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…
Yeah.. how long to get our filthy hands on the cold hard cash?
I did this today as well. They just asked to see my NAB card. I was told that I needed to deposit $500 by the end of the week, and the $100 would be credited 'a few days' after that. I transfered the $500 about an hour later. Branch was Sydney CBD
Sorry didnt ask anyone else know?
The downside is, there is an annual fee of $30 minimum on NAB credit card, regardless of interest free days or balance transfers etc. the comm bank want us to close all the accounts with NAB
Any one got the bonus $100 yet?
Guys, I have checked with CBA - the $100 bonus is valid for one CBA account only. Doesn't matter how many NAB accounts you got and how many new CBA accounts you open
IMPORTANT - make sure you deposit at least $500 within 60 days of opening the new CBA account and the bonus should be there within 6-10 working days (that’s what I have been advised)
they told me up to 6 weeks after the deposit of the $500
I have accounts with Commbank. Can I still qualify this offer if I have an account with NAB and then open a new transaction account in a branch of Commbank?
yes you do. I'm an existing CBA account holder and also got NAB. got a new CBA account and qualified for bonus
I am a part time univeristy student. I opened the NAB Classic account in december and got the $50.
Can I open up this CBA everyday account and get the $100 while keeping my NAB account? And will the CBA account be free as I am a student? If it isn't free I will get the $100 and close it.
I will do anything for free money, I need everything I can get!
CBA accounts are free for full time students only
Also if you deposit $2000/month, the account keeping fee will be waived
I have kept my NAB account (just provided them my bank details)
How will they know if im full time, I still got a student ID I can show em?
nah it's a 2011 card I just picked it up 2 weeks ago. Should be fine.
Anyone know if you can apply for an account online and get the $100 bonus?
Nope, people will take the money and naturally switch back once they get slugged with CBA fees, contempt, low savings interest rates and high home loan rates ;)
Yes this is true, the targeting of NAB customers, who already enjoy no account keeping fees, makes this a very strange offer by CBA. You have to wonder if CBA will also abolish account keeping fees soon, or make it difficult to close the account, or do as they always do and charge fees.
Yeah once its published I might do it if its worth it just for the short term quick few free bucks thanks to cba… But wont be closing my NAB accounts though ;)
You would have to have a very small home loan balance to make it worth it for the home loan switch. (probably less than about 2 years payments left)
I agree with posts below, what were CBA thinking letting this 'deal' out of the bag, then not having consistent guidelines or published T's & C's - Maybe a knee jerk reaction to being dumped??
we went down to the cba branch the lady said we were the first she had so she had to read up on the offer. She stressed that its only one lot of $100 each no matter how many transaction and credit accounts you bring over to CBA so we choose the CBA smart access account which comes with a master debit card and the $4 monthly fee can be waived if you are a full time student or deposit 2k every month. She said we had to keep the account open for 60 days so that it activates the $100 bonus deposit. Also they photocopied our Nab debit cards and entered it on their system. thus no you can not apply over the phone nor online you need to go into a branch. She said its open to existing CBA customers too. The staff member didnt mentioned anything about having to deposit $500 within a certain time frame but we will deposit 2k to avoid the monthly fee and after getting our $100 each ill just convert the account to a CBA GoalSaver account to avoid fees. btw I wonder if cba's computer systems are smart enough to pick up if you go to another cba branch and try to get another $100 bonus by opening up a new cba credit card account if you already claimed the $100 bonus for opening a new transaction account? on what date does this $100 sign up offer end?
sounds like too much effort for me and how do they know if you are a fulltime student?? Just show an ID and that should be enough. The NAB free $50 was easier..
Is CBA going to actually advertise this offer with all Terms & Conditions, or not?
Sounds that different Bank tellers at different Bank branches, make up different rules on the spot!
Some of them even want a bribe to do it!
Very bad form, CBA!
Just signed up at Kingsford NSW: 20 minutes from walking in to sign up; ID check; photocopy NAB card; paid $500 deposit and logged on and changed to new online password. I will be able to check online in a week or so for confirmation of $100 paid.
Assume 10 minutes to cancel in 2 months time for total of 1/2 an hour effort. Earn $100 (tax free!)less loss of interest for 2 months on $500 deposit (assume 6.5% at ubank) = $5.50.
Net gain $94.50 for 1/2 effort. (assumes no problems with receiving $100!)
