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Open CBA My Wealth, Deposit $1,000, Leave it There for 4 Weeks, Get $50 Free Bonus

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Open CBA My Wealth, Deposit $1,000, Leave it There for 4 Weeks, Get $50 Free Bonus
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jamestownfx on 19/06/2013 - 19:14 mywealth.commbank.com.au (3993 clicks)
Last edited 22/06/2013 - 16:30 by 1 other user

On phone, but saw this offer. Similar to previous open a CBA account and get $50 bonus.

For this one you have to open a My Wealth account (takes 2 mins for existing CBA) and 'make a trade' or maintain a balance of $1,000+ for 4 weeks.

You also get a free debit mastercard that you can use with the account, which means no booking fee when not actually being able to book a jetstar deal.

*$50 bonus cash offer is available only to new MyWealth customers who open an account via the link on this page and make a trade by the offer expiration date of 31 July 2013, or deposit a minimum of $1,000 into their MyWealth linked Commonwealth Direct Investment Account by no later than 31 July and maintain a balance of at least $1,000 for a 4 week period. The offer is only applicable to one new MyWealth account and is not transferrable. We reserve the right to terminate this offer or amend these terms and conditions at any time without notice. Normal MyWealth terms and conditions apply unless otherwise specified here.

Edit: Title updated for sssx :)

22/6: T&C's have changed. Only available to those who received email

Financial Bank Account

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Commonwealth Bank
Commonwealth Bank

closed Comments

  • excite on 19/06/2013 - 19:18

    maybe for targeted customers only, like the previous one?

    • easternculture on 19/06/2013 - 19:19

      nothing in the T&C yet

    • jamestownfx on 19/06/2013 - 19:24
      +2

      Definitely not targeted. Was on Netbank main login page before logging in. Link freely accessible to all.

      • easternculture on 19/06/2013 - 19:25

        i took a screen shot just incase

        • hilarious on 19/06/2013 - 19:33

          Did screen shot work for the previous deal? I opened one then they changed the T&C the next day… :(

  • Cheapo333 on 19/06/2013 - 19:21

    $50 bonus cash offer is available only to new MyWealth customers who open an account via the link on this page and make a trade by the offer expiration date of 31 July 2013, or deposit a minimum of $1,000 into their MyWealth linked Commonwealth Direct Investment Account by no later than 31 July and maintain a balance of at least $1,000 for a 4 week period. The offer is only applicable to one new MyWealth account and is not transferrable. We reserve the right to terminate this offer or amend these terms and conditions at any time without notice. Normal MyWealth terms and conditions apply unless otherwise specified here.

    • jamestownfx on 19/06/2013 - 19:23

      Beat me by 30 seconds :P but thanks.

      • Cheapo333 on 19/06/2013 - 19:23

        Well done for the good find though.

    • SonGHosT on 19/06/2013 - 19:25
      +4

      "We reserve the right to terminate this offer or amend these terms and conditions at any time without notice."

      "Undefeatable" condition!

  • easternculture on 19/06/2013 - 19:22

    After 4 weeks, can i transfer the money out like a normal bank account

    • jamestownfx on 19/06/2013 - 19:26

      Can't see why not.

    • snvl on 19/06/2013 - 21:23

      Yes you can, my wife got the $50 from the last time, I am still a few days away.

  • Cheapo333 on 19/06/2013 - 19:25
    +5

    I'm hoping to still receive the $50 from opening the goal saver account.

    • jamestownfx on 19/06/2013 - 19:26

      Same, still a while before deposit required on that one.

      • curiousman on 19/06/2013 - 19:48

        Hopefully in by 19/08- from what I was told by a CommBank rep

    • Cyberon on 19/06/2013 - 21:27

      For me I got $50 by just opening the account. no need for any deposits to activate it.

      • Cheapo333 on 19/06/2013 - 22:29
        +1

        when did you open the account?

  • jamestownfx on 19/06/2013 - 19:25

    In the sign up process they give you the option of having a debit Mastercard.

