Commonwealth Bank GoalSaver

I don’t recommend this option as you cannot withdraw funds. I loose interest in second month as I didn’t transfer funds to this account. It’s more like a scam this way that you are loosing interest income for not transferring $1

Be very aware of this product. We where under the impression if we don’t take the intrest out that there would be automaticly be more money at the beginning of the month. We found out the hard way and will close all our accounts if there won’t be a satisfying resolution. We had been putting money in whenever we could to increase our savings. When… Read more

my husband stopped working to start our own business we didn’t for a month thinking that there definitely was more money in than when we started. It was very hard for us to understand this product and the sales rep just didn’t or couldn’t make it easy to comprehend the rules. Is this done purposely seeing how many people get caught up losing money to a BANK! Has fair trading looked into this?

Extremely Disappointed in the Commonwealth Bank Goal Saver Just be aware if you take any money out you will not receive any bonus you lose the lot and you need to put money in every month if not same thing happens. I only took some of the interest out and lost over $500 on $160,000 The only way is to take the lot out at once . A big thanks go's to [Name Removed] Commonwealth Bank of Australia FOR DOING ABSOLUTELY NOTHING

Pretty competive in 2025 – Simple thing to do is go to one of the comparison rate sites if you're after the best rate. The original post for this was in 2018, when the GS Interest rate had slowly dwindled in previous years when rates were going down. In Nov 2018, GS they were lagging other accounts at 2.0% for $50k-$249k and 2.3% for $249k-$999k Better options were RAMS… Read more

Saver at 2.8%, ANZ Progress Saver at 2.4% and NAB Reward Saver at 2.5%, all of which require less monthly deposit. I had moved $ into these accounts at the time instead of leaving in GoalSaver. Over the last year or so (2024) CBA GS has caught up and passed a lot of others now. ANZ and RAMS have completely dropped the ball on savings rates, so have shifted back to GS. At 4.9% its near the top of the range in early 2025. Commbank I believe, still has the most feature rich online experience, having experienced the NAB, ANZ, RAMS & MacQuarie systems.

Works for me perfect – I like it because once you put money in it you cannot touch it without proper reason. The best if you are saving for a medium term goal. Can avoid the temptation of taking the money out and using it for purchasing unwanted items. I would recommend this to anyone who has the willpower and eagerness to save. Put your moolah in this and watch it… Read more ·  1

GROW. It is an awesome feeling :) Internet banking experience, ideal for medium - long term goals, competitive interest rates, perfect for resisting spending spree

Good – You can earn a higher interest on savings compared to other banks and you could also possibly earn extra interest which is really great for me. Try it out and see if it's for you. I joined up and found that it was very easy and the people were easy to understand and communicate. There were no hidden fees or other fees that were not communicated to… Read more

me, The only con would have to be that if for example I need emergency money, although I can withdraw it from this account, I am unable to get interest on my savings for the remainder of that month.

GoalSaver trap – I deposited $50k into my GoalSaver account from another account I have with CBA so that I could earn some interest for a change. I then scheduled a transfer of $40k to my other account with CBA in about a month's time to pay some tax. I received an error message without explaining what the problem was. I rang and spoke to two people who could… Read more

not explain what the issue was. I was then put on hold. I was eventually told that I could not schedule a transfer from the GoalSaver account, even if it is to another CBA account. I asked why. I was told: "We did that because people were losing interest". In other words, CBA tells people what they can and can't do with their money. The only way around it is to close the GoalSaver account or transfer the money on the day. However, if I forget, I end up with a tax problem. That is one reason why scheduled transfers exist in the 21st century.

I was told that I could lodge a complaint. I asked if anybody would get back to me regarding the complaint. "Not necessarily". Excellent customer service. The only thing I give CBA is that the people I spoke to were polite and transparent. Hence two stars rather than one.

Commonwealth bank is a joke – Obviously this bank doesn't care at all if they lose customers, I've always banked with Commonwealth bank and no other ever since the dollar might account I had 30+ years ago! So loyalty doesn't pay and the bank doesn't appreciate My/your business, so after all these years it's time to give this joke of a bank the flick!

0.1% below cash rate – Did not pass on RBA cash rate hike in May 22 to this product. Now paying 0.25% with conditions. If the June 0.5% hike is not passed on, they can say goodbye to my money. Clock's ticking @commbank.

