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$100 to Open a CBA Credit Card or Deposit Account, $1200 for Home Loan (NAB Customers Only)

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$100 to Open a CBA Credit Card or Deposit Account, $1200 for Home Loan (NAB Customers Only)
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chloden on 21/02/2011 - 19:58 commbank.com.au (1963 clicks)
Last edited 21/02/2011 - 20:10

CBA is offering NAB customers $1200 to refinance their home loan. To open a credit card or deposit account, CBA is also offering NAB customers $100.

I cannot find it on the website so I have provided a link to an article in The Age.

http://www.theage.com.au/business/cba-tempts-nab-customers-w…

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  • jacklynhydejr on 21/02/2011 - 20:03

    will have to investigate!

  • tomsco on 21/02/2011 - 20:08
    +3

    So can we start a new NAB account, than goto CBA for the money?

    • soupeater on 21/02/2011 - 20:27

      yeah i was gonna open one at NAB anyways

  • Lenneth on 21/02/2011 - 20:20
    +5

    did nab forget cba's birthday?

  • thushan on 21/02/2011 - 20:21
    +62

    They is trying to nab customers.

    • UFO on 22/02/2011 - 00:19
      +1

      best one i've heard in a long time, well done :).

    • MHLoppy on 24/02/2011 - 21:41
      +1

      another one for the epic threads :)

  • c64 on 21/02/2011 - 20:29
    +2

    | To open a credit card or deposit account, CBA is also offering NAB customers $100.

    sounds too good. there must be a catch. maybe you need to take out a loan as well. otherwise the nab account i opened at christmas for their promotion will come in handy for this promotion!

    i don't think cba have any transaction accounts which are free of monthly account keeping fees. am i right? i don't think i'd stay a long term customer.

    • netsurfer on 21/02/2011 - 20:33
      +3

      If you have a relationship balance over 20K, I think they waive the account keeping fee.

      $100 should be enough to cover account keeping fees for several months (close the account after you receive the $100 I guess).

      • love bargains on 21/02/2011 - 22:21

        It use to be $20K, its been increased to $50 K now.DAMn 11

    • tentacles1 on 21/02/2011 - 21:14
      +1

      If you deposit over 2k per month (wages for most people), account keeping fees can be waved for life so will be a totally free account for everyday banking.

    • Montaigne83 on 22/02/2011 - 02:07

      im a student and its free

    • orihim on 22/02/2011 - 08:35

      I have a CBA AwardSaver account, it does not charge any fees if you do not withdraw. As the name implies, it encourages you to save!

  • netsurfer on 21/02/2011 - 20:29
    1. So, you get some benefit from another bank for being a NAB customer?
    2. Can a person who is currently a Comm. bank customer and also a NAB customer apply for this deal?
    3. Open credit card or an account… How about both? $200 in total?

    I will +ve the deal once the detail information is out (the deal is not official yet).

    How about existing Comm. bank customers? We get nothing? So for being a loyal Comm. bank customer gets $0?

    • c64 on 21/02/2011 - 20:45
      +1

      yeah, i think existing comm bank customers get screwed (even more than they currently do).

    • sparkles on 21/02/2011 - 20:51

      For loyalty? Hmmmmm, let's see. Yes, I know, you get SQUAT!

      :D

    • Kiwi131313 on 21/02/2011 - 21:23

      Its the latest advertising campaign going on. NAB is offering CommBank, Westpac and ANZ customers money to change to a NAB homeloan. NAB have recently lauched their new 'Break Up' campaign, saying that NAB has broken up with other banks because they have nothing in common anymore. Therefore, if you, as a CommBank customer, want to get any benefit out of this, its probably wise to see what deals NAB have to offer you and switch banks.

      All in all, wherever your loyalties lie, just remember that there is nothing like some healthy competition to bring down bank fees and interest rates :)

      • A Banana4scale on 21/02/2011 - 22:25

        youg down mean bring down bank fees and up interest rates?

        • Ashlea on 21/02/2011 - 22:35
          +1

          Depends whether we're talking about loans or savings.

    • 2024 on 22/02/2011 - 00:55
      +1

      why would they give you anything, they already have your business (and fees etc)?
      They need more customers to bring in more fees to bring in bigger share prices to justify their $10M salaries…

    • callum9999 on 22/02/2011 - 04:43

      Why would they give you anything? You are already a customer with them - the whole point of this is to get them new customers.

