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Commonwealth Bank GoalSaver

Commonwealth Bank GoalSaver

1.8 from 25 reviews

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

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 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...

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 reach 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.


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 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 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 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.

Not the best account

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.

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

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

1 comment
Update: Not recommended anymore since the interest rates are too low. There are atleast 10 other banks and products which will give you more interest. I have taken my funds elsewhere. Still I must say in the last 12 months I have earned good interest rates until recently.

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Questions & Answers

Will the latest RBA interest rate cut adversely affect the already dreadful interest rate on my goal saver account?
No answers

Can we close the goal saver account
No answers

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

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