• expired

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

860

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

Related Stores

Commonwealth Bank
Commonwealth Bank

closed Comments

  • +1

    Just a thought. Why do 'the new faces of finance' all look criminally insane?

  • The link to the promo doesn't work anymore.

  • Anyone know how to close the CDIA account?

    • From personal experience, CBA does not allow to close any of their accounts online.

      You will need to call them or visit a branch in order to close the account.

  • When will the account be opened? I applied a day before since then nothing happened, no email or anything.

    • my account was available within 10 minutes

    • Better give them a call. Mine appeared almost instantaneously. Just relogin to Netbank and it was there.

    • Mine also appeared instantly. I used my CommSec ID to start with, now I can see I have 2 CDIA, 1 is the old one under CommSec, 1 is the new one under MyWealth

  • There is a new cause in the T&C: This offer is only available to the recipient of a MyWealth targeted communication and is not transferrable.
    Is it still good to apply?

    • Here we go again….

    • +5

      CBA strikes again!

      Yep, they have moved the goal posts. Unless you received an email invite from them, you will NOT get paid so no point applying.

      I hope those of you who applied over the last few days have taken my advice and got a screenshot of the promo page as it was at the time of their application.

      It is all over people. Move along.

      OP should mark as 'expired'

    • +2

      What do they mean by "targeted communication"? If you click on NetBank there is an ad for this promo below the login details. The ad would be very misleading if the promo is only for people who received an email.

      • I agree and it is STILL showing on netbank logon screen. Just checked.

        We might have a case to refer to the ACCC. They have been cracking down HARD recently on misleading advertising. ACCC and banking ombudsman, here come the mighty Ozbargainers, the most ruthless consumers to ever walk this great southern land :)

  • +1

    I actually sent them a message on the 19th asking if it was open to all. got this reply yesterday shortly before 5pm:
    "Dear Sir,

    Thank you for your query regarding the MyWealth offer. My name is Avi, and I am your MyWealth service specialist.

    Please note the link you have provided me below does not open up any actual offer provided by MyWealth, however in relation to currently running offers I can provide you some general information.

    Currently MyWealth has a offer to new and only a few selected clients that if they open a MyWealth account and place $1000 into their Commonwealth Direct Investment Account for 4 weeks or place a trade before a given date in the offer, MyWealth will credit the new clients $50.

    Please note you need to have been selected to qualify and hence you will be required to keep a copy of your email/ letter or message that has been specifically sent to you.

    I hope this information has been helpful. If you have any further questions, please reply to this email and I will be happy to further assist.

    Kind Regards,

    Avi
    MyWealth Representative

    Phone 1300 897 622 (8am - 10pm AEST, Monday to Friday)
    Fax 1300 930 477
    Email [email protected]"

  • I can't seem to work out how to transfer money into mywealth account. Do I just transfer it to the linked CDIA account and that's enough to get the $50?

    • That's correct. Yes.

      The linked CDIA is the cash holding facility for mywealth.

  • +2

    Hi guys, I emailed MyWealth support whether or not the offer from NetBank is valid, and if they will honour it.

    Below is the reply (from the same Avi?)

    Dear Sir,

    Thank you for your query regarding the $50 offer from MyWealth. My name is Avi, and I am your MyWealth service specialist.

    Please note the $50 bonus cash offer is available only to new MyWealth customers only who open an account via the link on netbank 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.

    Hence if you meet the conditions above and you apply for the account using the link that you have provided: https://www.mywealth.commbank.com.au/landing/financeoffer?CI… then MyWealth will honour the offer.

    I hope this information has been helpful. If you have any further questions, please reply to this email and I will be happy to further assist.

    Kind Regards,

    Avi
    MyWealth Representative

    Phone 1300 897 622 (8am - 10pm AEST, Monday to Friday)
    Fax 1300 930 477
    Email [email protected]

    So, it seems it's valid? I think MatrixM asked different question and didn't mention the link fro NetBank.

    • There are the full T&Cs as they are live AS OF THIS MOMENT on the website:

      "*$50 bonus cash offer is available only to new customers who open a new MyWealth 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. This offer will be paid to eligible customers by the 15 September 2013. This offer is only available to the recipient of a MyWealth targeted communication and is not transferrable. This offer is only applicable to one new MyWealth account per eligible customer. 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."

      This sentence is a bit cryptic:
      "the recipient of a MyWealth targeted communication and is not transferrable" What is "targeted communication" exactly? Could be email, flyer in the mail, link on netbank? Who knows?