      Sure it would be nice if they did, but banks are around to make money - not be nice!

      edit: Just noticed the person above said pretty much the exact same thing!

  • delfredo on 21/02/2011 - 20:32

    There seems to be an apparent lack of clarity and information about the credit card/deposit account offer. Can't find anything on their website. Has anyone got any further information to share?

  • c64 on 21/02/2011 - 20:36

    also from http://www.investsmart.com.au/news/news.asp?Action=Display&D…,

    THE banking-sector stoush has turned into a three-way war, with Commonwealth Bank planning to offer up to $1200 in cash to National Australia Bank customers looking to switch loans.

    It will also offer new customers deep discounts on home loans and $100 to open a credit card or a deposit account.

    but little other info

    CBA is offering existing NAB customers $1,200 in cash to refinance their home loan or line of credit with CBA, $100 in cash if they open a CBA credit card account and $100 if they open a Smart or Complete Access transaction account.

    those transaction accounts cost $4-6 per month.

  • Sharp on 21/02/2011 - 20:38
    +4

    I have 2x NAB accounts that I opened last year to get $200 credit (thanks to Ozbargain) I'm happy to convert them to CBA accounts for another $200. $400 for reading Ozbargain :)

  • the crocodile on 21/02/2011 - 20:44
    +4

    CBA has higher interest on home loan, so if you have a sizable mortgage, it would be shortsighted to switch over simply for the $1200 cash.

    If however you have a very small mortgage, then it would work well!

    • c64 on 21/02/2011 - 20:46
      +1

      cba don't offer the greatest rates do they

    • orange0328 on 22/02/2011 - 09:44

      agreed

    • Rastabaxus on 22/02/2011 - 12:40
      +1

      Everything is negotiable, most people use the CBA wealth package which reduces the rate too, and I would be pretty damn sure CBA will match NAB for any rate to get your business. They really are in a corporate war.

      • akanian on 22/02/2011 - 12:57
        +2

        I have been a loyal CBA customer for 20+ years and recently drew down a home loan. I went to CBA with the standard packaged that NAB can offer me, and CBA won't even cut their rate by 1 basis point for me despite being so loyal with them. I have since switched my credit card and home loan to NAB and very close to moving all my other accounts over too.

        • dy4me on 22/02/2011 - 14:34

          and i had the exact same experience.

  • gmail92 on 21/02/2011 - 20:53

    ive got both NAB and CBA accounts, what can I do? =S

  • tentacles1 on 21/02/2011 - 21:02

    $100 will be paid once $500 is deposited into account within 60 days. Only one $100 payment regardless of the number of new accounts.

    • sparkles on 21/02/2011 - 21:06
      +2

      Where did you find this info from?

    • love bargains on 21/02/2011 - 21:47

      Nope, thats not true….nothing to do with $500…….but yes, only one $100 payment will be made.

      • tentacles1 on 21/02/2011 - 21:54
        +3

        I am guessing you work in the bank too, you should read over the bulletin properly and come back tomorrow.

    • jimmy.sally on 21/02/2011 - 23:20

      and what about the existing NAB customers only, does it make any difference if I open up a transaction account with NAB tomorrow morning and come to Comm Bank with my NAB account details in the arvo, would I still be eligible for that Bonus?????

  • morpheu on 21/02/2011 - 21:06

    the way it's worded i think it's only for existing NAB customers with a home loan/line of credit who re-finance with CBA and take up all the offers, i doubt you can just pick the CC/transaction account offer alone, but i suppose someone will find out soon enough… ;)

    • tentacles1 on 21/02/2011 - 21:10
      +1

      Nope, you can just do the transaction account or CC offer if you want.

    • love bargains on 21/02/2011 - 21:46

      you can take all three accounts, HL, CC and everyday account. in this case you get $1200 and thats it.
      You can pick and choose what you want, and yes, you can take only one account.

  • jv on 21/02/2011 - 21:07
    -1

    What's the point when CBA's interest rates are so crap… They'll make 10 times what they give you over the life of the loan…

    • love bargains on 21/02/2011 - 21:44
      +2

      They make 10 times or 20 times….how does that matter ? Seriously.

      you dont have to pay it off in 30 years. knock it off ASAP. Pay ur mortgage weekly or f/nighty. Definetly NOT monthly.

      Put every single extra dollar in the redraw….C mon guys, we all know this.

