Commonwealth Bank does not use "sub-accounts" in the sense of folders within a single account. Instead, you can achieve the same goal by opening multiple individual accounts, such as separate savings accounts, each with its own unique account number. This structure allows you to compartmentalize your money for different purposes, like a travel fund, emergency savings, or holiday budget.
By maintaining these separate accounts, you can clearly track your progress toward specific goals. You can nickname each account in NetBank or the CommBank app to distinguish them, making it more practical to manage your cash flow and keep your spending money separate from your long-term savings.
| Category | Details |
|---|---|
| Methods | CommBank app, NetBank, or in-branch. |
| Processing Time | Accounts are typically available for use immediately after opening. |
| Eligibility | Existing customers with valid NetBank access. |
| Key Requirements | Identity verification may be required if opening a new banking profile. |
Adding Sub-Accounts in NetBank
- Log in to NetBank: Access your account using your client number and password.
- Navigate to Settings: Once logged in, go to the 'Settings' section.
- Submit a Request: Under 'Settings', find the option to submit a request to add a new account. Follow the prompts to complete the request.
After submission, you'll receive a bank message within three business days informing you of the outcome of your request. For detailed instructions, refer to the official guide on linking accounts in NetBank.
Adding Sub-Accounts in CommBiz
- Log in to CommBiz: Use your CommBiz credentials to access your account.
- Access Maintenance Requests: Navigate to the 'Admin' section and select 'Maintenance Requests'.
- Select 'Add Account(s)': Choose the option to add new accounts.
- Choose Account Type: Select 'Add CommBank Accounts' for standard accounts or 'Add accounts' for those with customized authorization rules.
- Follow the Prompts: Enter the required account details and follow the on-screen instructions to complete the process.
Troubleshooting common issues
MFA or login issues
If you cannot open a new account because your login session keeps expiring, check your internet connection or try updating your app. If the multi-factor authentication (MFA) SMS is delayed, ensure your contact details are updated in your profile, or call the bank to confirm your security settings.
Browser or app errors
If the "Open an account" page fails to load, try a different web browser or clear your current browser's cache. If you encounter a persistent error message during the setup process, it may indicate a temporary service outage. Wait a few hours or contact support if the problem continues.
Locked account or access issues
If you are restricted from opening new accounts, it is often due to an existing security lock on your NetBank profile. You will generally need to call the bank or visit a branch to verify your identity and lift any restrictions that might be preventing new account creation.
Pro-Tip: Set up an "Auto-transfer" from your main transaction account to your new savings accounts on payday. Automating these transfers ensures you reach your goals consistently without having to manually move funds every time you get paid.
Frequently Asked Questions
Can I have multiple savings accounts under one BSB?
Each account you open will typically have its own unique account number, though they will all share the same BSB number. The BSB identifies the bank and branch, while the account number identifies your specific bucket of funds. One limitation is that having too many accounts can make your dashboard cluttered. Your next step is to use the 'Nickname' feature in NetBank to clearly label which account is for which goal.
Do I have to pay fees for having multiple accounts?
Commonwealth Bank offers various accounts, some of which may have monthly maintenance fees if certain criteria—like minimum monthly deposits—are not met. It is important to check the Product Disclosure Statement for each account you open to ensure you understand the fee structure. One exception is for students or specific concession card holders who may qualify for fee-waived accounts. Your next step is to review the 'Fees and Charges' section on the bank's website for each account type you hold.
