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SaverHobart, TAS
Not listening
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.
2 comments
Looking for a more productive investment. My gains are diminishing as weeks go by.
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RosieSouthwest, VIC
- 2 reviews
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.
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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...Read more
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Find out how Commonwealth Bank GoalSaver compares to other Savings Accounts
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inxsAU
- 15 reviews
- 2 likes
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.
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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.
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Withdrawal
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.
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MyeSydney, NSW
- 27 reviews
- 9 likes
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.
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gsm_masha
- 2 reviews
- 4 likes
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...
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aristas3Sydney
- 17 reviews
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 $100k cap you can earn interest on) and not being allowed to withdraw if you want to earn the bonus, I will be considering other banks.
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Find out how Commonwealth Bank GoalSaver compares to other Savings Accounts
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Maira
- 2 reviews
Not Worth
When opened 3 years ago was good I usually received 90$ 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.
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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
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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.
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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...Read more
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.Similar opinion? Write a review on ieatwords.com.au!
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...Read more
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.Similar opinion? Write a review on ieatwords.com.au!
JohnWodonga
- 2 reviews
- 4 likes
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.
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Find out how Commonwealth Bank GoalSaver compares to other Savings Accounts
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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
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Lan
- 2 reviews
- 4 likes
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.
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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.
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craftydi
- 2 reviews
- 3 likes
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.
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JulzSydney
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......
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Questions & Answers
Karenasked
can I take my money out of the Goal saver at any stage with online banking?
3 answers
Yes you can, but you lose your bonus interest rate for the month.
You can transfer to and from it like any other account.
Yes so there's basically no interest for the month even if you take it out on the last day of the month. You can only transfer to a linked bank account.
Can I not transfer to another bank account elsewhere? If I put all my money I to this account can I actually take it out and spend it or only if I transfer to another com bank account that has a debit card ?
Bazzahasked
Will the latest RBA interest rate cut adversely affect the already dreadful interest rate on my goal saver account?
No answers
prerna k.asked
Can we close the goal saver account
No answers
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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