  • THEMAN_AUS on 19/06/2013 - 19:32
    +7

    so lame. they get more mileage out of your money than that $50 gets you.

  • uraha on 19/06/2013 - 19:34
    +5

    This is the T&C in the email I got

    *$50 bonus cash offer is only available to new MyWealth customers only who open an account and make a trade by the offer expiration date of 31 July 2013, or deposit a minimum of $1,000 into their MyWealth cash account (CDIA) within 4 weeks of receiving the offer and maintain a balance of at least $1,000 for a 4 week period (ending no later than 31 July 2013). This offer is only valid for the addressee of a MyWealth email or direct mail offer and is not transferrable. The offer is available till the 31st July 2013 and is only applicable to one new MyWealth account. We reserve the right to terminate this offer or amend these terms and conditions at any time without notice. Normal MyWealth terms and conditions apply unless otherwise specified here.

    • jamestownfx on 19/06/2013 - 20:56
      +1

      Weird, I never got an email, I just went to www.netbank.com.au and next to the login area was an ad for the MyWealth $50 bonus so I clicked on it…

      • uraha on 19/06/2013 - 21:15

        hmmm maybe because I have a CDIA account

    • BrisbaneBargainer on 20/06/2013 - 00:43
      +2

      I received an offer in the mail about a month ago but didnt post it here since it had the condition This offer is only valid for the addressee of a MyWealth email or direct mail offer and is not transferrable Received my $50 last week. Better to confirm if the offer applies to all before you deposit your $1000

    • peterlong1952 on 20/06/2013 - 09:09
      +1

      You have the old t&C. At bottom of page states now

      "*$50 bonus cash offer is available only to new MyWealth customers who open an account via the link on this page and make a trade by the offer expiration date of 31 July 2013, or deposit a minimum of $1,000 into their MyWealth linked Commonwealth Direct Investment Account by no later than 31 July and maintain a balance of at least $1,000 for a 4 week period. The offer is only applicable to one new MyWealth account and is not transferrable. We reserve the right to terminate this offer or amend these terms and conditions at any time without notice. Normal MyWealth terms and conditions apply unless otherwise specified here."

  • c64 on 19/06/2013 - 19:44
    +3

    so are they going to change the t&cs without warning to screw everyone again?

  • mudkipz on 19/06/2013 - 19:49

    What's this mywealth all about?
    What difference does it have over other stock trading accounts, such as the cdia?

  • stalker878 on 19/06/2013 - 19:57

    there is no account keeping fee. but there are withdrawal fees.

    • PissLUR on 19/06/2013 - 20:28
      +4

      there is no withdrawal fees.

      read the T&Cs
      page 12. you get unlimited free electronic withdrawals.

  • PissLUR on 19/06/2013 - 19:57
    +5

    used the live chat option and confirmed this is for public.

  • c64 on 19/06/2013 - 20:03
    +4

    it is advertised on the netbank login page https://www.my.commbank.com.au/netbank/Logon/Logon.aspx

    plonk $1k in the cida account for 4 weeks you get $50 - ~$3.65 lost interest = $46 profit

    • stalker878 on 19/06/2013 - 20:12
      -1

      you do loose min $0.30 for transfer fees.

      • c64 on 19/06/2013 - 20:33

        ah, you are right. an extra $0.30 to withdraw the $1k, probably another $0.30 to withdraw the $50.

        • PissLUR on 19/06/2013 - 20:34
          +7

          no withdrawal fee.

          what you get with the CDIA is

          no account fee
          unlimited free electronic withdrawals
          2 free assisted withdrawals.

        • c64 on 19/06/2013 - 22:10

          ah, i didn't read the footnote 1: Electronic withdrawal fees do not apply to accounts opened on or after 1 November 2012

  • ihuangyu on 19/06/2013 - 20:05

    Can I transfer the money back to my everyday account after 4 weeks?