      • jv on 21/02/2011 - 21:47
        +1

        Huh ???

      • Ashlea on 21/02/2011 - 22:02

        I assume JVs point (a very valid point, for that matter) was that if you stay with NAB (or any other bank) that 1,200 you would have made from changing will be yours in a matter of years anyway, because Commbanks rates are so terrible.

  • morpheu on 21/02/2011 - 21:32

    really? it sounded like they were offering to the same customers!
    well, i'm game to try! NAB, here i come…

  • love bargains on 21/02/2011 - 21:41
    +3

    This is correct. Theres a staff incentive as well.

    $1200 for a customer who re finance their HL from NAB to CBA……$250 for staff member.

    $100 for credit card from NAB to the CBA———-$50 for the staff member.

    $100 for opening new account——?$50 for the staff member.

    You have to show evidence of having an acocunt with NAB. E.g,, bank statement, bank card etc.

    They would like you to close the account with NAB but I guess you don't HAVE to.
    Theres literally no catch to this. Its as simple as it reads.

    Wait, theres one catch ! This offers starts today but finishes on April 30, 2011.

    oh, for the records….I work for this bank.

    • c64 on 21/02/2011 - 21:54

      do you mean that staff get commissions?

      They would like you to close the account with NAB but I guess you don’t HAVE to.

      i don't think i'd be that keen

      • love bargains on 21/02/2011 - 21:58

        Yes, theres a staff incentive as I mentioned above.

        well, you don't have to close the account(s)if you don't want to.

        • patientvalue on 21/02/2011 - 22:11

          Thanks love bargains for the details. Great to know. Is there a minimum requirement to keep a deposit a/c open?

        • [Deactivated] on 21/02/2011 - 22:19
          +1

          April 30th it finishes. Time to open a NAB account and transfer it to CBA….

      • c64 on 21/02/2011 - 21:59

        why is there no web page with the promotion details on it?

        it must be like christmas for staff members to open new accounts for nab customers. $ signs must be appearing instead of customers' faces

        • Ashlea on 21/02/2011 - 22:02
          -2

          "Cha-ching! More dickheads who don't realise they're throwing their money away by coming to the absolute worst bank in Australia!"

        • love bargains on 21/02/2011 - 22:08

          hahaha yes, but not really…people are smart now a days. its not just, hey would you like to do this ? and they say, yea no worries.

        • c64 on 21/02/2011 - 22:09
          +1

          so how long does it take to get paid the $100 bonus? there is no mention of that anywhere.

        • zzzsianzzz on 21/02/2011 - 22:10

          no marketing campaign for it.. they wanna save the marketing campaign fee for now..

    • jacklynhydejr on 21/02/2011 - 23:04

      hey love bargains (so do I :P)

      -do you have to open a new account or do you have to be a new customer to get the $$$?

      I'm already a customer….

    • jimmy.sally on 21/02/2011 - 23:23

      still trying to figure out if just a letter of account opening with BSB and account details work to claim that bonus??

    • bargain88 on 22/02/2011 - 08:53

      Out of curiosity - Are there an incentives for opening term deposits? The staff are always adamant to open me one. If there are care to share? I would like to use it back on them when they try and offer it to me (as a joke of course)

  • Fuzor on 21/02/2011 - 22:09
    +9

    Although i'm with the commbank and I think they're the best, this has got to be the worst way to promote yourself, nab has been making a genuine effort to beat the other bank, lowering fees and increasing interest in line with the rba. All commbank has to do is stop pissing off its own customers and itll be enough already.

    • zzzsianzzz on 21/02/2011 - 22:11
      -1

      lol… u have my vote.. they treat you like dirt when you're with them.. so much for loyalty.. its more like betrayal gets more money and benefits… but its so much hassle to move the home loan around.. its not playing cards or UNO …

  • love bargains on 21/02/2011 - 22:11

    @mattgal….If am not mistaken, it get paid the next month.

    • c64 on 21/02/2011 - 22:13

      thanks for your help! i'll ring the bank tommorrow to hopefully confirm details.

      • love bargains on 21/02/2011 - 22:16

        their call center is open 24hrs, give them a buzz now and find out………….only if you cant wait till morning.

  • love bargains on 21/02/2011 - 22:15

    @ patientvalue …..no such thing mentioned, as in time frame…well if you take your mortgage to them, I bet you wont be closing it off the month after and moving it somewhere else as surely its not that easy/simple.
    but for C/card or everyday account, its upto you.

