1 photo
Commonwealth Bank GoalSaver

Commonwealth Bank GoalSaver

1.8 from 29 reviews · View Statistics
See the Best Savings Accounts in 2021 as rated by Australians on ProductReview.com.au.
Brand Manager for Commonwealth Bank? Register now and take advantage of ProductReview's Brand Management Platform!

Reviews

  • Transparency
    3.0 (1)
Previous
Next
Norma
NormaPerth, WA
  • 3 reviews
  • 6 likes

Disgrace

published

I put more money into my goal saver than I pulled out because I was short of cash. Didn't receive one cent of bonus interest... I put more than $2000 a month in the account and get nothing in return. Looking for another bank. I thought you are entitled to at least one withdraw a month not zero. First time I have done this what the hell
Your using my money to make interest from borrower's and you penalise me???

Incentivised Review No
balrat
balratCentral Highlands and Goldfields, VIC
  • 7 reviews
  • 3 likes

Interest Hiccups

published

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?

Incentivised Review No
Saver
SaverHobart, TAS

Not listening

published

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.

Incentivised Review No
Saver
Saver

Just want to know why my interest rate dropped when the national rate is not set to drop until 17th march. I have deposited more than the required amount in my goslsaver account of $50.000+ just as well take it all out... useless

Saver
Saver

Looking for a more productive investment. My gains are diminishing as weeks go by.

Savings Accounts

Find out how Commonwealth Bank GoalSaver compares to other Savings Accounts

Know better, choose better.

Compare all
Rosie
RosieSouthwest, VIC
  • 2 reviews

Misleading Interest Rate

published

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.

Transparency
Incentivised Review No

Very tight rules and bad interest rate

published

Related Articles

Previous

Best Super Funds in 2020!

A good super fund can make a substanial difference to the amount you retire with. From retail super funds to self managed super funds, view reviewer ratings for the best super funds of 2020!

Wendy Z.
Wendy Z.7 Nov 2019
best-super-funds-in-2020

Best Credit Cards in 2020!

Whether it's the sign up bonus, rates and fees, or reliable customer service that you look for in a credit card, a credit card is often used everyday, so it's important you choose one that meets your needs and that you're happy with. These are the best credit cards this year, as decided by ProductReview.com.au reviewers.

Wendy Z.
Wendy Z.19 Nov 2019
best-credit-cards-in-2020

What Is Peer-To-Peer Lending?

Peer-to-peer lending is quickly gaining popularity among Australian borrowers and investors. If you've never heard of it before, this 2 minute read will give you a quick rundown so you can decide if P2P lending is right for you.

Nathan S.
Nathan S.14 Nov 2019
what-is-peer-to-peer-lending
Next
inxs
inxsAU
  • 18 reviews
  • 22 likes

Still Better options elsewhere

published

The GS Interest rate has slowly dwindled over the last decade, like most banks.
As of writing Nov 2018, GS is currently at 2.0% for $50k-$249k and 2.3% for $249k-$999k
Better options are RAMS 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've moved $ into these accounts instead of GoalSaver for a while now.
Commbank has the most feature rich online experience but for just transferring funds all of them do the job easily.

Incentivised Review No

Completely misleading and bad customer service

published

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 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

published

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.

Mye
MyeSydney, NSW
  • 27 reviews
  • 9 likes

Interest Rate

published

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.

Savings Accounts

Find out how Commonwealth Bank GoalSaver compares to other Savings Accounts

Know better, choose better.

Compare all
gsm_masha
gsm_masha
  • 2 reviews
  • 4 likes

Extremely Uncompetive

published

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...

aristas3
aristas3Sydney
  • 17 reviews
  • 7 likes

Interest not competitive

published

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.

Maira
Maira
  • 2 reviews
  • 4 likes

Not Worth

published

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

published

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

published

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

published
Savings Accounts

Find out how Commonwealth Bank GoalSaver compares to other Savings Accounts

Know better, choose better.

Compare all
Read more reviews - page 2

Questions & Answers

S.E.B
S.E.Basked

Can I organise direct debit straight from my goal saver acc? And if so am I charged a fee or only lose my bonus interest. Thanks

1 answer
Norma
Norma

You can't do direct debit. You have to transfer it into your savings account. You lose your months interest if you withdraw any amount of money from you goal saver.

Melvin
Melvinasked

What is the maximum amount that I can withdraw from my (Commbank)Goal Saver account?

2 answers
Norma
Norma

Withdraw as much as you want, there's nothing to lose as interest rate paid on your goal saver is next to nothing.

Melvin
Melvin

Thanks Norma.

Nathan S.
Nathan S.asked

Can people deposit money into my goal saver account ?

1 answer
Mike
Mike

Yes. This can be done via the Pay Someone feature.

See all Commonwealth Bank GoalSaver questions

Get an answer from our members

Details

CategorySavings Accounts
Bonus Interest PeriodOngoing
Bonus Interest Conditions

To qualify for bonus interest:

  • Make a deposit each calendar month into your account, and
  • Have a higher account balance at the end of the month compared to the account balance at the start of the month (excluding interest and bank-initiated transactions)
Interest Rate
Standard Variable Rate 0.05% p.a.
Bonus Variable Rate 0.3% p.a.
Total Interest Rate 0.35% p.a.
Visit official website

ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.