Saving for your family's future

If you’re looking for a simple but effective way to save for your family’s future, a high-interest savings account is a good option. By making regular contributions over a long period, you’ll soon build up enough savings to meet your long term goals.

Start with a budget

Before you can start saving, you need to work out a budget. It will show you how much you earn, how much you spend, and what you have left over to save. Try our comprehensive budget planner calculator. It’s easy to use and will show you where your money goes each month.

Work out what you’re saving for

Having a goal will make it easier for you to save. Perhaps you’d like to save for your children’s education. An Education Savings Plan can provide for their education right through to tertiary level.

You should work out a timeframe for achieving your goals. The savings term calculator will help you work out how long it will take for you to reach your savings goal if you make regular monthly savings.

Start a regular savings plan

If you can get into the routine of a regular savings plan, you’ll soon get used to not having that extra money to spend each month. Think about setting up a direct debit from your account to coincide with pay day. Our NetBank Saver online savings account offers a competitive rate of interest and has no account fees* so you can save for your goals even faster.

Our GoalSaver savings account rewards you for saving, whether you’re a new or existing customer. It offers a great variable bonus interest  rate that keeps on going when you increase your balance by at least $200 a month (excluding interest) and make no more than one withdrawal.

A Term Deposit  is another effective savings tool because the interest rate is guaranteed not to change for the nominated term so you’ll know exactly what your investment’s worth. Your term deposit can be used as an income stream because you know your returns are secure.

Parents can help their children develop good saving habits by opening a Youthsaver savings account where regular saving is rewarded with bonus interest when you make one deposit and no withdrawals each calendar month. 

Compare the rates, features and fees of these 4 accounts with our comparison table.

 

• Important information
  *Fees may apply to your linked transaction account.
  
  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 (PDF 68KB).
  
  Terms and conditions for the transaction and savings accounts mentioned and Term Deposits are available online Important Information or from any branch of the Commonwealth Bank.
  
  Education Savings Plan (the Plan) is issued and administered by Lifeplan Australia Friendly Society Limited ABN 78 087 649 492 AFSL 237989 (Lifeplan). The Commonwealth Bank of Australia markets and distributes the Plan but the Commonwealth Bank and its subsidiaries to not guarantee the Plan or any rights or obligations in respect of the Plan and are not issuing or underwriting the Plan. Lifeplan and the Commonwealth Bank and its subsidiaries do not guarantee the performance of any of the Plan's investment options or the repayment of contributions and investment returns by the Plan. Investments in the Plan are not deposits or other liabilities of the Commonwealth Bank or its subsidiaries and investment-type products are subject to investment risk, including possible delays in repayment and loss of investment returns and contributions invested. The Commonwealth Bank receives commission from Lifeplan of up to 0.9% of the amount invested in the Plan when it sells or arranges for the sale of the Plan. A Product Disclosure Statement (PDS) (PDF 1MB) for the Plan is available here or at any branch of the Commonwealth Bank. You should consider the PDS in making any decision about this product.