    • patientvalue on 21/02/2011 - 22:19

      Thanks Love bargains. will pop over to local cth bank to see about opening everyday account

  • Raz84 on 21/02/2011 - 22:25

    so, does this mean you can open multiple accounts and get multiple amounts? (assuming you have multiple accounts with NAB)

    • c64 on 21/02/2011 - 22:33

      i would guess there is a limit of one bonus per person.

  • c64 on 21/02/2011 - 22:52

    i just got off the phone with cba customer service. they didn't know much about it. it was just launched today and apparently there should be some info on the website this week. they did mention requiring $500 to be deposited into the account within 60 days. an nab account number is required. it's probably wise to wait and see all the fine print in terms & conditions when they are released.

    • Wormetti on 22/02/2011 - 00:18

      Will a ubank (backed by NBA) account number suffice?

      • muzzamo on 07/03/2011 - 16:20
        +1

        i doubt it very much

  • bohn on 21/02/2011 - 22:54

    Will be doing this for sure. Looking forward to hearing more details.

  • devz on 21/02/2011 - 23:08

    Screw dealing with banks in any form. While you might read 'bargain' rest-assured with banks involved, YOU will not be the one to come off on top. Which pretty much puts all Bank related 'bargains' exempt from this site.

    If you need proof, have you ever heard of a bank making a loss? Or a profit <$1b? Now lets focus on real bargains.

    • c64 on 21/02/2011 - 23:39

      Screw dealing with banks in any form

      do you keep all your money under your matress?

      there is lots of money to be made from banks keen to have your custom if you are savvy.

      • troyww on 22/02/2011 - 00:25

        More like if you can be bothered driving an extra 2km for their teller machine . Are happy to line up for an eternity to take your money out and then jump through half a dozeb hoops . Banks are the masters of fine print and do not lose . The only way to win with banks is to buy their shares because at the end of the day thats who pays the CEO his multimillion dollar salary and customers are just there to be lied to and screwed .

        • callum9999 on 22/02/2011 - 23:57

          I take it you live in the middle of nowhere… In towns and cities there are cash machines everywhere and you rarely have to queue for them - or you could just use the card in the shop you want to buy from - the entire point of having a card!

          And please explain what hoops you have to jump through to get your money out? I go to a machine, insert the card, type the PIN then select how much I want. How can that possibly be described as "jumping through hoops"!

  • delfredo on 21/02/2011 - 23:12

    How can CBA afford it? If 10m people open a NAB deposit account and then a CBA deposit account between now and end of April, that may cost CBA $1b in bonus costs. If I'm the NAB retail manager, I would help spread the word and get as many people as possible onto this plan.

    • infernal_max on 21/02/2011 - 23:46
      +3

      i dont know how you can compose a sentence that that says "How can CBA afford it? i mean, did you forget the emoticon? or a lol?

    • Ishadeon on 09/03/2011 - 21:15

      there are 21m people in aus. Assume with the given options of the big four… around 20% have money in CBA. This is only targeted towards NAB customers… that's the other 20%
      Now only a small fraction will change from NAB. So CBA may have people in the 10,000s but no way towards 10m.

      Their losses are minimal when you find out the money they make on your deposits that they lend out.

  • POWERevolution on 22/02/2011 - 01:20

    Is NAB gonna strike back?
    I'm already with CBA, so suck for being loyalty to them. They even offer free 1st annual fee for CR card but not for existing customers :(
    If any bank offer me a good deal…I'll ditch them!

    • jv on 22/02/2011 - 01:50
      +1

      Nope, they've moved on……

    • Kkuba on 22/02/2011 - 13:01

      seriously, move to ING, they currently have a 40 dollar reward for starting an orange everyday account,

      i am currently with both, (CBA, ever since I was in primary school and Orange Everyday for just over a year now - longer with their savings maximiser) and will be closing my CBA account soon I think.

    • callum9999 on 22/02/2011 - 23:59

      So your loyal to them, but you'd happily ditch them if another bank gives you a good deal?

      Just staying with a bank because you can't be bothered to change doesn't make you "loyal" to them, nor does staying with them on the condition that they keep giving you discounts.

  • Mitchell on 22/02/2011 - 01:59

    Do I understand the terms of the transaction account correctly in that I can open a complete access account and pay no monthly fees because I'm under 21 years of age?