    • c64 on 19/06/2013 - 20:07

      i read it as you just need a min of $1k in your account for a 4 week period any time before 31 july. after you have completed a 4 week period you should be able to withdraw.

      you get charged a $0.30 fee per withdrawal. you want to make sure you don't overdraw the account or you might get hit with a $10 overdrawn account fee. i will leave $1 in there

      • snvl on 19/06/2013 - 21:29
        +3

        My wife got the $50 already (June 14) and I have transferred back 1050.01 (1c interest) on June 15 and no fee was charged.

        • c64 on 19/06/2013 - 22:13

          well if there are any fees (i'm saying there are), they are charged at the beginning of the following month

        • demiurge on 19/06/2013 - 22:41

          You can just close the account after you transferred out. Can't charge you fees when account is gone.

        • c64 on 20/06/2013 - 12:38

          whoops typo "i'm saying there are" was supposed to read as "i'm not saying there are"

  • spendinghacker on 19/06/2013 - 20:36
    +5

    Alright everyone, I would not usually be a proponent of extreme paranoia but given the previous incident with CBA, I believe this is in order http://www.ozbargain.com.au/node/104144.

    I STRONGLY urge everyone to:

    1. Firstly, take a screenshot of the current promo page. Best way to do it would be to use the Chrome browser and print as PDF with headers and footers shown so that your screenshot is time-stamped.
      http://screencast.com/t/NsZhiN3Lz0H

    2. Apply IMMEDIATELY. Do not delay even one bit. If CBA end the promotion early you will be out of luck and will be kicking yourself. Do it NOW!

    3. Once account is open, wait until the absolute last day (i.e 31/07/2013) before you make your deposit. However, make sure that you time the transfer in a way that the deposit CLEARS into CBA by that day.

    4. Wait for cash.

    5. Once cash received, transfer it out immediately and CLOSE ACCOUNTS (unless you actually want to continue using them with no relation to this promo).

    CBA is very sneaky so if you want their cash, you have to be diligent too. No room for error.

    • PissLUR on 19/06/2013 - 20:39
      +9

      dont leave it til last minute. you have to keep the 1,000 for at least 4 weeks. so it doesnt really matter to transfer it now or later.

      • spendinghacker on 19/06/2013 - 20:45
        -5

        Yes it does if you have the money in a ME Savings account earning the 4.75% p.a bonus interest.

        CBA will pay you bugger all on your $1,000

        • sssx on 19/06/2013 - 21:39
          +6

          The point is, 4 weeks is 4 weeks, no matter which day it starts on.

        • spendinghacker on 20/06/2013 - 14:38

          I think they pay everyone at the same time so if you transfer the money sooner, you will simply have it sitting in the CBA account longer instead of earning interest on it.

          That's why I recommended people wait till the last minute

        • spendinghacker on 22/06/2013 - 15:55

          The T&Cs have now been amended.

          Everyone will get paid around September 15 so no point doing the transfer before July 31.

          Also, they have done the CBA 'bait and switch' trick again and have changed the T&Cs. Promotion is now by invitation only.

  • delfredo on 19/06/2013 - 20:39
    +1

    What if I already have a CDIA account for an existing Comsec account? If I open a MyWealth account, do I qualify, and will I get another CDIA account?

    • aboutconfig on 19/06/2013 - 21:05
      +3

      Yes you will have a new CDIA account which is linked to your new MyWealth account.
      The old one you have could have linked to your commsec account.

  • aboutconfig on 19/06/2013 - 21:07

    So does anywhere say when you'll get the $50 bonus? just after 4 weeks of your deposit/trade?
    or a fixed time after the offer expired date which is 31th July?

    • spendinghacker on 19/06/2013 - 21:11
      +1

      No, it doesn't.

      Just says you gotta keep the money with CBA for 4 weeks. Doesn't say how soon after that will you get the cash.

      Either way, I would recommend that once the money is in there, you do not touch it until you get your bonus. That's why, I suggest that there is no point transferring the money needed to qualify prior to the July 31 deadline.

      However, you should open the account NOW if you want the cash and before CBA change their mind.