I only wish that Westpac and ANZ would price match (The chap at the Commbank branch mentioned Westpac were doing something to combat NAB…he also asked about service at NAB and where i found out about 'ozbagain' :).
I am sure this competition will end shortly and the banking oligopoly will return to normal trading conditions so my suggestion is make hay folks while the sun is shinning!
sounds too easy ;) Think I might do this too, have a branch within 2 min walk from work…. easy money lol
yes i don't think you have to keep a minimum balance as i wasn't told that i had to. also i dont think cba will advertise this promo nor release all the promotion details in writing on their website as the staff member told me all they had was what was on her screen and nothing to give me but i got her business card and she will try to sell me other products in the future. i dont think cba want to start a war if they advertise it to the mainstream public.
fair point mattgal. thx
Perhaps someone could ask this question when signing up?
Applied this morning, and the staff was quite helpful.
However, just received a call from her, saying she just found out in order to get the incentive, I have to close my Nab account. I guess it's not worth it if I have to do this, as there is no printed final T&C, nobody knows exactly what rules are behind.
Very disappointed, CBA.
I guess I will deposit $500 into the account anyway, and wait until somebody report back when they get the $100 incentive. If anyone else got the money without closing his nab account, then I don't have to close as well. Thanks for the suggestion.
so if thats the case has anyone deposited $500+ and already gotten their $100?
I dont want to cancel my NAB account.
I might sign up to the CBA on the weekend though. I only have $450 in my account at the moment so might have to hit the pokies to get another $50 to put into CBA lol..
yeah win some lose some,but I only play pokies a few times a year and almost everytime I have come out on top :). Often just put $10 in and come out with double or more.
yeah probably. You just got to manage it and not just play because you think you can make money, but for fun. Those idiots that sit there all day everyday thinking they will win big lose alot of money in the long run but just playing casually with a few dollars you get alot of small wins.
strange, seem like each of us have a different version of this promotion from CBA. I opened a new account at BANKSTOWN branch today. I'm already with CBA but also has a NAB account. The lady checked and confirmed that i'm entitled to this promotion and she opened a Complete Access account for me. I need to sign a form to agree that CBA will contact NAB to close my existing NAB account. She also said that i must deposit $50 into the new account from a third party bank, not $500 like s/o else mentioned. Oh, and the bonus will come within 6 weeks.
yes indeed i am :) but she must have seen the >$5000 i had in my netbank account, that's why she emphasized it must come from a third party bank ;)
That is bullshit if you have to close your NAB account. I wont bother if that is the case..
I don't even have $500 to put in the CBA account at the moment.
Nah you dont have to close the nab account. Well i didnt have to anyway…
I applied for an account over the phone, which is much easier than going into a branch during business hours. Account was opened in a few minutes.
The customer service person said $500 has to be deposited, although she did slip and initially said $50, before correcting the figure to $500. This is for the complete access account, maybe its $50 for the other account.
It was also confirmed that my NAB account will not be closed.
Are we going to get slugged with an account keeping fee on the 28th Feb/1st March? This will not be a good start.
Yes quoted BSB, account and card number, but still have to go into a branch to show ID.
CBA loves charging fees, so i guess we will see if a account keeping fee is charged, not sure if i wan to risk moving $2k just yet, as all i have is my new CBA BSB/acc.
One thing to be cautious of with CBA is the delay for transferring funds to a new account for the first time, it may take an extra day or two.
Crownanchor, did they ask for your NAB account details if applying over the phone? how can you proof that you have a NAB account?
Yes, BSB, account number and also card number. No idea how they verify this, they probably have some system.
how will they verify im a student if i sign up over the phone. i dont want account keeping fee. i just want the account to be free and to get my free $100.
You will probably have to show your student ID at a bank branch.
I went in Commbank at King St Melbourne, asked the lady about this promo. She didn't have any idea at all and I ended up waiting for 15 minutes for her to find out. Told me I have to get a closure statement from NAB in order to get the $100.
Too much hassle…
Try a different branch, there is no need to close your nab account, and there sems to be so many variations of this offer, many of the staff seem to have no idea.
I went to different branch today and signed up with no problem at all. The lady asked her manager if I need to close my NAB account, the manager said no need to close account as long as I can show them my NAB bank card.
I was told the $100 will be credited to my new CBA account as soon as they receive my $500 deposit.
Just signed up over the phone.
Need to go to branch to identify myself etc.
Will get the $100 within 60 days apparently.
