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Receive a Better Rate (up to 1.4% Increase) on Bank Deposit Accounts - Netbank Saver with Commonwealth Bank

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Receive a Better Rate (up to 1.4% Increase) on Bank Deposit Accounts - Netbank Saver with Commonwealth Bank
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LBallsy62 on 11/02/2020 - 11:10 commbank.com.au (2331 clicks)
Last edited 11/02/2020 - 15:02 by 1 other user

A hidden user option. Account holders can manually increase interest rate to receive bonus 1.25%
Increase remains in place for 3 months and must be reset after that period
Access by following steps
1. Login to NetBank
2. Select 'Settings' from main menu on Home page
3. Under heading 'Accounts' locate 'Product Requests' - select 'Switch Account Options'
4. In Account drop down - select 'NetBank Saver' account and click 'Go' button
5. Via available buttons - select to increase interest rate to access the bonus rate.

NEEDS to be reset every 3 months

Financial Bank Account Savings Account

Related Stores

Commonwealth Bank
Commonwealth Bank

closed Comments

  • stefanko on 11/02/2020 - 11:12
    +9

    so how much is the total rate and how does it compare to the other banks?

    • GoldenDragon888 on 11/02/2020 - 11:59
      +5

      Brings it up to 1.25%. :-/

    • Bryanalves on 11/02/2020 - 12:00
      +3

      I only got 0.5% the title of the deal as is is unobtainable or at least targeted. Need to change title to "up to 1.25%".

    • Gorodemon on 11/02/2020 - 15:27
      +2

      Hold up, did you guys get paid interest for saving money in the bank?

  • c64 on 11/02/2020 - 11:14
    +5

    i think what you get offered varies between individuals

    • reg401 on 11/02/2020 - 11:24
      +19

      Correct.
      Tested with several people, the bonus varies.
      Not sure what their logic is though.

      CBA, if you're reading here: the first bank that will actually just give me the preferred rate, and will keep it updated with the best they could offer, without all these games every 3 or so months, will get my money.

      • Jonzay on 11/02/2020 - 11:51
        +14

        I'd hazard a guess that the loyalty/lazy tax makes them far more money than the occasional savvy individual switching to another bank.

      • Diji1 on 11/02/2020 - 12:03
        -5

        The private sector fails again.

        And it will always fail because it's only aim is to remove your money.

        The Commonwealth Bank should never have been privatised.

        • Click_It on 11/02/2020 - 12:08
          +2

          I read an interesting article about global interest rates and the history of rates (okay that sentence doesn't make it sound interesting at all)

          Basically low interest rates are to encourage money OUT of savings accounts and into the economy. When done right, gets the economy purring again, increases interest rates due to inflation and then you can put your money back into a savings account - if you have any of it left by then.

          Simple logic, but I'd never really stopped to think about it before.

          • MuddyClear on 11/02/2020 - 12:44

            @Click_It: And RBA tries to maintain inflation at 3-4%, by tinkering with the interest rate, to keep Australia out of recession and maximise economy growth.

          • GG57 on 11/02/2020 - 12:47
            +3

            @Click_It: In isolation that intent may be more successful, but other things like consumer confidence, debt levels, etc., also play a part.
            With almost no wage growth over multiple years, my understanding is that consumer confidence is low and more is being spent on reducing debt that on consumption (purchases). This is a difficult economic time, and the efforts by the RBA to stimulate the economy appear to be hampered by the policies of the government.

            • Click_It on 11/02/2020 - 12:51
              +1

              @GG57: You are absolutely right. We're seeing a combination of unique problems right now all combined. Strange times.

          • YLD1 on 11/02/2020 - 13:29
            +1

            @Click_It: You just explained monetary policy

            It’s what the RBA has been using for the last two decades

            • jwsc on 11/02/2020 - 15:08
              +2

              @YLD1: decreasing interest rates has diminishing returns. At this level, decreasing the rates wont stimulate the economy anymore. It will only increase consumer confidence in the housing market. Thus increasing house prices, and increasing debt levels and decreasing spending everywhere else in the economy.

              • GG57 on 11/02/2020 - 15:53
                +1

                @jwsc: Increasing consumer confidence in the housing market is stymied by the non-growth in wages coupled with increasing living costs.