      I believe CBA have changed the wording YET AGAIN to make it very cryptic on purpose in case they will get a tap on the shoulder from the ACCC or the Banking Ombudsman following customer complaints.

      I guess people can still apply but be aware that getting your cash is NOT GUARANTEED! If you applied on or before June 19, you are much more likely to get paid but might have to fight for it too.

      The T&Cs on June 19 were as follows:

      "*$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."

      Very clear cut. No ambiguity there!

      • My initial email directly asked about that targeted communication. Below is my original email:

        Hi Team,

        I saw your MyWealth $50 bonus cash offer when opening new MyWealth and deposit minimum of $1,000 into MyWealth linked Commonwealth Direct Investment Account and maintain a balance of at least $1,000 for a 4 week period.

        I am unsure of this part of fine print though:
        "This offer is only available to the recipient of a MyWealth targeted communication and is not transferrable."

        So, is joining through the link from NetBank a valid targeted communication? Will you honor the offer if I join from the link given from the NetBank?
        https://www.mywealth.commbank.com.au/landing/financeoffer?CI…

        Many thanks for your confirmation.

        Avi replied without clearly confirmed it, but I will hold onto these emails communication as evidence.

  • so when will the $50 be credited, and to where?

    • +1

      This offer will be paid to eligible customers by the 15 September 2013

      At least, that what it says with the (current?) T&C.

  • I was getting this ad on google.

    I don't think it can only be via email.

  • I deposited 1,000 into the CDIA which was opened as well, do I have to then transfer it over from that or should I send another 1,000 directly into the mywealth because when I did a suncorp $50 job, I transferred the money into one of the extra accounts is created and then moved it from their, but they said the deposit had to come from an outside account and I did not get the money.

    • +2

      "… 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."

      i read that as putting $1000 in your CDIA account and leaving it there for 4 weeks

      • Correct.

        MyWealth is simply a brokerage account like CommSec. It does not hold cash by itself.

        The cash is kept in the linked CDIA account which is fully functional transaction account (EFTs, Bpay, ATM withdrawals are all available).

  • CDIA is CBA bank account product and can be closed by calling the bank or visit a branch.

    My Wealth is a bit tricky. I believe that it belongs to CBA but how to close it?

  • Been a month, payout anyone?

    • nope

  • Still waiting with my money in their account.

    They keep calling my mobile but I'm requesting written confirmation of why I have or haven't qualified for the $50 bonus. According to their initial T&Cs I've qualified.

    Anyone else had any luck?

    • Nothing here yet. Deposited on 20/06.

    • the t&cs mention payment by september 15

      • The current version of T/Cs reads "This offer will be paid to eligible customers by the 15 October 2013."

        • that is a different promotion

        • *$50 bonus cash offer is available only to new customers who open a new MyWealth account via the link on this page and make a trade by the offer expiration date of 31 August 2013, or deposit a minimum of $1,000 into their MyWealth linked Commonwealth Direct Investment Account by no later than 31 August 2013 and maintain a balance of at least $1,000 for a 4 week period. This offer will be paid to eligible customers by the 15 October 2013. This offer is only available to the recipient of a MyWealth targeted communication and is not transferrable. This offer is only applicable to one new MyWealth account per eligible customer. 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.

          http://webcache.googleusercontent.com/search?q=cache:ZvzIl9c…

        • yes, but check the dates. it is a new promotion, just rolling on from the previous ones. it is not relevant to the people who signed up for the june promo

        • +1

          How can you make sure that it is an entirely different one?
          How do you know that you date "15 September" is the right date?

          CBA changes stuff all the time!

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

  • No $50 here either.

  • No $50 here either

  • +5

    Update:

    After ACCC and Banking Obudsman threats and sending files containing the original T&Cs I got this email from Commbank:

    "Dear (name),

    I apologise for the confusion this offer may have caused you. In response to your email below, the terms and conditions have been met, and you are free to transfer the funds out of your account as soon as the 4 week period is up and you are still eligible to receive the $50 bonus.

    The $50 bonus will be credited to your CDIA account.

    As stated in the terms and conditions This offer will be paid to eligible customers by the 15 September 2013.

    I hope this information has been helpful. If you have any further questions, please reply to this email and I will be happy to assist you further.

    Regards

    Sarah
    MyWealth Representative
    Phone 1300 897 622 (8am - 10pm AEST, Monday to Friday)
    Fax 1300 930 477
    Email [email protected]"

    Hope this helps you guys fighting the good fight.

    • +1

      Thanks so much. Can you do this to the GoalSaver http://www.ozbargain.com.au/node/104144 too?

