CBA Savings Accounts

If you're on the hunt for a place to store your money, compare with Savvy and find the best CBA savings account for you.

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, updated on August 8th, 2023       

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Founded more than a century ago, Commonwealth Bank has emerged as one of Australia’s ‘big four’ financial institutions. It now has almost 900 branches scattered across the country, 49,000 employees, 800,000 shareholders and about 16 million customers. Savings accounts are still an important pillar in CommBank’s business and they offer a wide range of products that can help you reach your savings target.

If you’re considering opening a savings account and have your eye on Commonwealth Bank’s options, comparing with Savvy can help make the decision fuss-fee. Compare today and find your perfect match among the bank’s stable of savings options.

*Please note that Savvy does not represent CBA for their banking products.

More about CBA savings accounts

What savings products does CBA offer customers?

A savings account gives you a place to store your money, but these banking products tend to differ from bank to bank. Commonwealth Bank has a range of savings account options including:

NetBank Saver

The Netbank Saver earns you interest on your money while also giving you complete access to it. You’ll earn up to 0.50% p.a. interest for the initial five months after you open the account. A standard variable interest rate of 0.30% p.a. applies on these accounts, with an additional introductory rate of 0.20% p.a. for new customers (totalling 0.50% p.a. for that period). Interest is calculated daily and paid on the first day of the month.

You get unlimited access to your funds through the NetBank or CommBank apps. They also come free of monthly fees, saving you up to $5 per month on account-keeping costs. However, you may still be charged $2.50 for paper statements. Also, new customers will be required to open a linked Everyday Smart Access Account.


With the GoalSaver account, you’re rewarded with bonus interest for maintaining good savings habits. These accounts come with a base rate of 0.05% p.a., but allow you to earn a high interest rate of 0.20% p.a. by making at least one deposit and growing your balance month-on-month. Interest is calculated daily and paid monthly on the GoalSaver account.

You’re free to tap into your savings via internet or mobile banking without it impacting the interest you earn. You’re also spared monthly account keeping fees, but you may still incur paper statement fees of $2.50 or assisted withdrawal costs of $3.

Term Deposit

A low-risk way of long-term saving, term deposits allow you to lock your funds away for a set term at a fixed interest rate. The nature of term deposit interest rates gives you some predictability over your rate of return. CBA’s fee-free term deposit lets you lock your money away for between one month and five years, with minimum deposits of $5,000. You won’t be able to make deposits or withdrawals until your deposit matures. If it matures and you forget to let CBA know, they’ll keep your funds in a holding facility for up to six months. Interest is paid every seven days until the bank hears from you.

CBA offers competitive fixed interest rates based on how long you lock away your savings for. For balances under $50,000, you can earn:

  • 0.10% p.a. – three-month term
  • 0.25% p.a. – six-month term
  • 0.60% p.a. – 12-month term
  • 0.95% p.a. – 24 to 33-month terms
  • 1.95% p.a. – 60-month term

Deposits of more than $50,000 generate an extra 0.05% p.a. under each term bracket. As of May 13, 2022, CBA is also offering a ‘special’ interest rate of 2.25% p.a. for locking your money away for 18 months. You can use Savvy’s compound interest calculator to estimate the growth of your term deposit.


As is the case with many youth savings accounts, this is designed as a tool for parents to teach youngsters how to save. The Youthsaver is tailored to those under 18 years old and pays a bonus interest rate of 0.45% p.a. for growing your balance month-on-month. If your child can’t meet the bonus criteria, they’ll earn the base rate of 0.05% p.a. These accounts come fee-free. Those under 14 can use the CommBank Youth app to track their savings, create a list of chores and set goals.

Pensioner Security Account

A mixture of a savings and transaction account, the Pensioner Security Account gives seniors the ability to spend while also earning a return on their money. As such, these accounts come with a debit card. You can also set it up as a joint savings account.

You have to be at least 55 years old to open a pensioner savings account, or at least 18 years old and the recipient of an eligible government pension. Eligible pensions include:

  • Aged pension
  • Disability support pension
  • Service pensions
  • Carer payments

These accounts come with a tiered interest, with different interest rates applying to different balance brackets. These are:

  • Under $49,999 – 0.01% p.a.
  • $50,000 to $249,999 – 0.05% p.a.
  • $250,000 or more – 0.20% p.a.

Business Online Saver

A separate business savings account can come with a range of benefits, from improving your credit rating to maximising your tax deductions. If you run a small business or you’re a sole trader, it can also make you look more professional. This account gives you instant access to your money while also allowing you to earn modest daily interest. There are no minimum deposit or withdrawal requirements, but you will have to hold a balance of more than $10,000 to earn 0.01% p.a. interest.

How do I open a CBA savings account?

A savings account can be opened online, over the phone or at a branch. It’s important to check the eligibility criteria before you open one on the CBA’s website.

While all accounts require you to be an Australian resident, age limits can vary. For example, you have to be at least 14 years old to open a NetSaver, but 18 years old to open a GoalSaver. Children under the age of 14 will need a parent or legal guardian to open any account on their behalf. This can be done online or at a branch. If you’re between 14 and 17 years old, you can apply at your nearest CBA branch.

CBA says opening an account online can be done in 12 minutes. To do this, you must complete three online steps:

  • Choose whether you’re opening a single or joint savings account.
  • Provide your name, mailing address, email address and phone number.
  • Verify your identity with at least one form of ID. This can include a driver’s license, Medicare card or birth certificate.
  • Confirm the countries in which you’re a resident for tax purposes.

Pros and cons of CBA savings accounts


High term deposit rates

The term deposit interest rates are very competitive depending on what set term you choose compared to some of the other big four banks.

Plenty of branches

Commonwealth Bank has almost 900 branches, with at least 90 of those in regional communities, making it easier to speak to a customer service person if you prefer to speak with staff in person.

Easy access to funds

Unlike some banks, bonus interest on a GoalSaver is not conditional on you leaving your money untouched. That means you are free to dip into your funds whenever you want.


Low bonus interest rates

Unlike some competitors who offer very high bonus interest rates, CBA offers less competitive rates for meeting the required criteria up to a maximum of 0.5% p.a.

Ongoing fees

CBA may not charge monthly account fees, but they still charge fees for over-the-counter withdrawals and receiving a printed statement in the mail.

Higher minimum term deposit

CBA has minimum term deposit investments of $5,000, which is considerably higher than some of its competitors who allow you to open term deposits with as little as $500 or $1,000.

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