Uncompetitive interest rate – This product is becoming more and more uncompetitive. Currently it offers a total of 0.25% interest. Westpac Life offers 0.5% interest! And also Westpac allows you one withdrawal per month without losing your bonus. CBA doesn't seem to specify what happens if you withdraw, but others have stated that you lose your bonus interest. (see other reviews) Show details

Interest Hiccups – Has anyone else had mysterious 'hiccups' with the amount of interest received on their account in Mar-May 2020? The hiccup' being an unexplained drop in the amount of interest received?

Not listening – My review is not being acknowledged and published, so what is the point of putting points forward. Have been very precise about my opinion Disappointed. More words? Well nobody is listening.

Misleading Interest Rate – The interest rate earned increases as the deposit balances increase but the top rate for over $250,000 of 1.6% is not calculated on the entire $250,000 as the lower rate for each band is applied. CBA is misleading as information implies that the top rate of interest is earned for the entire deposit but the lower rates (ie. 0.9% for 0 - $49,000) apply for each band. Show details

Very tight rules and bad interest rate – Not sure why but CBA keeps tweaking the rules on this product to try and screw you out of a meagre bonus interest rate. 1. Used to allow 1 unpenalised withdrawal each month (now it is zero) 2. Used to allow 2 goalsaver accounts so you could transfer between them and not lose the bonus (now only one is permitted) 3. You cannot set up an… Read more

automatic transfer from a linked CBA account (making it more likely that you’ll forget to transfer the required $200)

4. Bonus interest rate “bands” have been introduced meaning most people with deposits of less than $50k will earn 1.65% p.a.

5. Interest rate has become very uncompetitive. The most you can get is 2.3% for depositing more than $250k (though the risk is orders of magnitude higher at this point as deposits between $250k and $1m are not insured under the Financial Claims Scheme)

I’m surprised that this product continues to get obviously less and less competitive each year yet CBA does not replace it? I guess long time customers are too sticky (happy to get rorted) and CBA is happy to eat the reputational damage...

Completely misleading and bad customer service – The staff told me that it is fee free, 100%, so I closed my complete access account and opened this. But on the next day I found that I was charged $0.2 as a monthly account keeping fee. I then called them, the female staff apparently did not have enough patience, kept asking recent transactions despite I told her that I only had the monthly… Read more

account keeping fee charge $6 (they are the only transactions). Very impolite though in the end she said 100% no account fees in the future (another promise). Let's wait and see.

Withdrawal – They should atleast allow some withdrawal. It becomes difficult when you require funds urgently. They should be providing good interest rate because the client is not withdrawing any funds and contributing extra every month.

Interest Rate – They're interest rate is no longer competitive. I'd rather save in other banks rather than wait for a 1.8% interest rate. Not a practical choice for a savings account... not anymore.

Extremely Uncompetive – Used this account for about 5 years previously. Was good for the first few years as most of my banking was already with CBA so was easy to transfer in and out + keep track of and the interest wasn't far off the best being offered elsewhere. Now, have just opened a Rams account and will be using them from here on as their interest rate is more then 30% greater...

Interest not competitive – When I first opened this account I swear the total base + bonus interest rate summed up to around 5%, and now it's a measly 1.8%! Given the new rules about not being allowed to open a second GoalSaver account (especially considering the $100k cap you can earn interest on) and not being allowed to withdraw if you want to earn the bonus, I will be considering other banks.

Not Worth – When opened 3 years ago was good I usually received 90$ bonus, now I have double the money I had 3 years ago and I receive 50$ ? And it just got worse last month now you cannot make any redraw in order to receive your bonus. Im already searching for another bank.

No Longer worth it – The interest rate when I first signed up was about 6%. Now a lousy 1.8 when pretty much all other banks are offering 2.4 minimum, will be putting my money elsewhere

Incompetitive Interest rate! Absolute garbage – Was great a few years ago - paying a fairly competetive interest rate of 5%+ now its merely 1.8%. I mean - why even bother. Taking my money out.

Disappointing drops in interest rates – Signed up to this years ago at 6%: it was a fixed 3% if you deposit more than $200 with a variable 3% on the balance regardless of deposit. Over a couple of years the variable number dropped to a fraction of a percent but at least I could rely on that fixed 3%. Next, they changed the rules so it was a fixed .1% on the balance plus a variable 4% at… Read more

the time if you deposit. I knew that would be trouble but there was no way to stop them, should have moved my money somewhere else. Variable rate is down to 1.79% and still dropping. It's so disappointing that the savings balance keeps going up but the amount I get in interest each month keeps going down despite the increasing balance. Been with Commonwealth since I was a kid but this is really sad, might need to look at moving.

