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Commonwealth Bank GoalSaver

Commonwealth Bank GoalSaver

1.8 from 26 reviews

See the Best Savings Accounts in 2019 as rated by Australians on ProductReview.com.au.

Reviews

Review distribution

5 star
1
4 star
1
3 star
5
2 star
4
1 star
15

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

Very tight rules and bad interest rate

published
inxs

inxsAU

  • 15 reviews
  • 1 like

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 reach online experience but for just transferring funds all of them do the job easily.

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.


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

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

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

GoalSaver is a no go zone if you want a reasonable interest rate

published

John

JohnWodonga

  • 2 reviews
  • 4 likes

Bad Interest Rate No longer Use

published

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

published

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

Lan

Lan

  • 2 reviews
  • 4 likes

No notification of interest rate drops, now 1.95%

published

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


constantly dropping interest rate

published

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.


craftydi

craftydi

  • 2 reviews
  • 3 likes

Not the best account

published

Your info about "not being able to touch" without a proper reason, totally incorrect. You can take any amount of withdrawals out you like but you pay the penalty of not earning the bonus interest.
You are allowed only 1 withdrawal per month without penalty providing you up the balance again to the tune of the amount withdrawn, without any reason asked for.
ANZ Progress Saver is a much better account where they do not allow any withdrawals, full stop but you only have to put $10-00 per month into this account to get bonus interest. Much easier amount to find to deposit for a lot of people.


Julz

JulzSydney

Beware of non-notification of interest rate drops!

published

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.

published

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


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Questions & Answers

Bazzah

Bazzahasked

Will the latest RBA interest rate cut adversely affect the already dreadful interest rate on my goal saver account?

No answers

prerna k.

prerna k.asked

Can we close the goal saver account

No answers

Kaz

Kazasked

Can you cash deposit into account or is it only Internet?

1 answer
craftydi
craftydi

Yes you can.... not an only internet account.
Best way to save in this account is to set up a direct debit from your main account with direct credit to the Goal Saver ...... ALSO ...... this avoids having to keep track of what one pays in each month. There are no fees charged for this at the CBA and suggest that you set the direct debit/credit for the $200-00 as then you are guaranteed your bonus interest. All interest on these types of accounts at all the banks is very low at present time so don't expect a high return.


Get an answer from our members and Commonwealth Bank representatives

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