Speaking on ABC radio on Monday, Commonwealth Bank CEO Matt Comyn said the bank wouldn't rule out lowering interest rates on unsecured credit card debt.

"We certainly are looking at how we might price credit cards over this period," he said.

Savings.com.au has reached out to Commonwealth Bank for further comment.

Mr Comyn was also quick to reassure customers the bank was in a strong position to withstand the crisis.

"CBA has never been in a stronger situation from our balance sheet, capital, levels of liquidity and cash," he said.

"Australia's financial institutions are thankfully very strong at this point in time and we're going to use our balance sheets alongside the government and the Reserve Bank to get businesses through to the other side.

"It's critical we are able to give our customers certainty."

Looking for a secure place to store cash? Below are one-year term deposits with some of the highest interest rates in the market.

Provider

At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
  • Guaranteed rate of return
  • Manage your term deposit online
  • $0 monthly account fee

Term Deposit - 12 months

  • Guaranteed rate of return
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  • $0 monthly account fee
At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

Term Deposit - 12 months

    At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500007$product[$field["value"]]$product[$field["value"]]More details

    Wealth Builder Term Deposit - 12 months ($50,000+)

      Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

      Personal Term Deposit - 12 months (Annually)

        At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

        Term Deposit ($25k-$5m) - 12 months

          At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10008$product[$field["value"]]$product[$field["value"]]More details

          Online Term Deposit - 12 months

            Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

            Term Deposit ($1000-$500001) - 12 months

              Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

              Term Deposit - 12 months

                At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                Term Deposit ($5k-$500k) - 12 months

                  At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                  Term Deposit ($5k-$25k) - 12 months

                    At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50001$product[$field["value"]]$product[$field["value"]]More details

                    Fixed Term Deposit - 12 Months ($500+)

                      At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

                      Term Deposit - 12 months (Monthly)

                        Annually, At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000031$product[$field["value"]]$product[$field["value"]]More details

                        Term Deposit ($10000+) - 12 months

                          Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                          Term Deposit ($1000+) - 12 months

                            At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500000$product[$field["value"]]$product[$field["value"]]More details

                            Fixed Term Deposit ($500000+) - 12 months

                              Annually, At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                              Term Deposit ($5000+) - 12 month

                                At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2000$product[$field["value"]]$product[$field["value"]]More details

                                Term Deposit Special - 12 months

                                  Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100000031$product[$field["value"]]$product[$field["value"]]More details

                                  Term Deposit ($1,000,000-$2,000,000) - 12 months

                                    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10000031$product[$field["value"]]$product[$field["value"]]More details

                                    Term Deposit ($100000+) - 12 months

                                      Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000031$product[$field["value"]]$product[$field["value"]]More details

                                      Term Deposit - 12 months

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                                        All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of May 21, 2024. View disclaimer.

                                        Mr Comyn said only a "small number" of customers had so far contacted the bank to take up the offer of deferring their mortgage payments for six months.

                                        The bank will also reduce home loan repayments to the minimum required under their loan contract from 1 May, unless they opt-out. 

                                        According to the bank, this will release up to $400 per month for customers.

                                        Yesterday, the Morrison Government announced a second wave of stimulus.

                                        One of the measures will allow sacked and stood-down workers to withdraw $20,000 over a two-year period, and 2020-21 to help them pay for essentials.

                                        Mr Comyn said he supports the measure.

                                        "It's a relatively small amount over a two year period, I think that's appropriate and clear," he said.

                                        "I do think that's important people have a variety of means and mechanisms to get access to cash to get them through a period that has been outside their control."