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CommBank Offering 5.75% to Existing Customers of The Netbank Saver

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CommBank Offering 5.75% to Existing Customers of The Netbank Saver
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LJDogman on 01/03/2010 - 22:42 files.ozbargain.com.au (523 clicks)

CommBank paying more than USaver with special promo! They're paying 5.75%.. Please beat it UBANK!

It's for existing customer's so I'm not sure whether UBank would be willing to beat it but this is the email I got:

As a valued customer, we would like to reward you with a special bonus variable rate of 5.75% p.a. on your NetBank Saver. This bonus rate is exclusively available through your NetBank message and for a limited time only. All you need to do is simply reply to this bank message to receive this bonus rate.

This bonus rate includes a fixed bonus of 2.00% p.a. above the standard NetBank Saver variable interest rate, currently 3.75% p.a and applies to balances up to $5 million.

You will receive this bonus rate until 31 May 2010. After this date you will earn our standard NetBank Saver standard variable interest rate applicable at the time.

We hope the coming months are filled with more rewards as easy as this one. Continue to save and we'll continue to help you see more from your money.

Start earning more by replying below with 'Yes, I would like to earn 5.75% p.a.'

All you have to do to take up this offer is simply reply to this message. Your special bonus rate will be applied 3 working days after you reply. Interest rate is current as at 26 February 2010 but is subject to change. If you have more than $5 million in your NetBank Saver, the funds above $5 million will earn the standard variable rate.

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Referral: random (1279)

Referrer and referee each receive $20 after referee makes 5 settled card purchases within 30 days.

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closed Comments

  • Lenneth on 01/03/2010 - 22:55

    The Commonwealth bank is one of the banks Ubank checks their Usaver against so they are sure to beat it.

    What we should be asking for is for the Commonwealth bank to put it even higher. ;)

  • robxxx on 01/03/2010 - 23:01

    i have not received this? where should i look?

    • JDogman on 01/03/2010 - 23:04

      Check your netbank email! It should be in there somewhere… that's where I found mine!

  • wonga on 01/03/2010 - 23:05

    I checked and haven't received mine either.

    • JDogman on 01/03/2010 - 23:06

      That's weird! Mmm maybe we should wait til morning when more ppl are awake and see if others got offered this!

  • AntMan76 on 01/03/2010 - 23:06

    I'm putting this out there …

    When the RBA raises rates this month, I reckon Commbank will increase their mortgage rates above the RBA to help pay for this.

    I would love to be wrong though.

    • JDogman on 01/03/2010 - 23:07

      LOL! When the RBA puts up its rates tmrw I expect UBank to go to 6% on the USAVER!! woohoo!

  • jennkei on 01/03/2010 - 23:16
    +2

    I received this in Jan/Feb I've heard people (possibly on OzB, can't really remember) and a friend say that this is selective; i.e. not everyone gets it. Not to mention it IS for a limited time..

    • ashaman on 01/03/2010 - 23:33
      +1

      Yeah, I got this message/offer in the first week of January, but it's only being applied until 31st March 2010. It must go out to a new selection of accounts at the start of each month?

    • samelf on 02/03/2010 - 09:52

      They offered it to me a few weeks ago when i was looking at opening a term deposit (over the phone)

  • cytotoxic on 01/03/2010 - 23:34

    I didnt get this either

  • rewstar on 01/03/2010 - 23:40
    +1

    i got this about a month ago but only because i asked the commonwealth to match Bank Wests interest rate.
    So i dont think every one will get it unless everyone asks them to match UBank or better it.

  • Luminary on 02/03/2010 - 00:05
    +1

    It's annoying how they don't tell you when they bring down the rate, but you have to make an effort to bring it up. I just changed mine to 5.26% a few weeks ago. Hopefully I get the email soon.

  • khaz0r on 02/03/2010 - 00:16

    Yeh I didn't get the email either.

  • Free Fall on 02/03/2010 - 01:06

    If you're with Ubank atm, you're not loosing out much unless you've got millions :P Eg: 0.03% (Ubank's rate with loyalty bonus is 5.72%) difference at $20,000 for a year is only $6…

  • Kranbone on 02/03/2010 - 01:48

    CBA only offers me 5.25 as opposed to the 5.75. While I was speaking to the CSR on the phone she said the honeymoon rate would expire for me on the 31st of March.

    It seems different for everyone but hey, at least I'm getting something for nothing.

