Commonwealth Bank - NetBank Saver 6% pa at call (From 7th May)

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Jabei on 05/05/2010 - 21:46 commbank.com.au (412 clicks)
Last edited 10/05/2010 - 02:52 by 1 other user

From Friday, 7 May 2010

Open a new NetBank Saver and you'll receive an introductory variable rate of 6.00% p.a. (includes a bonus rate of 1.50% p.a.) until 31 July 2010 on balances of up to $5 million.

If you are an existing customer, you can just open a new NetBank Saver Account at Netbank to get this rate 6.00% p.a.

How's UBank? Will UBank have a meeting this Firday? and then decide no rate change or a small change from Friday 14 May 2010?

Mod:
From linxinkai

If you are existing customer, just give them a call (132221) and ask them increasing you interest rate to 6%
I tried and it works, operator did it for me without any problem

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Commonwealth Bank

• 

  Daniel15 on 05/05/2010 - 21:52

  But it's only an introductory rate for 2-3 months, and then it drops down back to 4.5%. So I think the title is a little misleading and it should be "NetBank Saver 4.5% + 1.5% bonus until 31st July"

  UBank don't count promotional or introductory rates in their rate assurance, so probably won't increase theirs.

  • 

    [Deactivated] on 05/05/2010 - 21:57

    Citi, St George , Bank West etc have already had 6% since last rate rise and may go up again now?

    • 

      Daniel15 on 05/05/2010 - 22:01

      Ah, my bad, I haven't really looked at any others. I've been using a Netbank Saver for a long time, and only recently started looking at other banks (ended up going with UBank).

  • 

    Jabei on 05/05/2010 - 21:57

    +1

    Commwealth Bank always has a introductory rate, and what you need to do is to open a new NetBank Saver account in your Netbank. The last introductory rate ended on 31 March 2010. And I just opened a new account to qualify current introductory rate (until 31 July 2010).

  • 

    iSamurai on 06/05/2010 - 15:12

    just open another netbank saver account directly in netbank and you'll get the intro rates again. transfer money into the new account of course.

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  Lenneth on 05/05/2010 - 21:56

  +1

  To take advantage of this great offer, you need to hold one of the following qualifying accounts:

  • Smart Access
  • Complete Access
  • Streamline

  I think I will pass. I can have the account of my choice at the bank of my choice to use Ubank.

  • 

    sash213 on 05/05/2010 - 23:01

    You can a smart access free with a debit MasterCard if you want

    • 

      Orgazmo on 06/05/2010 - 07:20

      how? it says $4 per month now

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  Cluster on 05/05/2010 - 21:59

  UBank shouldn't have to act on this as part of their rate assurance guarantee. Commbank's offer is only valid for less than 3 months. With Tuesday's RBA 0.25% rate rise to 4.5% I would expect all online savings accounts to add 0.1% or more to their rates by Friday.

  • 

    [Deactivated] on 06/05/2010 - 08:02

    +1

    What a strange comment. Ubank is now coming in line with the other banks - they are not increasing their rates jsut letting them stand. So Ubank has it's own introductory special. What it has and that's it. So now we have to do the same as we did before. Switch banks.

    Take the intro rate, then switch to another with intro rates, BUT remember to close the old account, so 12 months later you can go back and open a new account.

    The honeymoon with Ubank is over. Remember they offer 6.05% if you put in $200 a month BUTT that's NOT until June - A MONTH away. Yep it sounds fine.

    Hey we give the highest rate if you compare what others give you NOW against what we will give you next month. HELLO

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  coolsteps on 05/05/2010 - 23:55

  +2

  cba are crooks. they charge fees on their accounts and closed my account without any warning letter just becuase it had a nil balance and had no activity for 3 months.

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  stardust77 on 06/05/2010 - 01:13

  +2

  I'm not a fan of CBA. Had a student account with them previously and was fine. However when I'm not a student, they charge ridiculously high fees unless you have heaps of money in the account, plus there's fees for absolutely everything. Not a fan of these big banks that earn heaps from their customers and yet not provide good service.

