You will need to request this interest rate change in NetBank Settings > Product Requests > Switch account options, select Netbank Saver account and then click Go.
Total Interest rate will be 4.00% (Standard Variable Rate 1.65% + 3 month special offer 2.4%).
Type Compare & Switch on the search bar in the app. Select compare and switch account. Enter your pin and it will direct you to the Comm bank website.
You dont realise how easy and convenient CBA is to use. Just super user intuitive.
Use it for transaction account if you'd like. But for savings, this is Ozbargain you should be going out of your way to move it to ubank at least for an extra 0.6%.
I have used other banks like ubank and I don’t see how ubank is less convenient.
That's because you're not in the CBA marketing team.
I don’t think you realise how easy and convenient other banks are to use.
I’ve used CBA, also have Westpac, BOM, BOQ. I’ve had UBank, Mebank, ANZ, NAB. If anything I don’t agree that CBA is the best.
Plus for anyone who uses banking accounts for transactions only and have never owned/had the discipline to use a CC properly, going exclusively through CBA is a silly idea at best.
I agree that their app is the best banking app I've used so far. Also, the customer service is pretty good too. But nothing else to be honest.
I'm thinking to move to ING
How on earth is CBA more convenient or easy and is this really an important factor when their rates are not competitive???. I am with a few other banks and their apps/internet sites are just as good (or better) as the CBA's "Netbank" - and I am earning much more interest from having funds with those banks and not with the Commonwealth Bank.
What a thoughtless link to post for those outside of the age range.
Okay:
ING - 4.80% - Requires $1000 savings acct deposit + 5 ING card purchases + Growing the Savings account balance
ubank - 4.60% - Requires $200 deposit into any acct
Virgin Money - 4.55% - Requires $2000 Transaction acct deposit + 5 VM card purchases
Great Southern Bank - 4.65% - Requires transaction acct + $2000 deposit + 5 GSB card purchases
I think the main issue is the 4% should be the standard rate, not a promotional one. Commbank doesn't need to beat other institutions like ubank, but it would be nice to have a good savings account, with a reasonable interest rate and without the many caveats that tend to come with commbank accounts.
I think a lot of what we see here unfortunately with the big 4 is they know they've got a bit of a captive audience, with a lot of consumers who don't check who provides the best products and thus charge accordingly.
@dm02: Total agree … no big deal here!!! Anyway who are NetBank anyway ???
I when to iOS apps … and NetBank Mobile was a Filopino bank ???
@Pcoder: Well, we have ACCC to thank for the all the hoops banks ask for to offer decent interest rates.
@Pcoder: This NetBank Saver deal is a bit of a scam, but CBA does have a 4% standard rate on their GoalSaver account.
Yep, ubank is by far the easiest to get the money. You can even xfer $200 out & back in again. The CBA offering is just skimming money of borrowers.
But ANZ plus already off this before any rate rise. Amd you don't have to jump thru any hoops
This is only up to $50,000, anything above accrues interest @ 3%. So depending on your balance, this is actually not a great deal.
I don't see any where that says up to 50k
"5.15% p.a. Interest on Balances up to $50,000 for 14-35 Year Olds" - it's in the title of the deal.
If you click more information on the website it says 3% p.a. for balances $50,000 to $250,000.
Notwithstanding the fact that I linked four other banks with better interest rates than CommBank, you can just open multiple savings accounts with BOQ and have 50k in each.
Untrue, the interest will be paid on the total balance across your accounts and therefore having multiple will not achieve anything.
From BoQ:
"Bonus interest is paid on the total balance of all Saver accounts that are held in the same name. The amount of bonus interest you will earn is determined by the balance in your account".
Still the best option for anyone with <$100k in savings though.
@HomebrewFC: Not untrue given that I've been receiving the full interest incl. bonus across all accounts.
Also, the quote you've provided doesn't actually say what you've interpreted it as.
@dm02: What does it say out of interest?
Also, just to confirm, your total balance is >$50k and you're receiving 5.15%p.a. on the total balance? If so, well done to you.
Use "prison" saver for convict descendants.
Not illegal according to BOQ fanatics.
Get a working Comsec, you can still trade with a discounter.
No Gerry with his female dog using a false name stealing far more if you look at market cap divided by board compensation!
No HN tin hats.
Thanks, I was able to switch, but my wife's doesn't have that option (hopefully, just yet) so targeted for now, i think.
I switched today and its offering 4% now for me (but didnt before)
4% total or is that the bonus? If the latter, that's very high!
I don't think this a good deal cos there are other banks offering better rates.
yes targeted I think… don't have that option either.
There are so many better offers out there at the moment. I’m now on 4.6%P.A with uBank without an introductory period.
Been with CBA for years with a good savings amount. Asked twice for a increase to my savings and wouldn't. Packed up and went to Mystate on 4.35% and they have been fantastic! Even calling them is a good experience. I would say this is not a deal for most.
can this been done through the app?