  • M27 on 02/03/2010 - 01:51
    +2

    "bonus rate until 31 May 2010" - only 3 months promotional rate, no thanks!

    Personally I hate banks doing such thing, they just try to lure you open an account with them and wish you will forget to take the money out after the promotion ends.

    • BlinkyBill on 02/03/2010 - 10:02

      Did you even read the offer? It's for existing Netbank saver customers. So you would already need to have the Netbank saver account. So basically you get bonus interest for 3 months and you don't have to do a thing.

      • M27 on 02/03/2010 - 10:53
        +1

        Thanks for pointing it out. I didnt notice the deal is for existing customers only.

        My main concern, however, is the short promotional period they offered.

        • skinny on 02/03/2010 - 13:38
          +1

          no - it is not for all existing customers - only the selected few :(

  • peter on 02/03/2010 - 08:48

    No disrespect to the poster but M27 has got it exactly right, the Commonwealth Bank is just treating customers with total contempt. If they had any decency they wouldn't engage in this game of offering short term bonus rates which revert back to a much lower rate after a short time. But if you have the smarts and discipline to take advantage of it, go for it.

    • BlinkyBill on 02/03/2010 - 10:03

      Where is the contempt, they are offering a bonus rate to existing customers. Customers who already have an account with them.

      • peter on 02/03/2010 - 10:16

        The contempt is in the fact that the bank could be offering their existing customers a consistently higher interest rate all the time, but they don't. Instead they engage in this marketing exercise in an attempt to stem the migration of existing customers to other banks; still that's our market system I suppose.

  • daverwebb on 02/03/2010 - 10:38
    +1

    Didnt get an email, but just called up Commonwealth bank and mentioned Ubank, and they upped the interest rate on the account to 5.25%.

    • ih8parties on 02/03/2010 - 10:45

      Nice, might give that a try then.

      How long did they up it to 5.25% for?

      BTW do the CBA always match other banks with their interest rates if you ask, or is this a once off time they are doing it?

    • sash213 on 02/03/2010 - 11:48

      yeah, did they say it expires?
      was it a bonus 1.5% on top of your regular rate?

      • daverwebb on 03/03/2010 - 09:20

        it was a bonus 1.5% - not sure how long it lasts, the paperwork is in the (snail) mail.

  • ih8parties on 02/03/2010 - 10:40

    I never got this message either.

    Which "select" customers get this?

    For those that didn't get the message, is there any way of getting it?

  • skinny on 02/03/2010 - 13:43

    just saw this at the cba website:

    Special offer: Open a new NetBank Saver and you'll receive an introductory variable rate, currently 5.25% p.a. (includes 1.50% p.a. fixed bonus interest) until 31 July 2010 on balances of up to $5 million.

    • mutantx on 02/03/2010 - 14:58

      i just rang CommB but they wouldn't increase my interest rate to the full 5.75% … but they did offer to extend a "bonus" that i'm currently receiving, until the end of June - i.e. the earlier bonus-interest rate offer (5.25%) that was posted last month on ozbargain.

  • cperry on 02/03/2010 - 13:58

    This is an individual offer just for you (i.e. "Dear JOHN…."). I never got such a message. This is rubbish I'm afraid.

    • sash213 on 02/03/2010 - 15:20

      not really I got the offer in Jan. A bonus 2% on whatever the regular rate is of the day. ie when rates go up because of todays decision. I get that + 2% (atm 5.75%, hopefulyy 6% with the increase)

      This offer is just not as good, 1.5% bonus on top of the regular rate

      Not worth a neg as ppl are calling up and getting the deal matched.

      • cperry on 02/03/2010 - 20:59

        Sure, you tell me how to get it, other than "just click on the email" I never got…

        • sash213 on 02/03/2010 - 21:00

          I just did… "ppl are calling up and getting the deal"

        • JDogman on 02/03/2010 - 22:56
          +1

          I was merely doing a Public Service by telling OzBargainers to check their emails because they might get a free interest rate increase!

          I'm sorry that you have to neg the deal just because you didnt get it (talk about sour grapes, man)!

          And as to the fact that the deal is rubbish! The way I use my credit card and USaver means that I will maximise all possible interst using 2 Savings accounts! And if they're willing to offer me 2 extra % Im not going to look a gift horse in a mouth.

          When it's time to pay off the Credit Card, transfer money from UBANK into NETBANK SAVER! (allow for a few days just in case) then put the money into NETBANK until due date! This method removes risk of ever being late as well as maximising interest!

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