Did not need to say I would close any NAB account etc or provide proof of anything to that effect.
Can someone please let us know when they get the $100? I sure hope it's not 60 days…
stuff this too much confusion between branches. i'd rather stay with NAB, atleast they are organised and just gave me the $50 painlessly and quickly..
I went to another CBA branch and they said its $100 per account thus if you apply for a CBA smart access account and credit card you get another $100 too thus $200 in total. they also have the $0 first year annual fee on credit cards offer extended to march 7th advertised on the windows. It contradicts what the other branch where i opened the smart access account said that the maximum bonus was $100 only. Im a bit confused and might call them up tomorrow and visit a third cba branch to get a 3rd opinion version of the deal lol.
Easy money - yeah right ;)
I went to Collins Street, Melbourne branch and the lady told me I can get extra $100 if I have credit card with NAB as well. Her manager confirmed this.
Does this mean setting up and applying for a credit card with CBA or just presenting the two catds to CBA and opening a savings account.
The details of the offer did suggest the savings acount and credit card are two seperate $100 bonus's.
I just called Cba free call 1800634700 and got a 3rd version. They said yes you can get another $100 if you bring over two different products and no its not compulsory to close your nab accounts but they can do it for you if you wish. also you should get your $100 within 6 weeks and no you don't need to make any deposits of $500 etc. also existing cba customers qualify if they show proof they have nab accounts at a CBA branch. I just wonder if you show your nab credit card then request to upgrade your CBA credit card if you qualify for another $100 or not?
just got off the phone with cba…the rep confirmed that there is no need to close the nab account..but to receive $100 bonus, there must be a "direct credit" like salary into the account and specifically said that fund transfer from a different bank wouldnt qualify the account for the bonus..bummer..dont want salary going to cba acct :(
There seems to be so many variations of the conditions to qualify for the bonus. I think in 2 months time when people haven't receive their bonus there is going to be a backlash against CBA. I think CBA might be digging their own grave.
I used netbank to ask CBA about this promotion. Let's see whether they answer in writing or not. If they do, I can keep it as an evidence against them later if anything goes wrong.
60 days after you deposit $500 the bank will add $100.
This is what I was told having went back to my local (kingsford, nsw) Commonwealth bank branch.
thats what i was told too having returned to the branch to ask again. no mention of a “direct credit”. are you sure of this? i guess you can always do a paypal deposit which is a direct credit.
yes i was told also the deposit needed to be from an external bank, and not just from another cba account. the loganholme staff pissed me off making up their own rules for the CBA no annual fee CC promo and aren't sure them selves so im off to a different branch.
Just got back from the bank and verifying my identity etc which included photocopying my NAB card.
I was told I would get the $100 in a couple of weeks.. but we'll see. The person on the phone said after 60days or so. Deposited $500 and there was no mention of having 'direct credits' setup etc.
I received this email yesterday from the lady who opened my new account:
Hi
Thank you for coming into the branch and giving me the opportunity in assisting you with opening up your new accounts.
Your Smart access account number is xxxxxx and I have transferred the $500 from your existing account as your request. As long as you keep more than $500 in there for 60 days and the bonus $100 will be there by then.
Me 2. The guy in the branch said, you can spend that 500 after you deposit in. And you also can deposit 200+200+100 separately.
I applied for this at my local branch and the assistant said I have to show a closure statement to receive the $100. No mention of the $500 deposit whatsoever. Said the $100 will be available as soon as possible.
Try go to different branch. Worked for me
I'm interested in this, but there is so much conflicting information about this re: closing the NAB account, the minimum deposits, the time frames to receive the bonus, the need for a direct credit, etc. It just seems like there is so much inconsistency that CBA might have 101 excuses not to pay the bonuses when the time comes.
Ive crunched a few numbers on this deal and have found this may be a good deal for CBA, and hence why CBA has an interest in paying the bonus. The vagueness in the terms is due to the deal being done in quick response to NAB's campaign and the deal having no/word of mouth advertising.
Anyone else crunched numbers on this deal?
CBA launches its latest slogan inspired by SBS. It reads as the following:
We've abandoned complicated T's and C's.
Thousands different stories and counting by your local branch.
Do forget to report those new stories here at OzBargain.com.au !!!!
We'd love to hear from you.
Only time will tell whether all, some, a few or none of them are true.
Those who are informed that they will be paid in 5-6 business day should report back by now.
