Minimising fees

Understand your regular account fees and when they are charged

An account fee is a fee charged by the Bank to maintain your account. The amount charged varies by account type, and is determined based on the features provided on the account.

For example, our Streamline e-Access account gives unlimited Commonwealth Bank electronic transactions for a flat account fee of $4 per month^1&2. Streamline Unlimited, which gives unlimited Commonwealth Bank electronic transactions and branch and agency withdrawals, attracts a slightly higher flat account fee of $6 per month¹ due to the extra services provided.

Similarly, credit cards that allow you to earn and redeem Commonwealth Awards points generally attract a higher annual fee than cards without an awards program.

Account fees are charged monthly for most transaction accounts, personal loans and home loans (referred to as Loan Service Fees). Monthly Account Fees are charged on the first business day each month.

For credit cards, the account fee is charged on an annual basis, with the first annual fee of a new account appearing on the second statement.

For more account specific information, refer to the product disclosure statement and terms and conditions.

Check that you're using the right account for your banking needs

Having the wrong product for your banking needs can result in fees, such as excess withdrawals fees. The Bank provides a variety of online tools to help you determine which account best suits your needs.

For transactions and savings account, use our Account Selector tool.

If you make a lot of day to day transactions each month, then you may save on fees by moving to one of our flat fee transaction accounts. Streamline e-Access gives you unlimited Commonwealth Bank electronic transactions for a low flat fee of $4 per month^1&2. Streamline Unlimited gives you unlimited Commonwealth Bank transactions (including branch and agency withdrawals) for a low flat fee of $6 per month².

For home loans,  use the Home Loan selector tool. And for existing home loan customers there is the Home Loan Health Check tool.

You can compare our credit cards here.

For personal loans use our Personal Loans product selector.

You can drop into your local branch, or call 13 2221, 24 hours a day, 7 days a week, and we can discuss your banking needs to ensure you have the right accounts.

Are you eligible for a fee exemption?

The monthly account fee on transaction accounts is waived for:

• Australian War Veterans and Aged Pensioners where your pension is paid into your Streamline account
• Customers with a Relationship Balance of $50,000 or more in eligible contributing accounts (such as a home loan)
• Customers who are reliant on over-the-counter services because of a disability that prevents them using electronic banking facilities
• Customers aged under 18
• Full-time tertiary students

 

Always use Commonwealth Bank branded ATMs

Every time you use a non-Commonwealth Bank ATM it costs you $2.00. To help you save on these fees, we operate the largest ATM network of any bank in Australia. To find your nearest ATM, visit the find us page.

Pay by EFTPOS

At many retailers you can pay by EFTPOS and withdraw cash at the same time (at the retailer's discretion). This counts as one withdrawal and can help you avoid transaction fees for excess withdrawals.

Internet banking

NetBank is Australia's most widely used online banking service, offering ease of use, 24/7 access to your finances and the Commonwealth Bank’s Security Guarantee which guarantees the safety of your money as long as you follow the NetBank terms and conditions.

Using NetBank, you can view up to date balances on linked statement accounts and view up to two years of your account transaction history. You can also order cheque books, statements or print transaction receipts and transaction histories directly from NetBank.

You can make one-off or recurring money transfers to accounts at other Australian financial institutions, pay and schedule bill payments using BPAY^® to thousands of organisations including telephone, gas and electricity companies, or use BPAY View^™ to automatically receive your bills online.

Telephone banking

You can get account information and do your banking by simply calling 13 2221 and following the prompts.

Combine all your transaction accounts into one Commonwealth Bank account

Having multiple transaction accounts can expose you to more fees. To save money, consider consolidating your accounts into one Commonwealth Bank transaction account.

You can transfer your salary, credit and direct debits from a previous account to your Commonwealth Bank account in three easy steps using our online switching tool.

If you have a home loan, consider the benefits of Wealth Package

Home Loan Wealth Package is a program that recognises that the more business you have with the Commonwealth Bank Group, the more benefits you should enjoy. For one annual package fee you can enjoy fee savings on your transaction, credit card and home loan accounts, as well as other benefits. Find out more.

Use a credit card with an interest-free period

Using a credit card with an interest-free period instead of regularly paying for things from your transaction account can help reduce excess transaction fees. All you need to do is pay your whole credit card balance by the due date with a single payment from your transaction account. You may also earn valuable Commonwealth Awards points on your credit card.

Avoid overdrawing your transaction account

To avoid overdrawn fees:

• Check your account balance via an ATM, NetBank or by calling 13 2221 before you write a cheque or if you believe a transaction may overdraw your account
• Keep track of EFTPOS payments that may not have been processed to your account
• Keep track of when scheduled payments are due
• Schedule payments for the day after your pay/pension is credited to your account
• Suspend or reschedule payments if you know you will not have sufficient funds in your account to make the payment

 

Ensure you make your minimum credit card payment

By paying your minimum credit card payment by the payment due date you can avoid a late payment fee of $25. Learn more about common exception fees.

Know and stay within your approved credit card limit

Exceeding your approved credit card limit attracts an Overlimit Fee of $25. You can avoid this fee by ensuring you stay within your approved limit each statement period.

Your credit limit is shown on monthly statements above all transactions and can also be found on the account information page on NetBank. You can check your account balance via an ATM, NetBank or by calling 13 2221 prior to making a transaction if you believe it may take you over your limit.

Contact us on 13 2221, or drop into a branch, if you would like to know if you are eligible for a credit limit increase. Learn more about common exception fees. 

Important information

• The advice on this website has been prepared without considering your objectives, financial situation or needs. Because of that, you should, before acting on the advice, consider its appropriateness to your circumstances. Please view our Financial Services Guide. Full terms and conditions for the products mentioned are available here or from any branch of the Commonwealth Bank. Bank fees and government charges apply.

• 1. Excludes non-Commonwealth Bank ATMs here and overseas, EFTPOS transactions overseas, transfer group payments to third parties, International Money Transfers and separate services such as bank cheques, periodic payments and transfers/deposits to other banks.
• 2. Streamline e-Access also excludes assisted phone, branch and agency withdrawals and cheques written.