                • jwsc on 12/02/2020 - 09:18

                  @GG57: that only discourages the lower income households.
                  the higher income households remain unaffected and middle income households are just taking up larger levels of debt, while decreasing their spending in other areas. thus compounding the decrease in consumer confidence in other markets

      • ragrum on 11/02/2020 - 17:31
        +2

        Have you considered banks like Up, 86400, Xinja, UBank, ING or ME, which all offer better rates than CBA on an ongoing basis, so long as you meet their bonus eligibility requirements? I meet my bank's deposit requirement by having my pay put into that account. Several of those are full-featured enough to be a main bank, too.

      • chrisharry53 on 12/02/2020 - 10:17

        I opened a new account with ongoing rate of 2.25% with attached transaction account that has no domestic or international atm fees. Australian Government guaranteed. Online only - app only. The name is Xinja, a play on word Ninja. Public funded bank.

  • JKat on 11/02/2020 - 11:17
    +1

    unable to find on banking app - must be desktop im guessing

    • jason_ruz on 11/02/2020 - 11:27
      +5

      You can use the app to get directly to the NetBank page if you search for “Compare” and choose the search result “Compare & switch account options”. The NetBank page is not mobile friendly but it’s still doable.

      • JKat on 11/02/2020 - 11:35

        thanks! :)

  • damunsta on 11/02/2020 - 11:20
    +11

    Join Xinja, 2.25% no strings attached. Perfect for putting some funds away for savings.

    • yht on 11/02/2020 - 11:38

      My Oppo phone is not compatible to install the app.

      • clint-008 on 11/02/2020 - 11:49

        What phone do you have? I have the Oppo Reno z seems to work perfectly.

        • yht on 11/02/2020 - 12:18

          Oppo R9S

      • nfr on 11/02/2020 - 11:50

        Your phone has custom ROM installed?

        • yht on 11/02/2020 - 12:18

          Nope

          • benx on 11/02/2020 - 12:34

            @yht: Did the phone come from overseas, say China? I know some phones from China can't download our app.

            • yht on 11/02/2020 - 19:56

              @benx: Nope, bought it as part of Virgin Mobile plan which now to Optus. I checked with root checker app and it said not rooted. How do I fix this?

    • Pcoder on 11/02/2020 - 11:54
      +8

      I won't neg but I'm not sure this is that much of a deal. The netbank saver currently only has a 0.10% interest rate which is virtually nothing and combining this with the bonus is still way lower then quite a few other institutions.

      The total interest rate needs to be over 2% to be a deal.

    • freoleo on 11/02/2020 - 12:27

      Are these guys new?

      How reliable would they be? As someone who doesn't know much about this stuff

      • hybridex on 11/02/2020 - 12:47
        +2

        They are backed by APRA for up to 250k per person, so if you're putting in less than that then you have nothing to worry about.

        • freoleo on 11/02/2020 - 19:08

          Thank you, will look into them then

        • burgermaniac on 11/02/2020 - 22:42
          +1

          Up to 20 Billion per institution ;)
          Which is kind of laughable, considering Commbank has over 400 Billion in deposits. If Commbank goes bust, chances are you'll get 5% back from what you put in

          • Shwayne on 10/03/2020 - 11:10

            @burgermaniac: If Commbank somehow loses all its money, Australia will be in a bigger crisis than your low interest deposit account being inaccessible.

            • burgermaniac on 10/03/2020 - 23:22

              @Shwayne: hmm good point. Seeing Commbank has so many deposits, then all of Australia will have no money anyways, yet people are concerned about Corona Virus?

      • DoubleWookie on 11/02/2020 - 23:11

        If you're not comfortable with a small independent like Xinja, then Ubank (A division of NAB) offers 2.10% (monthly compound) with a $200 monthly deposit.

    • spaceflight on 11/02/2020 - 14:47

      Same rate as 86400.

      I don't know which is better

  • azngamer on 11/02/2020 - 11:28
    +4

    Thanks. Got +1.4%

  • Harry G on 11/02/2020 - 11:36

    I currently don't have a commbank account. What account should I open to get this rate?

    • c64 on 11/02/2020 - 11:41
      +25

      another bank would be a better option if you are a new customer

      https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…

      • Harry G on 11/02/2020 - 11:54

        Thanks:)

      • jwsc on 11/02/2020 - 15:14

        haha love this!

      • starbearer on 11/02/2020 - 15:36

        Brilliant!