      In the past few months, there are now three doggy online campaigns from CBA:

      1. Free $50 Coles Myer Card When You Open a Everyday Account @ Commonwealth Bank (Facebook Required)
        http://www.ozbargain.com.au/node/99242 and http://www.ozbargain.com.au/node/110471
        -> oversubscribed (44,162 claimed while they intended to pay only the first 3,000 accounts)

      2. FREE $50 for Opening CBA GoalSaver Account http://www.ozbargain.com.au/node/104144
        -> Changed T/Cs

      3. This one!
        -> Changed T/Cs at least twice + technical glitch. Some people has signed up but do not get their accounts yet…

    • +1

      thanks for the update.

      lol everyone is so impatient. ditto for the goalsaver promotion which says payment by 19 august.

      • There is a valid reason for people to be impatient on the ground that T/Cs changes many times for a single promotion.

        grapedrink, is it possible to provide a reference number (or date/time) of your communication? It will be easier for everyone to refer to it should they need to contact the bank in the future.

    • +1

      Well done grapedrink!

      Unfortunately, the only way to deal with many commercial entities (and especially banks) is threats and 'violence'. That's the only way they listen!

      Good stuff.

      This confirms that anyone who applied before CBA moved the goal posts and changed the t&cs will get paid. Those who didn't act quickly enough, will not.

      • +1

        "Those who didn't act quickly enough, will not."
        I doubt this part of your conclusion. There may be a chance for them but it is not 100%.
        The argument would be the web page in question is open to the public. CBA has used AdsSense to get the public to view the page too…

  • +4

    Hope this helps details below, let me know if you need more info:

    Subject
    Open CBA My Wealth - Get $50 Free Bonus

    Discussion Thread

    Response Via Email (Sarah) 22/07/2013 11.51 AM

    Customer By Email (me) 22/07/2013 11.12 AM

    They spammed my phone with calls for the past week. I refused to answer the calls
    and asked them to respond via email communication ONLY.

    • +1

      Thank you very much. I am impressed by your professionalism on getting a written communication. This "Response Via Email (Sarah) 22/07/2013 11.51 AM" should be a reference point for everyone!

    • +2

      I refused to answer the calls
      and asked them to respond via email communication ONLY

      PROFESSIONAL!

  • +2

    You da man grapedrink

  • My was paid on 31/7, fund appeared today, no chasing them up. Now how to close this?

    • Did you make a trade or just deposit 1k for 4 weeks?

      CDIA can be closed at a branch. However, I don't know about mywealth account itself.

  • :-)
    Opened my CDIA account on 27 June, got the $50 bonus 1 August

    • this is after the change in T/Cs? How did you hear about this promotion?

      • I'm not sure WHICH of the T&C changes you're referring to.

        If you mean about when it would be paid, I contacted them on 27/7 and asked when it would be paid. Their reply was:
        "You will receive a credit of $50 within 30 days of the end of the campaign period (ends 31/7/2013) as per the conditions of the campaign."

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

        • I don't think I received an email but the ad offer was there when I went to the Netbank website on 27/6.

    • Did you make a trade or just deposit 1k for 4 weeks?

      • 1k for 4 weeks

  • after seeing the above comment i checked and found that another family member and i both got paid today for our cdia accounts :) we both left $1k in the account for 4 weeks (deposited 20 june, withdrew 24 july)

    01 Aug 2013 Direct Credit xxxxxx COMMONWEALTH SEC MyWealth $50 Cash +$50.00

    no goalsaver bonus yet though …

  • Congratulations to those who get paid…

    Anyone fulfilled the conditions last month but haven't got the payment?

  • +1

    For those who wants to close this, here's the instruction I got from webchat:

    Please send in a signed written request with the MyWealth Investment Account and CDIA numbers in the letter stating your request to close the accounts, followed by your signature.
    You can then email this in to us as an attachment.
    We will be able to process it for you within 24 - 48 hours.
    Our email address is [email protected]

    • Are there any fees for just leaving the account open with a nil balance?

      • no. i don't have any problem leaving open free accounts such as the goalsaver or cdia.

      • +1

        No, but there could be another promotion later.

    • Dear SummerMan,

      Thank you for sending us your account closure request. My name is Sarah and I am your MyWealth service specialist.

      I have sent your request to our specialised accounts and maintenance team for processing, please allow up to 1 week for the account to be closed.

      If we require anything further from you we will contact you directly.

      I hope this information has been helpful. If you have any further questions, please reply to this email and I will be happy to assist you further.

      Kind Regards,

      Sarah

      Where did you get 24-48 hours from? Sarah says 1 week!!!

