyday Account @ Commonwealth Bank (Facebook Required)" http://www.ozbargain.com.au/node/99242 "only open to the first 3,000 customers") It can be foresee in the current campaign here and the previous one from facebook that CBA has a large number of accounts opened by customers who expect to receive incentive according to promotional materials. However, the materials are deceptive/misleading/altered to limit the payout to only a small group of customers.

    7. ASIC is not interested in this kind of complaint. http://www.asic.gov.au/asic/ASIC.NSF/byHeadline/Complaining%…

    8. APRA may be interested to know about this. We can try letting them know. http://www.apra.gov.au/aboutapra/pages/complaints.aspx

    Here are some remotely relavent information :-)
    http://www.financialredress.com.au/
    https://www.youtube.com/watch?v=AI31qjpP5wc&list=PLEB87828E5…

    • Thisisthevoice on 31/05/2013 - 16:53

      CBA is investigating. Response was due today but I haven't heard. Will update you as soon as I hear anything.

      • SummerMan on 31/05/2013 - 16:58

        Right, I am looking forward to hearing it. Also, if we don't hear back by Friday next week, would you consider ACCC and APRA complaint too? Has anyone post on CBA facebook or other social media channels (if any) yet?

      • SummerMan on 07/06/2013 - 09:47

        It has been a week since the response was due. Do you have any clue what's going on there?

    • peterlong1952 on 08/06/2013 - 08:54

      I opened a MyWealth account with the Commonwealth Bank and was then invited to open a CommSec account. If I deposited $1000 I would get a $50 credit after 28 days. I noticed the T&C included a line stating that the offer was only to those invited. Looks like they left that out of this offer.

      So I think we have a very strong case if we don't get the $50.

  • nadan on 31/05/2013 - 16:25

    One question if it's only available to selected members who were sent the promo or notified, why advertise it on your website to general public?

    • SummerMan on 31/05/2013 - 16:56

      more customers for free?

  • WaywardOne on 08/06/2013 - 09:44

    Has anyone received a card or any confirmation that their account is opened? Or is it online-only?

    • jkp91 on 10/06/2013 - 20:33

      There is no card access to this account, it can be accessed in-branch though.

  • ilovelollies on 14/06/2013 - 08:47

    Has anyone got an update on this?

  • freemoneyhunter on 16/06/2013 - 08:16

    I just opened one, is the chance of getting $50 50/50 or what?

    • SummerMan on 16/06/2013 - 09:56

      I would say less than 50 for those opened their accounted after T/Cs change and greater than 50 for those who did before the change.

  • May4th on 16/06/2013 - 21:37

    interesting turn of events..i completely forgot about this until i saw 200 in CBA savers account which is ridiculous given their pathetic interest rate!

  • Syke123 on 18/06/2013 - 00:31

    so we should just try our luck and deposit the money into the account and see what happens?

    • SummerMan on 18/06/2013 - 08:14

      if you open the account before the change in T/Cs, yes! It's your rights to get it.

      However, if you come late, I would rather say no.

  • Splashtash on 19/06/2013 - 22:13

    hehe ima try to get it :)

  • hilarious on 26/06/2013 - 03:18

    Any updates yet?

  • malaykiri26 on 28/06/2013 - 13:44
    -1

    Guys seems everyone missed reading between the lines. Something that CBA is pretty good at — ^Offer only applies to selected CommBank customers who were sent the communication for this offer.

    I called Customer Service to check and got told that you should have been receiving an invite in an email or mail about registering a Goal Saver account. This is not just for everyone who does not have a Goal Saver! … and they kept our monies sitting with them for over a month for nothing.

    Is there anyone who has been paid $50 by CBA?? If yes, please share your experience.

    • tikei on 28/06/2013 - 17:51

      Guys seems everyone missed reading between the lines.

      nope, u missed reading the posts in this thread. commbank changed the terms the very next day this was ozbargained.

      Is there anyone who has been paid $50 by CBA??

      you also missed reading the op's post on the dates of when you get paid.

    • May4th on 28/06/2013 - 18:01
      +1

      this is ironic on so many levels

  • malaykiri26 on 28/06/2013 - 13:53
    -2

    Guys seems everyone missed reading between the lines. Something that CBA is pretty good at — ^Offer only applies to selected CommBank customers who were sent the communication for this offer.

    I called Customer Service to check and got told that you should have been receiving an invite in an email or mail about registering a Goal Saver account. This is not just for everyone who does not have a Goal Saver! … and they kept our monies sitting with them for over a month for nothing.

    Is there anyone who has been paid $50 by CBA?? If yes, please share your experience.

  • hugbear on 01/07/2013 - 13:22

    Just closed my account, I was told by cba that you only get the bonus if you received the offer

    • SummerMan on 01/07/2013 - 13:57

      when did you opened the account?

      • hugbear on 01/07/2013 - 14:03

        early june

        • SummerMan on 01/07/2013 - 14:06

          It was too late. This thread has been marked as expired since 23/05/2013 - 14:07

        • hugbear on 01/07/2013 - 15:58

          what, you had to open the account by 27th june

        • SummerMan on 01/07/2013 - 16:00

          There was a change in T/Cs. Please read this post carefully.

    • Future Kids on 02/07/2013 - 11:43

      How was you been told? By phone call from them, email, or else? I just try to figure out are they start to contact those who are not eligible.

  • dins on 08/07/2013 - 15:45

    So any one managed to get theirs?

    • SummerMan on 08/07/2013 - 15:52
      -1

      Please read this
      "deposit $200 or more into their new GoalSaver Account by 11.59pm AEDST on 26/07/2013 and retain a balance of at least $200 in their new GoalSaver account as at 11.59pm AEDST on 26/07/2013."

      It hasn't happened yet!

  • cupcake on 11/07/2013 - 13:27

    It doesn't look like anyone on Oz Bargain got $50. Thumbs down

    • SummerMan on 11/07/2013 - 13:54

      Wait.

      Please read this
      "deposit $200 or more into their new GoalSaver Account by 11.59pm AEDST on 26/07/2013 and retain a balance of at least $200 in their new GoalSaver account as at 11.59pm AEDST on 26/07/2013."

      It hasn't happened yet!

      It's ok to give "Thumbs down" for CBA's flip flop T/Cs but not for now.

      • cupcake on 11/07/2013 - 14:32

        Thanks for that! I just assumed because I didn't get the offer to open the account, plus I had been waiting AGES lol

      • cupcake on 21/08/2013 - 14:49

        Thanks for that. I have received it. You're great!

  • SBOB on 22/07/2013 - 16:25
    +7

    Hope those that are hopeful of getting their $50 remember to transfer the $ to your commbank account in the next couple of days to ensure it is processed before the 26/07 cutoff

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