  • sssx on 19/06/2013 - 21:40
    +4

    Maybe you should reword the title so it's a little clearer (or maybe it's just me). I read it as you have to deposit $1,000 a week for 4 weeks to qualify, not that you have to deposit $1,000 and leave it for 4 weeks.

  • stickyfingers on 19/06/2013 - 21:43

    Stuck on the tax file screen :@

    • jamestownfx on 19/06/2013 - 22:14

      Just chose the option to use your existing accounts TFN

  • grapedrink on 19/06/2013 - 22:04

    easy money!

  • Cheapo333 on 19/06/2013 - 22:34
    +1

    That person on the website needs a haircut.

  • Kelalako on 19/06/2013 - 23:00
    -1

    got charged 30 dollars from cba from over drawing fees in the last 3 days. on top of their multiple random cent fees for over seas purchases, and multiple bull shit excuses. Commonpoorness Bank.

    • heatseeker424 on 20/06/2013 - 01:37
      +4

      You overdrew, it's in their terms that you'll cop a fee for it.
      You signed up for it accepting those terms. Deal with it.

    • mudkipz on 20/06/2013 - 02:53
      +1

      Fees for overseas purchases needing currency conversion is pretty normal.

      • spendinghacker on 20/06/2013 - 14:45

        Correct.

        In Australia, there is currently only ONE TRANSACTION ACCOUNT and TWO CREDIT CARD products that do not charge any currency conversion or overseas withdrawal fees. Not surprisingly, none of them are with CBA.

        However, one product that offers that is all you need. This means you CAN COMPLETELY avoid paying currency conversion and overseas withdrawal fees. You just need to be smart about which products you use.

        • Agret on 20/06/2013 - 14:49

          and those products are what exactly? I only know of 28 degrees master card

        • PissLUR on 20/06/2013 - 15:20
          +3

          transaction account - citibank plus

          credit card - bank west platinum and 28 degrees

        • spendinghacker on 20/06/2013 - 16:11

          Well done PissLUR

          Do you subscribe to our newsletter by any chance? (-;

        • PissLUR on 20/06/2013 - 16:58

          which newsletter?

        • spendinghacker on 20/06/2013 - 17:25
          +1

          I try to avoid too much self-promotion but since you asked:

          http://spendinghacker.com.au/about/

        • PissLUR on 20/06/2013 - 17:47

          No, I don't.

    • yargnairod on 20/06/2013 - 07:05
      +3

      I would advise strongly that you move away from CBA. As a former CBA customer I know the pain. Compare that with the treatment that i get from ingdirect. I was literally 8 cents overdue with ing. Instead of getting a $30 overdrawing fee which would have been ridiculous they gave me an email saying that I got 3 days to pay it back and they did not charge me a cent.For overseas purchases look at other accounts such as citibank and 28 degrees mastercard.

  • giggles on 19/06/2013 - 23:08
    +1

    The photo of that chick (?) freaked me out. My kid asked if she was in jail.

    • [Deactivated] on 20/06/2013 - 08:58
      +3

      your goat can talk!?

  • povertytrap on 20/06/2013 - 00:26

    Wonder if site is being ozbargained, can't get pass the log in stage at the moment.

  • povertytrap on 20/06/2013 - 02:09
    +2

    Yes, working fine now, opened an account and hopefully and at least partly on my way to being wealthy.

  • random101 on 20/06/2013 - 07:59

    damn I made one yesterday… I wonder if it will still count

    • random101 on 20/06/2013 - 08:15
      +1

      Gave em a call, as long as it meets the criteria in 4 weeks it will be fine :)

  • Okibi on 20/06/2013 - 09:03

    What's the fee to close the account once you've got your $50?

    • kchibi7 on 20/06/2013 - 09:51

      i spoke to them, they said there's no fees when you close the accounts

      • EarthMan on 20/06/2013 - 10:05

        There will likely be a fee to issue a check or transfer the money out. I got hit once with a substantial fee for a transfer which negating half the benefit I thought I earned :( That was with another bank.