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  qtvinsta on 06/05/2010 - 08:47

  +2

  not truly a bargain. check out this link comparing interest rates on savings. CBA's just joining the bandwagon

  http://www.infochoice.com.au/banking/

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  Integral888 on 06/05/2010 - 10:06

  Unfortunately as has been pointed out, UBank's Rate Assurance does not take into account introductory or promotional rates. They promise to beat the standard variable rates from 6 reference banks which are all nowhere near 5.85%:

  "The competitor accounts covered by this rate assurance are:" as at today

  ING Direct Savings Maximiser - Standard 4.65%, Intro 6.00%
  Bankwest TeleNet Saver - Standard 4.25%, Intro 5.75%
  Commonwealth Bank NetBank Saver - Standard 4.50%, Intro 6.00%
  Westpac eSaver - Standard 4.00%, Intro 5.75%
  ANZ Online Saver - Standard 4.50%, Intro 5.75%
  St George Direct Saver - Standard 4.45%, Intro 5.75%

  Somehow I don't see ING raising their standard rate by 1.20% anytime soon and losing 25% profit from all their existing customers. Raboplus isn't included in this panel but there's a chance that their current rate of 4.75% may go up when they relaunch their brand as RaboDirect on 20th of May.

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  redRex on 06/05/2010 - 10:40

  +2

  You dont need to be a new customer, if your an existing account holder you just need to call them up and they will give you the bonus interest rate. The bonus (I think its 1.5%) is only valid for a limited time but better then nothing right?

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  kusama on 06/05/2010 - 10:54

  I'm thinking of doing this, just so I can view my accounts from one website.

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  fizzle on 06/05/2010 - 14:25

  The bonus interest only expires for the people who dont ask the bank to start it over from scratch again. You dont need to open new accounts etc. Its to get people in and hope they forget or think it expires for good. Just be sure to ask for a roll over before the 3 - 4 months is up each time. Its a pain, but a ploy by the banks.

  • 

    dazzza on 06/05/2010 - 20:49

    What do u mean by asking for a rollover? DO they actually give you the higher interest rate?

    • 

      fizzle on 07/05/2010 - 11:33

      Yes. They roll it over starting the 4 months again including the bonus interest. They promote it been for new accounts only but thats all garbage. Usually when rates go up it is added to the bonus interest so you have to keep doing this to not miss out on any interest.

      • 

        [Deactivated] on 07/05/2010 - 12:10

        Fizzle - are you talking about CBA or any other bank. Can you advise how you do this. Call threaten to move or what. Maybe can I ask you to advise this to others here by starting a forum topic. The advice looks good, so sharing it there will help Thanks

        • 

          fizzle on 08/05/2010 - 11:50

          @[Deactivated]: Westpac who i bank with. I assume the others would be the same? I just walked into Westpac and asked them "what do you have to offer me now the 4 months is up?" they replied "no worries we will roll it over for another 4 months with the bonus interest" I asked is this common pratice and why dont u roll it over anyway for exisitng customers? they replied basically to get people to look at new options and term deposit etc every few months or so. But i guess they rely on people getting in forgetting and not asking :P and therefore losing the bonus interest.

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  AMLagonda on 06/05/2010 - 15:39

  Not never a bargain, I cant buy it, in fact all CBA does is rob me of $5 a month in fees :0
  Im getting far away from this bank.

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  [Deactivated] on 07/05/2010 - 21:50

  St George are offering 6.15%

  • 

    [Deactivated] on 07/05/2010 - 22:14

    not doubting you, but where did you find this out from? Any links?

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  linxinkai on 09/05/2010 - 13:09

  If u are existing customer, no need to open a new account
  Just call 132221 and ask them increasing ur netbank rate to 6%
  I just called without any problem : )

  • 

    sbaust on 09/05/2010 - 17:02

    Thanks for the heads-up. I just rang and got the existing account changed.

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  dorothi_toto on 10/05/2010 - 12:31

  I just changed it as well but not without a BIT of a hassle. Seriously, the staff just have no idea. The guy was a bit rude when i made the request (because he didn't know), strange because at first he was all trying to create small talk re my weekend.

  This is great, thanks Fizzle. So can existing customers keep getting the increased rate which are supposedly for new customers only? And is this for all banks or just cba. See i didn't know this before, that as an existing customer i could get the increased rate too. They make you think you can't so you just put up with it or change banks.

  • 

    illumination on 10/05/2010 - 17:31

    I just did it too, but the one who helped me was nice. If they are really willing to continually update this, this will be great =) haha

    Thanks for this!