Alright.. guys and gals… here is my 2 cent…
I used to work for one of the banks and telecommunications companies, so you need to see where they are coming from. The whole idea of this so called 'competition' is not really competition.
It is based on the idea of customer with 'how many products'. What we call CW4P… that means 'customer with 4 products' or CW7P which means 'customer with 7 products' etc.. this is a common practice and training within the bank and telecommunication to make you more 'sticky' means that once you have so many product with them.. it is very hard for you to move to their competitor or wants to because it is too much hassle and you got way too much things going on with that particular bank. So… thats why they actually want you to use their products as often and as many as possible they include the following for banks:
Transaction account
Savings account
home loan
Credit card
Internet banking
wealth management
Insurance
So as you can see.. most of us have, transaction, savings, internet banking and credit card. Thats 4 products. and anything extra is bonus. Makes you VERY sticky.
For telecommunication, it is mobile phone(locked in a contract) and internet and landline etc.. same idea just different pushes.. I hope this helps.
It might look like they are giving you competition, its not. They just want to get your information (information is power, I know it is cliche but it is true) and that includes how much you manage your money and they can best maximise their profit by charging you the way how you use their products… so.. by signing up.. you are giving up your information to them.. just like facebook.. why all the advertisers are going gaga over facebook because they literally can target you specifically on your wants and needs and hence increase the possibility of sale to you higher…
Just my two cents..
CBA seem to have no idea what they're doing. I emailed them to ask if the NAB account had to be closed and they said no, and that they could set an account up over the phone for me with no worries. So I went into a branch and they said they would have to close my account in order to get this offer, even though I showed them the email. Seriously annoying that they can't get their story straight!
2 weeks and still no $100, anyone else getting worried?
No, not worried at all. The $100 is likely to be paid the end of April, going by what CBA have advised and how long it takes other banks in similar promotions.
There's going to be a monthly transaction fee of $4 for each month we wait. Unless you deposit $2k a month, which is a lot.
i got both CBA and NAB account…what should i do?
Could someone summarise the dates for this offer please, when is it open until, when do you have to deposit the money etc? Will I be able to open a NAB account now under the $50 offer, satisfy their T&C to receive the $50 and open a Comm Bank acct for the $100. Will I have to close the NAB account before I get the $50? Sorry if this has already been answered but I'm getting confused….
There are no real dates for this CBA unadvertised offer, but you should be able to get both bonuses considering the CBA one continues for a few weeks, which it is expected to. I would recommend opening the NAB account ASAP, then open the CBA account after receiving the NAB card, it only takes a few days for NAB to send the card, which is required for CBA offer, and NAB was a lot more organized and account opening a lot smoother than CBA.
Thanks very much for your quick answer!
Also are these offers available for under 18's accounts?
i thought this offer ends 31st April? i went to the branch yesterday and staff hadn't received any flyers on the deal and i dont think they will. anyway hope to get my $200 for cba wasting my time.once the $100 cash is credited to the credit card account whats the best way to get it out? if you do a cash advance they charge you fees and interest even though your account is in credit i think. can you simply transfer it over to your linked smart access account using net banking or close the account and still get the $100 credit out?
u dont purchase on credit card? y bother to take $100 cash out?
Why don't you just use it next time you need something that's $100?
31st April? So it's a permanent offer then?
lol
anybody know if it's valid for existing customers? can i open one more Smart access account even tho i already have one?
yes its valid for existing cba customers. you just need to open up a new Smart access account even if you already have one to qualify for the $100 and other cba credit card account if you want an additional $100 for it. just need to show nab cards.
Hi
Can someone or anyone clarify the following issues that all of us are having problems with.
1) How many times can you get credited for opening an account with CBA? Can i opened both a credit card account and a saving accounts to get $100 credited to each account as part of the promotion or is this promotion capped at $100 only per individual?
2) With regards to the deposit of the $500, can i used transfer it from my Netbank Saver? or does it have to come from another bank etc!1
It will be great if anyone could provide some answers to my following questions.