  • Ah Bugger! No $50 here. The "Only available to those who received email" comment was posted after I opened the account.

    • perhaps, you need to contact them via NetBank…

    • maybe they are still processing them. one person was paid on 31 july. i was paid on 1st august. it's not going to hurt to leave the account open for a bit longer.

      • It would be difficult if you have to fight CBA for both GoalSaver and MyWealth… If one of the two pays automatically and fighting for the other seems to be doable.

  • Thx op, $50 arrived today! I transferred the $1000 to the CDIA account approximately 5 weeks ago.

  • Got my $50 today :)

    • When did you deposited the $100?

      • what?
        This is CBA.
        Mate, you need $1K for 4 weeks.

        The questions would rather be:

        When did the account opened?
        When did you fulfil the condition (share trading/deposit)? and
        When did you receive the $50?

        Being clear and precise would help other people understand the their situation and deal with CBA accordingly…

        This bank has a bad record on customer incentive payment… It used to pay well ~100-200 and fast but recently reduce to $50 and with a very slow speed…

      • oops…I meant $1000.

  • +2

    I deposited 1k on 26 June but never withdraw the amount till date. I got paid this morning .

    • so approx. 5 weeks. I have one more week to go.

  • +1

    Thanks I got mine on 1st August too.

    Opened 20th June via link on netbank page (I printed the screen - T&Cs did say offer only available to receipient of targeted communication etc).

    Put $1001 in for > 4 weeks.

    Thanks again OzB!

  • +2

    I put $1000 in on the 19th Jun, but still nothing, except 1 cent interest

    • same here, made the $1000 deposit on June 28

    • same thing.

      chatted on friday. asked where is the bonus, they asked me if I received the email. I told them that I applied before T&C has been modified. Gave a screenshot of the T&C via dropbox link.

      Just received my bonus today. clearing the money now.
      Next TO-DO is the Goal Saver's bonus.

      • HI there , I opened my a/c in June and deposited money in July no luck..would you mind sending your screenshot as the T&C's would match with you. Thanks

    • received =]

  • I talked to Avi and he asked me to wait until this Friday as the credits are processed each Friday. So, fingers crossed!

    • thats bs.
      I just got paid today.

      • +1

        me too

        • +1

          I got mine yesterday as well:

          24 Jun 2013 $1000 Deposit
          24 Jun 2013 $1000 Withdrawl
          01 Aug 2013 $0.01 Interest (yiewww)
          07 Aug 2013 $50 Direct Credit 062895 COMMONWEALTH SEC
          MyWealth $50 Cash

        • I think you mean withdraw on 24 July.

        • You're right (actually was 27th of July) - either way they came through with the goods.

    • +1

      Just got the $50 today :)

  • Congratulations to those who received the bonus!

    Now, for those who haven't got one, you can now draft a letter to NetBank/FOS. It would be nice if it is a collective letter from ozbargainers!

  • +1

    ****A WARNING TO EVERYONE*****

    I signed up to this offer after receiving the email from MyWealth. I made a trade over $1k, and have waited until 7/08/2013 and spoke to Avi via the online chat.

    Apparently the "system" missed me, so I was not on the list to be included for the $50. He says I now must wait TWO WEEKS, and then expect it on the Friday…

    I wonder how many other people the "system" missed? I advise you all to INVESTIGATE if you are "included" or not. Do NOT wait until September.

  • I'd actually given up on this as the T's & C's had changed. But I got the $50 yesterday.

    Thanks OP!

  • +1

    got the money!

  • Account opened: 20-June
    Transferred $1000: 28-June
    $50 Credited: 07-August

    Sweet :)

  • I think we need to wrap up…

    Anyone hasn't received $50?

    For those who received $50 you have got two accounts:
    MyWealth (+HIN) and CDIA…

    Do you want to close both or keep CDIA?
    I think it is impossible to close CDIA alone but it is possible to close MyWealth only…

    demiurge on 01/08/2013 - 19:24 has said that you may close accounts by sending signed written request to MyWealth email…

    I am inclined to keep CDIA if possible. It is useful for tiger flight booking + international banking.

    • It is useful for tiger flight booking + international banking.

      Please explain :)

      • https://www.tigerair.com/au/en/booking-fees.php

        Booking fees are outlined during the payment process. Credit card bookings are subject to a a non-refundable booking fee of AUD 8.50 per flight per person. This will be added to the price on the payment page. There is no fee for bookings made with an Australian issued Mastercard debit card.

        CBA gives you free security token + big banks has a wider network of overseas correspondent banks…
        It's easy while your are overseas and want to wire money…

Login or Join to leave a comment