    • azngamer on 11/02/2020 - 11:44
      +2

      ING savings maximiser gives 1.95%. Condition is to deposit at least $1000 and make 5+ purchases.

      Free atm around Australia and around the world (rebates within 5 days)

      So if you don't have a commbank account, maybe go for ING instead.

      I have an offset account where most of my money isn't in commbank and I can't close my account because of joint account issue.

      • Harry G on 11/02/2020 - 11:54

        Thanks, are they a secure and safe bank to deposit with? I'm looking at putting all my savings in account to let it grow

        • azngamer on 11/02/2020 - 12:00
          +1

          Yes, the bank has been recommended by Scott Pape ( the guy that wrote barefoot investor). That said, he is not someone that chase marginal interest.

          They don't have physical banks like the big 4s but I would recommend and would use if I am not stuck with my commbank account.

          • Harry G on 11/02/2020 - 12:01

            @azngamer: Thanks, appreaciate your help:)

            • azngamer on 11/02/2020 - 12:04

              @Harry G: No problem. ING is great if you want to avoid atm fees around the world. But check out the link mtg provided and see which suits you.

        • blighst on 11/02/2020 - 12:22

          Every bank in Australia is safe and secure if an ADI as they're guaranteed by the Government.

          • Harry G on 11/02/2020 - 13:56

            @blighst: Wow, i didn't know that. I thought that only the big 4 are guaranteed. Thanks for that info!

          • burgermaniac on 10/03/2020 - 23:23

            @blighst: Up to $20 Billion per institution :)

        • chrisharry53 on 12/02/2020 - 10:20
          +1

          Xinja for me. Any Aussie bank is safe as Australian Government Guaranteed to $250K.

      • jecec on 11/02/2020 - 11:57
        +2

        Xinja is 2.25% condition is to be a Xinja customer.

  • yht on 11/02/2020 - 11:38
    +1

    CUA has 2% by transferring $1000 monthly.

    • gif on 11/02/2020 - 17:25

      Rams has the same with $200.

  • xabiso on 11/02/2020 - 11:38
    +4

    mine is only 0.10% to 0.25%. my money will stay elsewhere.

  • wetsandwich on 11/02/2020 - 11:46
    +5

    You'd think Ozbargainers would be more savvy than chasing 2% (close to a negative real return) rather than ETFs etc.

    • yht on 11/02/2020 - 11:47

      Can you please suggest which provider and the fund name ?

      • POSITIVEVIBESONLY on 11/02/2020 - 11:52
        +4

        tesla

      • wetsandwich on 11/02/2020 - 14:24

        Commsec pocket is a good start, then you can choose from various market/sector based ETFs. I'm a fan of NDQ (Nasdaq)

    • abc on 11/02/2020 - 11:50
      +3

      Depends on the timeframe you need the money in, how old you are, risk/reward etc.

      • His_Holiness on 11/02/2020 - 11:53
        +1

        Even if you are entirely risk adverse something like VAF or VDCO would be better than bank interest.

        • yht on 11/02/2020 - 11:57

          Can you please let me know what they stand for? Thanks

          • His_Holiness on 11/02/2020 - 11:58
            +2

            @yht: Google them

            • yht on 11/02/2020 - 12:08
              +1

              @His_Holiness: Ok, Googled them. As I am newbee for thia stuff, what happen when Vanguard goes down, will we also lose all the money there?

        • bulldoglikeapproach on 11/02/2020 - 12:43
          +6

          Sorry, no. A ("high") interest savings account has a completely different risk profile to at ETF.

          What if someone needs to withdraw on an emergency stash of money? It's completely possible to lose money on an ETF in the short run. Far less likely with a savings account.

    • nfr on 11/02/2020 - 11:52
      +8

      You should not compare equity and fixed income instruments like that. ETF returns are not risk free.

    • Diji on 12/02/2020 - 08:02

      But I can't buy Eneloops with ETFs

  • Yanoflies on 11/02/2020 - 11:47

    I got 1.25% but I don't keep money in that account.

    • JacobHarvey on 11/02/2020 - 14:45

      Probably best to keep it that way if only 1.35% total

  • leftspeaker2000 on 11/02/2020 - 11:47

    .1% to 1.1% for me. Why not.

  • abc on 11/02/2020 - 11:50

    It says the Netbank Saver requires a linked Transaction Account?