The big 4 are useless when it comes to savings accounts. Absolutely shocking, they are also the first to increase mortgage rates. Big, fat, greedy, interest rate increases make them happy, interest income is probably their biggest profit driver.
Making money by lending at a slightly higher rate than they can borrow at? Congrats on blowing the lid off checks notes literally how banking works.
You saying the smaller banks aren't making money?
Or are you saying the big banks are only lending "slightly" higher than they can borrow at that's why they are making BILLIONS every year?
Smaller banks are prepared to pay more for savings because they have comparatively higher funding costs in onshore wholesale and often limited access to offshore markets.
They make billions because they lend hundreds of billions. It’s not hard to look at a NIM graph if you think they are somehow making a huge amount of money from your $126 Barefoot Splurge account.
@jjcf: Thanks fountain, so wise.
Smaller banks are prepared to pay more to attract new customers, the big banks are sitting high and comfy on people like you being loyal to them for no apparent reason.
Problems with big banks: large workforce, low efficiency, bogged down with old systems and mindset. Interest income is their favorite it's mostly passive income, they have large customer base that are too lazy to change to a better offer elsewhere. They don't really have any urgency for innovation and whatever innovation they have often takes so long to implement it's almost irrelevant before commercialisation.
But you go ahead and keep your $126 with them, I'm not sure they appreciated it but if that's what makes you happy…
Useless … correct 👍
Ubank is run by NAB.
ANZ just paid 4.9bn to buy grumpy Suncorp slaves.
And our all left govt says it is just our union slaves, all ok….
Not correct … the deal has stalled ….
ACCC delivers blow to ANZ-Suncorp merger bid
Ayesha de KretserSenior reporter
Apr 4, 2023 – 11.28am
https://www.afr.com/companies/financial-services/accc-delive…
Thanks for letting me know!
And huge thanks to the ACCC for stopping it!
The deal never made sense.
I don't get the point of these introductory offers, especially ones that won't even compete with offers from other institutions. So you lock yourself into a subpar rate and then have to move your money again in 3mths? Why not just chuck your money with Ubank or even ANZ+ where the hoops are minimal and you are always on 4%+.
Unless we're talking about 3mths at double the rate of everyone else, it's not worth it at all.
Macquire has a 4.5% welcome rate for 4 months with no conditons. Works great! Quick and easy to open an online acct too.
Just move to ubank or ING. Yikes on the big 4 with their low rates. Move your money away from them so they might actually do something to win deposits back!
Nice, with inflation at at least 7%…. putting your wealth into a bank now means you lose money at 3% per year!
Got a better alternative that's zero risk and zero effort?
No. I mean if you want to put no effort in and lose money (purchasing power at least), that's on you.
Everything is an opportunity cost. If you're putting in effort to trading stocks, or say flipping realestate, then you're not doing something else (eg. Running a business, managing a family, developing IP, etc.) so that's also on you.
I don't think anyone here would say interest is the best way to grow wealth, it's just the best zero-effort way when you're doing other things.
@incipient: Sure… but some people don't value their time enough… they work hard for $30 an hour and don't realise that a few hrs spent at home learning ways to manage/invest their earning is worth $1000s (per hour). For the time-poor person I'd recommend managed funds/super.
That said.. this is at least a start.. putting savings into an account with interest… most don't even do that! (Though an offset account is better for most of course)
5.15 at BOQ
Hopeless interest rate - much better offers are available elsewhere. https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e… , https://www.ozbargain.com.au/node/761197
Where is the GO button
Those settings are not in the app
M E H
Their goalsaver account is 4% for all and not introductory. Only hoop is to have a higher balance each month not including interest. Having said that CBA are the worst bank I have ever dealt with
yep I left them after many years due to experiencing very poor customer service. Have not regretted the move.
Why would anybody want to go with CBA and for an introductory offer at that.
Avoid CBA terrible interest rate
I knew they have lots of branches, I knew that have the best app.
So WHAT? This is OZB, a forum for people who have basic knowledge&skills to save money.
Not a deal and I will neg this CBA 'targeted' 'special' 'introductory' rate every time as long as it is far below other banks' rate (BOQ, ING, Ubank, St George, Virgin and etc).
yep "best" app and a multitude of branches which really are irrelevant/little help for investing doesn't mean best return on savings and value-for-money. Much better deals elsewhere online…..
No offer for me. Still at 3.75%. Want to switch to ing but scared as it do not have any physical branch in Adelaide
Scared? What about?
How about ANZ plus, they already offer 4% ongoing. Presumably that'll increase soon.
Yes. But lazy to switch only to get .25% more.
Then hand in your badge on the way out. 😋
Commbank already have ongoing 4% with goalsaver. No catches apart from having $1 or more put in each month.
CBA not paying bribes to Scott like Gerry gets his critics removed?
Millions of customers like to pay for a working service, good staff training etc.
Friends don't let friends use a CommBank savings account. https://www.ozbargain.com.au/node/760126