If you are concerned about the security of your savings or believe your account access has been compromised, you may be looking for a way to "lock" your account. It is worth noting that while you can instantly lock your debit card through the CommBank app, savings accounts themselves do not typically feature a "lock" button that freezes all inbound and outbound funds.
Instead, Commonwealth Bank provides several security layers to protect your money. If you suspect unauthorized activity, the most effective response is to secure your digital access credentials, lock any linked debit cards, and contact the bank immediately to place a security flag on your accounts.
Account and Card Security Information
| Category | Details |
|---|---|
| Security Methods | CommBank app, NetBank, and phone support |
| Processing Time | Real-time for card locking; immediate for password resets |
| Eligibility | All Commonwealth Bank personal account holders |
| Key Requirements | Active NetBank or app login credentials |
You can lock an interest rate for term deposits in the bank.
Commonwealth Bank offers term deposits for periods from 3 to 60 months.
The interest rate is paid at maturity or annually.
You can deposit from 5,000 to 1 999 999 AUD.
Frequently Asked Questions
Can I freeze my savings account to stop all money from leaving?
There is no specific button to "freeze" a savings account to block all types of transfers, such as BSB and account number payments or recurring direct debits. If you suspect your account is compromised, the best approach is to call the bank’s security team directly. They can place a security hold on the account, which is a more robust measure than a simple user-initiated lock, as it prevents all forms of unauthorized access.
Does locking my debit card stop money from being moved out of my savings?
Locking your debit card stops card-based transactions (like online shopping or in-store purchases) that pull money from your linked accounts. However, it does not stop transfers initiated through NetBank or BPay. If you are worried about funds being moved via your online banking profile, changing your password and checking for any unauthorized linked payees are more effective steps than just locking the card.
What should I do if I see a transaction I don't recognize?
If you see a transaction that you did not authorize, log in to your account and contact the bank immediately to report it as fraud. The system logic is designed to investigate disputed transactions, but you need to act quickly to minimize potential loss. Do not wait for the transaction to clear; reporting it immediately allows the security team to investigate the merchant and potentially reverse the funds.
