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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.
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BaconLoverGreater Melbourne (Inner), VIC
- 54 reviews
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
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Luke BMelbourne
- 4 reviews
- 2 likes
Beware
I was recently stung by my CBA GoalSaver account, you must increase your balance by $200. I missed out by $50 unknowingly. Therefore i lost roughly $40 in additional interest.
I've been stung by CBA before so i'm transferring my money back to ING. GoalSaver is good if you are very attentive to your account balances, if you want flexibility look elsewhere
High interest
Easy to lose bonus interest if you aren't 100% attentive
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Find out how Commonwealth Bank GoalSaver compares to other Savings Accounts
Know better, choose better.
steve19800AU
- 6 reviews
- 6 likes
OK
I am thinking of switching netbank saver to awardsaver. Cause although netbank saver has higher interest but if we take into account the monthly fee, since it is linked to main account, therefore the total money we earn p.a is lower?
Haven't open this account
Haven't open this account
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cb1993
- 39 reviews
- 2 likes
Good
You can earn a higher interest on savings compared to other banks and you could also possibly earn extra interest which is really great for me. Try it out and see if it's for you.
I joined up and found that it was very easy and the people were easy to understand and communicate. There were no hidden fees or other fees that were not communicated to me,
The only con would have to be that if for example I need emergency money, although I can withdraw it from this account, I am unable to get interest on my savings for the remainder of that month.
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Pinky101
- 88 reviews
- 18 likes
Bad
Whilst the forfeiting interest in the hopes you will keep all your money there and save mroe is a good idea in theory the fact that there are so many accounts out there that pay higher interest and DO NOT penalise you for using your own money makes this account pretty low in regards to where I would choose to save my money. CBA are not easy to deal with either.
You do get extra interest.
Commonwealth Bank I found were not easy to deal with\. The interest rate is low and if you remove any money from the account you will forfeit any interest that month.
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justsazAU
- 101 reviews
OK
I had this account for many years, with every intention of depositing money into it every month in order to get the bonus interest (on top of the usual interest). However, there are of course the "emergencies" that pop up unexpectedly and so sometimes I had to withdraw from this account, which meant I lost the bonus interest for that month. About a year ago I switched over to the new 'Netbank Saver' account, where you earn a higher interest rate for keeping your money in the account, with no withdrawal penalties.
You can earn a higher interest on your savings, with an option to earn extra bonus interest, there is an incentive not to withdraw from this account.
You forfeit the bonus interest if you need to withdraw from the account.
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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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BaconLover
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... Read more
in the last 12 months I have earned good interest rates until recently.