GoalSaver is a no go zone if you want a reasonable interest rate – Sadly I have watched the interest rate steadily declined over time. Another case of big institutions betting you won't check on the small changes and will stay where you are because it's easier. I have watched the interest rate decline from 3% to less than 1.8% where you meet the strict deposit and withdrawal criteria, silly me. When I said I… Read more

would take my money out the teller suggested I speak to one the their own investment advisers. Why don't I just shoot myself and save them the bullet?

I pulled out a term deposit with Commbank recently because they couldn't/wouldn't match the opposition.

My father was on the Board and helped build the business and my family still owns a small parcel of shares but they need to listen and see the people walking away from them to other more competitive banks.

Bad Interest Rate No longer Use – Opened at 3% thought it was amazing in 2014, Its very noncompetitive now in 2016 sits at 1.9% especially when compared with ING's 2.75% currently and no minimum withdrawals Commonwealth lift your game please even 2.2% would have more consideration.

Awful rate – I first noticed this when its was around 3% when i started my account its now 1.95% which is shocking barely earn any interest even if you have an insane amount in the account

No notification of interest rate drops, now 1.95% – Opened this account when they first began to offer it, and have slowly watched my interest decrease each month despite putting more in. It's at a measly 1.95% interest if you meet the minimum requirements (end month with at least $200 more than at opening of month, no more than one withdrawal per month). This might be fine if they notified you of… Read more

interest drops, but they don't. Hard to trust a bank that doesn't feel transparent in their conduct.

constantly dropping interest rate – I consider the goalsaver account not worth having and have moved all my savings into a RAMS account which is paying 3.15 % interest. I can only assume that the commonwealth bank no longer wants customers to use it's goalsaver account since they are offering such a paltry interest rate.

Beware of non-notification of interest rate drops! – Apparently they are "unable" to notify you by "Bank Message" to your account (the way they remind you that your credit card is due or to advise you you can increase your credit limit!) Customers need to wait until their statement is produced (6 monthly in my case!) or until the drop in interest paid is noticed......

Liked it, but interest rates are now less than half – This was a great account to promote saving when I first set it up, 6% interest if you met the criteria each month, and easy to use via NetBank. Rates have steadily and consistently dropped, which I discover not from the bank but by noticing the interest I earn seems to be less, and are now only 2.80% (or 0.01% if you don't deposit enough!). It… Read more

served it's purpose to me and I still use the account, but I'll be looking for a higher interest alternative.

Beware – I was recently stung by my CBA GoalSaver account, you must increase your balance by $200. I missed out by $50 unknowingly. Therefore i lost roughly $40 in additional interest. I've been stung by CBA before so i'm transferring my money back to ING. GoalSaver is good if you are very attentive to your account balances, if you want flexibility look elsewhere High interest Easy to lose bonus interest if you aren't 100% attentive

OK – I am thinking of switching netbank saver to awardsaver. Cause although netbank saver has higher interest but if we take into account the monthly fee, since it is linked to main account, therefore the total money we earn p.a is lower? Haven't open this account Haven't open this account

Bad – Whilst the forfeiting interest in the hopes you will keep all your money there and save mroe is a good idea in theory the fact that there are so many accounts out there that pay higher interest and DO NOT penalise you for using your own money makes this account pretty low in regards to where I would choose to save my money. CBA are not easy to… Read more

deal with either. You do get extra interest. Commonwealth Bank I found were not easy to deal with\. The interest rate is low and if you remove any money from the account you will forfeit any interest that month.

OK – I had this account for many years, with every intention of depositing money into it every month in order to get the bonus interest (on top of the usual interest). However, there are of course the "emergencies" that pop up unexpectedly and so sometimes I had to withdraw from this account, which meant I lost the bonus interest for that month. About… Read more

a year ago I switched over to the new 'Netbank Saver' account, where you earn a higher interest rate for keeping your money in the account, with no withdrawal penalties. You can earn a higher interest on your savings, with an option to earn extra bonus interest, there is an incentive not to withdraw from this account. You forfeit the bonus interest if you need to withdraw from the account.