  • jesseboy89 on 22/02/2011 - 02:35

    If I already have a commbank account (which I'm planning to cancel after already having shifted to NAB), if I cancel it, then re-open it do I get the $100?

  • lplau on 22/02/2011 - 06:59

    Not sure if the $1200 is worth a higher interest rate than NAB. Maybe if Commbank had a lower interest rate it would be beneficial to move over.

  • Jools on 22/02/2011 - 07:26

    Would a NAB Visa debit card count as a credit card? Would it be possible to use Ubank account number as a savings account & NAB Visa Debit as the credit card account and get $200?

  • John Dough on 22/02/2011 - 08:31

    So many questions, so little answers.

    If you swap your home loan to this bank at a considerably higher rate, then you deserve this 'bargain' I feel like negging it just for that.

    As for the $100 for opening an account, I have too many questions to be bothered, and CBA charges $6 a month as an account keeping fee unless you maintain a balance. So after 17 Months, they have the money back.
    If you wanted to muck around opening and closing accounts etc for the $100 then you will come out in front, but my advice would be that if you have that much spare time on your hands, it may be more beneficial to find a second job.

    NAB killed the asterisk (if you didnt know) and has no account keeping fees on savings and debit accounts whatsoever, and no minimum balance conditions.

    I broke up with CBA years ago, and I dont miss them and have no plans of re-kindling the relationship. Its still over.

    • delfredo on 22/02/2011 - 09:08

      Make a deposit of $2k each month (no minimum balance requirement) such as your salary and you'll be exempt from account keeping fees. I find that CBA has the best in-branch service amongst the Big 4. Not that I need it or use it regularly but it's good to know that it's available to me.

  • Broden Jr on 22/02/2011 - 08:41

    So whats the easiest and quickest way to make a new NAB account?

    Also for the $100 does it matter what NAB account you have?

    NAB
    Transaction accounts
    NAB Classic Banking
    NAB Gold Banking

    Savings accounts
    NAB iSaver
    NAB Smart Reward Saver
    NAB Smart Junior Saver

    Investment accounts
    NAB Term Deposits
    NAB Cash Manager

    Are they all OK to get the $100?

  • daydream on 22/02/2011 - 09:37

    Unless the Comm Bank posts a rep here to answer the questions I think people will have to ask the bank directly (and hopefully post back their answers here) or wait for official info to be posted on the Comm Bank Site.

  • bazza236 on 22/02/2011 - 10:29
    +1

    Existing customers - must open new Transaction account ($4/ month or $6/month - note some customers may have this fee waived if they already have a mortgage with CBA)
    New customers - as above

    Both customers - must deposit $550 within 60 days, $100 bonus manually processed as they put in a form for you

    edit: They will ask for your existing NAB account details.

  • kingsville on 22/02/2011 - 10:55

    I just set up a CBA transaction account and credit card app. $200 woot!

    Staff knew about the offer, but it was 'very new'.

    They gave me a copy of page 1 of the new marketing campaign - Bulletin 054/11 - 18 February 2011 - that lists the products and incentives, as proof of the offer

    Campaign kicked off Monday 21st
    $1200 for refince NAB to CBA home loan
    $100 for Credit card (pres liability, consumer or business)
    $100 for Complete or Smart Access transaction account

    • GPT4 on 22/02/2011 - 12:12

      Hi kingsville..Did you do it online or at branch? Did they ask for NAB acct details?

      • kingsville on 22/02/2011 - 12:20

        At the branch, I just had to present my atm and credit card to show I was a NAB customer.

        They were very helpful, I just stood there drinking a coffee while they entered all of the information very quickly.

        • jimmy.sally on 24/02/2011 - 04:36

          were u been informed that U wud be getting $100 bonus for each account, thats transaction account & credit card????

    • c64 on 22/02/2011 - 13:06

      so when does the $100 bonus get paid?

    • c64 on 22/02/2011 - 13:14
      +2

      the cba teller chicks will be making a fortune @ $50+ per customer. what a rort.

      • jimmy.sally on 23/02/2011 - 00:18
        +1

        no, Thats $50 per savings account and $50 per Credit card for the staff, hopefully, our OZbargainers wud take both together, everyone likes $200 in pocket… hah hah a

    • tyng on 23/02/2011 - 09:03
      +1

      Hey Kingsville, are you a completely new CBA customer or have you had any accounts with them in the past to snap up this offer?

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