Commonwealth Bank GoalSaver

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.

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.

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.

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.

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.

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...

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.

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.

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

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.

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.

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

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.

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.

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.

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......

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.