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???
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.
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 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 l...
Still Better options elsewhere
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.
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 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.
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.
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 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 disappoin...ting 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 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 recent...ly 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.
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 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.
Questions & Answers
Can you transfer to other people's accounts from your goal saver?
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