The best solution is to send these questions to CBA through netbank and post their answers back here.
its a maximum $100 for a new smart access account and another $100 if you decide to open up a CBA credit card account too thus a total of $200, plus $1200 home loan if your crazy to want that too. its capped at $100 per account type per individual thus i will qualify for $200 by end of april. its valid for existing cba customers too. you just need to open up a new Smart access account even if you already have one to qualify for the $100 and other cba credit card account if you want an additional $100 for it too. you just need to show the nab cards and you dont need to close your NAB accounts! If they try to get you to sign to do this tell them you don't wish to close the nab accounts yet as you have direct debits coming out and will do it yourself later. or simply go to another branch like i did. I found that different branches try to get smart and make up their own rules just tell them that you called the CBA call centre and they informed you that you don't need to close the nab account.
Yes the funds can't come from cba or your Netbank Saver. however simply go outside to the cba atm and take out $2000 and deposit it into your new smart access like i did to qualify for the $100 and avoid the $4 fee.
Seems to depend where you go - they insisted they had to close the account to get the bonus at my local branch - anyone else have this problem? I told them to forget it.
Better to do it over the phone! They just took my NAB account number and thats that
GOT MY $100 BUCKS! (11th March, VIC)
Opened account on the 22nd, deposited $500 on the 25th!
Well done Mattgal
Husband's account: opened on 23rd, transferred $500 from other bank on 24th, got $100 today.
Mine: opened on 23rd, transferred $500 from hubby's CBA acct on 28th, then transferred $500 from other bank on 3rd, haven't got anything yet. Hopefully it will turn up next week this time.
Got my $100 bonus today. yay!!!
i got my $100 on " 11/03/2011 NEW ACCOUNT BONUS Admin." that was quick since i only opened it on 24/02/2011. now just waiting to get another $100 for the credit card. let me know if anyone gets mulitple lots of $100 for more then one smart access account opened?
Which credit card did you apply for? What's the annual fee?
i got the gold-awards card. they have extended the campaign on to waive the fees on new card applications current until the end of march. thus its still a current offer. see http://www.commbank.com.au/personal/credit-cards/gold-awards… you can also migrate your old CBA card over to a gold-awards and pay no annual fee (2 yrs for me (waived until feb 2013) it all depends on when your old card annual fee falls) but i don't think you will get $100 unless you show them your NAB credit card and apply for a new CBA card account. depending on your total credit limits on all cards you can always later combine them and migrate to a platinum card if you meet the minium $8000 limit. thats what they just told me on the phone thus its worth considering.
Thanks for your reply. Wish I had read it though before I called. I must have got a commission fueled rep on the phone. He signed me up for a Low Rate card, and avoided answering my question about the annual fee until the end of the 20 minute phone conversation, which after the third time asking, he said it is $75, and by that point he said he couldn't amend the credit card application to the Low Fee one which is only $25 annually. He made no mention of the waived fee until the end of March with the gold card promotion. Now I am really annoyed and am going to call and cancel it.
GOT MY BONUS..
Deposited $500 on 3/3.. got bonus yesterday…
;)
Just opened at Haymarket Sydney CBD. She took photocopy of my ID and NAB bank a/c card.
She asked me a lot of marketing questions, which I answered anyway (not with great accuracy).
She said I have to deposit $500 FROM NAB Account to CBA account in order to get qualified $100.
She also prepared a letter to close my NAB A/c and I had to sign it, which I did as I don't use NAB account anyway.
As I don't see any comments that I have to make deposit $500 FROM NAB Account, I will contact NAB customer centre for this and see how it goes. I won't even keep $500 deposit in CBA a/c once it's there.
ONly a good thing is I am a full time student this year, I won't be charged any a/c keeping fees - however not sure how long I keep this CBA account. IMO, CBA is the one of the most evil banks. NAB a/c is obviously more friendly with all * deleted.
and I received a bonus $100 as of 29 March (it was deposted earlier).
Just got off the phone with CBA as i had not received the $100 deposit yet while reading here others had (I signed up on the 24th).
The guy from CBA said i will have to wait upto 60 days before the bonus is paid unless i do some sort of direct credit to show i am regularly using the account.
Accounts who have already received the bonus are probably credit card sign ups or they have done a direct credit already eg pay or perhaps the $2000 / month to avoid fees. My only deposit was the $500 cash deposit on the day of signing up.
So if like me you are waiting for the bonus either continue to wait or deposit via a direct credit another amount via EFT from another bank.
wrong ;)
I deposited $500 cash into a new Smart Access Account on the 3/3 and received bonus on 11/3 ;)
Haven't done any EFT transfers, direct credits, etc etc..
I did it today. Just showed them my Nab card and thts all so i didnt need to close my nab account. Only condition was to deposit $500 in the CBA account.