The Commonwealth Bank has launched an online savings account, NetBank Saver, to make saving and investing easier. It will be available from Monday 6 June.
NetBank Saver, an Internet deposit account, offers a high variable interest rate, currently at 5.40%p.a. for balances of $5,000 or more, and no bank fees, helping customers to fast track their way to reaching their savings goals.
Online savings accounts represent a growing market and one that more customers are looking at for quick, easy and secure banking that allows immediate access to their savings.
Geoff Austin, Executive General Manager, Retail Products for the Commonwealth Bank, said NetBank Saver offers customers an excellent way to save while banking online.
"The Bank is determined to offer a competitive range of deposit accounts to suit all customer requirements, including our online banking customers, who’ll find saving easier than ever.
"One of the greatest benefits for NetBank Saver customers is the convenience of instant transfers to their Streamline account so they don’t need to wait to access funds in their savings account."
Other features of NetBank Saver include free unlimited transfers as well as easy access to balances and statements – all with the security offered by the Commonwealth Bank.
Banking can be done 24 hours a day, 7 days a week.
NetBank Saver is available to customers who are registered with NetBank and hold a Streamline account. For more information or to open a NetBank Saver account visit www.netbanksaver.com.au or your nearest Commonwealth Bank branch, or telephone 1800 007 808.
NetBank Saver product details
- High interest rate
- No fixed term (at-call deposit account)
- Interest calculated daily
- Instant transfers from / to linked Streamline (transaction) account
- 24 hour, 7 day access
- No bank fees
- Interest calculated on full balance when $5,000 or more is maintained in the account
- NetBank Saver does not allow cash, card/EFTPOS, cheque or bill pay deposits or withdrawals, nor third party payments directly from the account. However, customers can instantly transfer funds to their linked Streamline account for full access.
- Available for any individual 16 years or older with a Commonwealth Bank Streamline Account and access to our internet banking account service, NetBank.