    • Clear on 11/02/2020 - 11:51

      I have a linked Smart Access

    • sharkfan12 on 11/02/2020 - 11:51

      Correct

  • fchis on 11/02/2020 - 11:51

    "Please read the following message
    When you switch price options, the new fees and interest rates will apply from the day you switch. Any fee waivers or interest rates that applied to your previous option, will no longer apply following the switch."

    ps. i only get 1%. Guess it's a random offer.

      • JacobHarvey on 11/02/2020 - 12:47
        +1

        Seems like it needs a linked transaction account for you to have a Netbank Saver. So probably requires $2000 monthly deposit into the linked transaction account to avoid the $4 account keeping fee each month (unless you are under 25 years old)

  • sharkfan12 on 11/02/2020 - 11:51

    Does this change the account (bsb and AC number)?

    • Associatedactiv8newbs @ Commonwealth Bank on 11/02/2020 - 11:53

      no

  • FuRyZ on 11/02/2020 - 11:52
    +2

    Plenty of other banks offering better rates, some over 2%.

    Netsaver has a base rate of 0.1% + whatever bonus you get. The introductory bonus is 1.55% for the first 5 months. Total of 1.65% at the very most.

    This is not a good deal at all.

    • Clear on 11/02/2020 - 11:57

      I have my income go into CommBank and siphoned into better savings account later on. With this I can still get extra bonus interest.

  • peterash on 11/02/2020 - 11:52
    -8

    Westpac do 6% fully franked

    • buffalo bill on 11/02/2020 - 12:04
      +4

      Which gov-backed savings account product is that?

      • peterash on 11/02/2020 - 12:24
        -6

        westpac shares - pay 6% fully franked dividend

        • ozbd on 11/02/2020 - 13:32
          +3

          A savings account is essentially risk free. Buying dividend paying shares is far riskier.

          • peterash on 11/02/2020 - 22:34

            @ozbd: Short the banks if you're that confident

  • buffalo bill on 11/02/2020 - 12:00

    Good post thanks Ballsy.

  • stwok on 11/02/2020 - 12:02
    +1

    they gave me + 0.25%, so its now 0.35%, lol, luckily i keep my savings in rams but their rates have been pretty bad lately as well.

  • Panda0810 on 11/02/2020 - 12:04

    Awesome. Went from 0.10% to +1.4%

  • mangobango on 11/02/2020 - 12:06

    Thanks OP, got the 1.25% rate as well

    though I opened up a Ubank saver recently so most of my savings are in there

  • dins on 11/02/2020 - 12:06

    Cheers OP :)

  • Stoibs on 11/02/2020 - 12:07
    +5

    Better than my Goalsaver rate, Cheers.
    I know people are listing other banks with better rates but the thought of setting up with an entire new Bank and going through every single one of my automatic direct debit bills/wages/homeloans etc. and redirecting them to XYZ different banks sounds like a nightmare to me. It's not like I'm a millionaire where .5% difference is going to be a big deal anyway :P

    • KingThrifty on 11/02/2020 - 14:58

      Definitely adds up, especially when it’s full percentages higher like with UBank, Xinja, etc. One-time effort (half to full day max) and you’ll permanently have higher interest rates for life! I’ve made sure to have the highest interest rates since being a teen, now in my 30s, it’s made me thousands. Cashback sites and little OzBargain discounts definitely have a lower payoff.

    • c64 on 11/02/2020 - 15:44

      your new bank can get a 13-month old list of all direct debits and credits from your current bank

    • mehbodo on 12/02/2020 - 07:34
      +1

      The open banking deadline for all banks is July next year and this will make switching easy. It basically means that all banks have to be able to send your customer data to each other on your request (using api gateways). Look forward to it!

  • sosleepy on 11/02/2020 - 12:08

    what does it mean it has to be reset every 3 months? can someone please explain

    • harveyworld on 11/02/2020 - 12:11

      The rate automatically defaults to the basic 0.1%

    • ausdday on 11/02/2020 - 12:13

      It's a "for a limited time promotion". Your interest rate will go back to normal rate once the 3 months is up. You need to repeat the process again, and see what's the new offer at that time.

  • harveyworld on 11/02/2020 - 12:10
    +2

    Brilliant - many thanks for the easy instructions.

    Been pondering what to do with my NetBank account for a while but this little extra certainly helps.

  • sw0rdy on 11/02/2020 - 12:23

    I got 0.5% ._.

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