At the end of 2025, Commonwealth Bank held more than a quarter of all Australian household deposits with a book more than $100 billion higher than its nearest competitor (Westpac).
See also: What are the biggest banks in Australia?
CommBank may have lower rates than many smaller competitors, but clearly many Australians value the brand recognition of one of Australia's largest companies. Here's what to know about the various deposit products currently on offer:
Commonwealth Bank Savings Accounts & Interest Rates
| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2.10% p.a. | 5.20% p.a. Intro rate for 5 months then 2.10% p.a. | $683 | 5 months | $0 | $99,999,999 | $0 | $0 | $0 | |||||||||||
2.15% p.a. Bonus rate of 2.90% Rate varies on savings amount. | 5.05% p.a. | $1,034 | – | $0 | $99,999,999 | $0 | $0 | $0 | |||||||||||
0.25% p.a. Bonus rate of 4.75% Rate varies on savings amount. | 5.00% p.a. | $1,023 | – | $0 | $99,999,999 | $$formattedMinMonthlyDep.format("%,d",$!{product.minimumMonthlyDeposit}) | $0 | $0 | |||||||||||
2.85% p.a. | 2.85% p.a. | $578 | – | $250,000 | $99,999,999 | $0 | $0 | $0 | |||||||||||
1.35% p.a. | 1.35% p.a. | $272 | – | $100,000 | $99,999,999 | $0 | $1,000 | $0 | |||||||||||
2.25% p.a. Bonus rate of 3.15% Rate varies on savings amount. | 6.00% p.a. Intro rate for 4 months then 5.40% p.a. | $1,134 | 4 months | $0 | $499,999 | $0 | $0 | $0 | Promoted | Disclosure |
These are the deposit products available at Commonwealth Bank (at the time of writing):
GoalSaver
The GoalSaver currently offers CommBank's highest ongoing savings account rate. It's made up of a nominal base interest rate and a bonus top rate when certain conditions are met.
See also: The different types of savings account interest rates
To get the bonus rate, account holders must grow their balance each month (excluding interest earnings).
The GoalSaver account has no establishment or ongoing fees, but there are small charges for paper statements or transaction listings, and some charges that may apply for cash withdrawals.
NetBank Saver
While Netbank Saver features CommBank's highest savings rate, it only applies for the customer's first five months. Once that period lapses, the rate reverts to the standard base rate, currently 290 bps lower than the intro rate. The same fees apply as on the GoalSaver.
Youthsaver
CommBank also has a special savings account product for customers under 18. At the time of writing, Youthsaver has a higher top ongoing rate than the GoalSaver, although the top rate only applies on balances up to $50,000. Like the GoalSaver, it has a low standard variable rate with the bonus rate making up the bulk of the top return. To get the top rate, customers must grow their balance each month (again excluding interest).
If you're aged between 14 and 17, you'll be able to open a Youthsaver yourself in branch (providing you have an Australian residential address). If you're under 14, you can still apply, but you'll need a parent or legal guardian to open the account on your behalf.
Commonwealth Bank term deposits
Finally, CommBank also offers an extensive range of term deposits. Customers can open a TD for anywhere between one month to five years, with a minimum deposit of $5,000 - although higher returns sometimes apply for deposits larger than $50,000.
Over the past few years, CommBank and the other majors have consistently offered lower term deposit rates than smaller brands like Judo Bank or Heartland. However, many Australians are seemingly content for smaller returns to bank with the big names, since the big four hold more than 70% of all household deposits.
What makes Commonwealth Bank Savings Accounts different?
Strong app
The CommBank app is considered one of the strongest in the Australian banking sector. It has higher customer reviews on both the App Store and Google Play store than Westpac's app, which has won awards for being the most user-friendly on market.
Youth savings option
CommBank is one of the few major banks to offer a specialist youth savings account option. (Westpac also offers one.) At the time of writing, the Youthsaver account has a fairly competitive rate compared to the rest of the market. The top rate applies to balances up to $50,000, which is also a lot higher than many similar products.
Read more: Kids and youth savings accounts
Goal Tracker
Goal Tracker is a feature in the CommBank app that can help customers better organise their savings. It allows them to set goals (holiday, new car, emergency fund etc.) and Goal Tracker will break it down into weekly targets. It can also help them set up automatic payments to meet those weekly goals and make suggestions if they're behind schedule.
Commonwealth Bank Savings Account Review
CommBank is Australia's largest bank and many are already familiar with the brand.
Its most compelling savings accounts are its Goal Saver and NetBank Saver products - a conditional and intro account respectively.
These offer generally competitive rates, especially among the major banks. However, by shopping around you'll find rates that are a lot better.
What compels Aussies to stick with CBA is its app - it's one of the best in business, has rewards and cashbacks programs, and easy integration with investing through CommSec.
It's easy to sign up and do all your banking with CommBank, and for many new arrivals it's the most recognisable banking brand - so, it's easy for Australia's richest bank to get richer indeed.
How do Commbank Savings Accounts stack up?
The table below features savings accounts with some of the highest interest rates on the market.
| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
0.05% p.a. Bonus rate of 5.30% Rate varies on savings amount. | 5.35% p.a. | $1,097 | – | $0 | $249,999 | $0 | $0 | $0 | |||||||||||
2.25% p.a. Bonus rate of 3.15% Rate varies on savings amount. | 6.00% p.a. Intro rate for 4 months then 5.40% p.a. | $1,134 | 4 months | $0 | $499,999 | $0 | $0 | $0 | Promoted | Disclosure | |||||||||
4.00% p.a. | 5.90% p.a. Intro rate for 4 months then 4.00% p.a. | $936 | 4 months | $0 | $249,999 | $0 | $1 | $0 |
