The Commonwealth Bank Goal Saver Account pays bonus interest when you meet the monthly deposit conditions and make no withdrawals from the account. As you're restricted from making withdrawals, it could motivate you to keep saving instead of making impulse purchases.
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Commonwealth Bank Goal Saver Account
- Maximum variable rate
- 4.90% p.a.
- Base interest rate
- 0.4%p.a.
- Minimum deposit
- $0.01
Our verdict
This account offers bonus interest when you deposit at least $0.01 and grow your savings each month.
CBA’s Goal Saver account offers 4.9% each month you deposit at least $0.01 and grow your savings balance. This is a lower interest rate compared to the highest rate accounts on the market which offer higher interest rates.
However, CommBank has one of the best mobile banking apps in Australia which could be a big benefit of this account if you like to manage your money on the go. The app can help you budget and save by splitting your transactions into spending categories, helping you find benefits and rebates that you might be eligible for and reminding you of upcoming bills.
Pros
-
Earn ongoing interest rate of 4.90% p.a. if you meet the conditions
-
$0 monthly ongoing fee to pay
Cons
-
Not the highest rate in the market
-
Lower balances earn less interest
Details
Key details
| Product Name | Commonwealth Bank GoalSaver Account |
| Maximum Variable Rate | 4.90% p.a. |
| Standard Variable Rate | 0.40% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Age | 18 |
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Alison Finder
Editor
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Sarah Megginson Finder
April 24, 2024
There is no maximum amount, though balances over $1m may earn a different rate of interest to other values. Right now, it’s the same interest rate across all tiers of savings.
Hope this helps!
Ronald
March 26, 2024
I want to transfer $9600 from my Pensioner Account to my Goal saver account
Sarah Megginson Finder
March 26, 2024
Hi Ronald, You should be able to do this online, but if you need support, we recommend you contact CommBank: 13 22 21
Julieanne
March 08, 2024
I understand that earned interest does not count towards the deposit requirement. what if you just withdraw the earned interest amount but still put in $1 in that month, (which means the balance amount still growing compared at beginning of the month) will you still able to receive bonus interest for that month!? Thx
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Elizabeth Barry Finder
March 26, 2024
Hi Julianne,
To qualify, you will need to deposit more than you withdraw because you need to have a higher account balance at the end of the calendar month than at the start of the calendar month.
So, if you withdraw from your Goal Saver Account, you will need to deposit more money than you withdrew.
I hope this helps.
Elizabeth
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David
January 24, 2024
Can I have two gold saver accounts in the same name ???
Sarah Megginson Finder
February 15, 2024
Hi David,
In most instances, it’s possible to open multiple savings accounts with one bank. I’ve reviewed the terms and conditions and unfortunately it doesn’t clarify CBA’s policy on holding multiple accounts, but generally they allow multiple accounts as you can have multiple savings goals.
Hope this helps!
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Michael
January 22, 2024
I understand that earned interest does not count towards the deposit requirement. what if you just withdraw the earned interest amount but still put in $1 in that month, (which means the balance amount still growing compared at beginning of the month) will you still able to receive bonus interest for that month!? Thx
Show more Show less
Richard Whitten Finder
January 22, 2024
Hi Michael – I suggest checking with CBA directly about this.
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Carolyn
April 24, 2024
Is there a maximum amount you can have in a goal saver?