Commonwealth NetBank saver requirements

Here are the current requirements and rates for opening a Commonwealth Bank NetBank Saver account, as per CommBank’s official information.

Requirements to Open a NetBank Saver

• An Australian residential address is required.
• Be 14 years of age or older.
• If opening a joint account, both applicants must be 18 years or older.
• Account must be in your name, for personal (or joint) use.
• You must link an eligible CommBank transaction account. If you do not have one, CommBank will open one (e.g. Smart Access or Streamline Basic).
• Provide your tax residency status. You may quote your TFN, ABN, or a TFN Exemption.

Interest Rates & Bonus Offers

• Standard variable rate: 1.55% p.a.
• Introductory rate: 4.45% p.a. for the first 5 months on your first NetBank Saver account (includes fixed bonus margin of 2.90% p.a. above the standard rate).
• After the introductory period ends, the standard variable rate (or prevailing rate) applies.

Other Features / Conditions

• No monthly account keeping fees for NetBank Saver itself.
• Interest calculated daily and paid monthly on the first calendar day of each month.
• Linking to an eligible CommBank transaction account is required to move money in/out.