A November 5 announcement, with changes still ahead
CommBank will increase selected Australian savings rates on November 13, following its November 5 announcement. This is an upcoming change, rather than a rate already available on every account.
NetBank Saver’s standard variable rate moves from 2.30% to 2.50% a year. Its variable introductory offer for new-to-NetBank Saver customers rises from 5.50% to 5.75%. GoalSaver’s total variable rate with bonus interest increases from 5.25% to 5.50%; Youthsaver’s rises from 5.30% to 5.55%.
The higher rate has conditions
GoalSaver requires at least one deposit and a higher balance at month-end than at the start, excluding interest and bank-initiated transactions. If those conditions are missed, only its 0.10% standard variable rate applies.
NetBank Saver’s introductory period lasts five months on a first account, then the standard variable rate applies. It also requires a linked eligible CommBank transaction account, which may have its own fees. The November announcement excludes a joint introductory offer if either holder has previously had NetBank Saver.
Youthsaver’s bonus requires monthly balance growth, excluding interest and bank-initiated transactions, and applies only to the portion up to A$50,000. The standard rate applies above that limit or when the bonus criteria are not met.
Where customers can check
Customers can check their own rate from November 13 in the CommBank app or NetBank. In the app, open Accounts, select the savings account, then Manage and Rates. These are variable rates and remain subject to change; account-specific eligibility still applies.