        • EarthMan on 20/06/2013 - 10:13

          Ow btw, don't forget this is a taxable profit so less than $50. More like $35 for most families on average income.

  • hoopera on 20/06/2013 - 09:39
    +1

    now just another 29 days until I get my $50.00

    5% return is pretty good in 30 days, thats 60% annualised.

  • karn1911 on 20/06/2013 - 10:15

    Hey guys,
    What's the process for getting this bonus if you're not with CBA?
    From my understanding, I created a MyWealth account with a linked CDIA account; using my main account I am to transfer $1000 into the CDIA account, then transfer that $1000 into the MyWealth account and then wait 4 weeks to get the $50 bonus. This is correct?

    • demiurge on 20/06/2013 - 10:34

      don't transfer to mywealth, just leave it CDIA for 4 weeks.

      • karn1911 on 20/06/2013 - 10:34

        Thanks!

  • Elppa8 on 20/06/2013 - 10:34

    From the FAQ

    When you open a new MyWealth Investment Account, your linked MyWealth CDIA cash account will be the default bank account where any dividends paid by companies where you hold shares will be credited.
    So if your dividend are being paid into another bank it will be changed?

    • demiurge on 20/06/2013 - 10:34

      only if you transfer those share to mywealth from your old broker.

  • StarForge on 20/06/2013 - 10:34

    I was actually looking to get a new account, this is perfect with the $50 bonus, thanks!

  • bylife on 20/06/2013 - 11:53

    $50 dollar can only apply to the customer who is got email or link invitation offer. In my case, I applied it from the official website and I was not qualified for the bonus told by mywealth staff.

    • c64 on 20/06/2013 - 12:42
      +5

      it is advertised on the netbank login page without any personalised conditions. you just need to use the link from the promo page

      • bylife on 20/06/2013 - 14:28

        Thanks for reply.
        I think I used the link from top of this page.

        The netbank link is the latest promotion.

    • delfredo on 20/06/2013 - 13:30
      +2

      Did you get the staff to navigate through their own website to see it for their own eyes? It's advertised and it's available to all.

      • bylife on 20/06/2013 - 14:30
        +1

        Called them again.

        After discussion, they confirmed that the $50 will be bonus for my account after applying all of T&C.

        Thanks mate!

  • GrownShrooms on 20/06/2013 - 13:52

    Did anyone get a confirmation of the offer after signing up, or do we just have to wait four weeks and see?

    • bylife on 20/06/2013 - 14:31

      In my case, I have to wait for 4 weeks to get bonus if I deposit $1000 today.

  • delfredo on 20/06/2013 - 17:28

    I signed up last night but still no sign of the new CDIA account today. So I went ahead to sign into My Wealth. Interestingly I could. But no new CDIA account. I already have an existing CDIA account with my current Comsec account. I wonder if that means I'm not eligible, despite signing up for it through the site?

    • f2602445 on 20/06/2013 - 19:52
      +1

      My CDIA account hasn't appeared yet either, are we meant to manually open one? I don't have a Commsec account BTW.

      Update - My application didn't go through correctly and had to contact Mywealth to fix it up.

    • Shik on 20/06/2013 - 20:14

      I have a Commsec account opened and now opened the one for MyWealth! There are now 2 CDIA accounts listed under my name now!!!!

      • Ci3reR on 20/06/2013 - 20:18

        So is CDIA on MyWealth a different product with the Commsec one? I don't need to open Commsec account for MyWealth, do I?

        • Shik on 20/06/2013 - 21:01
          +1

          That's right! You don't have to open a commsec account

        • Ci3reR on 20/06/2013 - 22:01

          Thanks! =)

  • Ci3reR on 20/06/2013 - 19:22

    I'm still unsure how to apply for this. :(

    Is CDIA a part of Commsec product?
    If I only have Netbank, do I need to apply for Commsec account first?

    Thanks for your help, people =)

    • Sketchy on 20/06/2013 - 20:59
      • Ci3reR on 20/06/2013 - 22:01

        your post is..gone..?

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