Commonwealth Bank casts net for business customers

15 May 2006

The Commonwealth Bank has reinforced its commitment to the business banking market by announcing the introduction of Business Online Saver.

Business Online Saver is a new online, high interest deposit account tailored for business customers and offers a highly competitive, 5.65 per cent per annum variable interest rate on a full balance of $10,000 or more, with interest calculated daily and paid monthly.

According to Leslie Martin, Commonwealth Bank Executive General Manager – Working Capital Services, Business Online Saver is suitable for business customers looking for a high interest rate on their surplus funds.

"Business Online Saver aims to consolidate our relationship with business clients by offering a deposit account with high interest and immediate access to funds through online access."

"Business customers can effectively manage their working capital with flexible same-day access to funds and unlimited transfers. Importantly there are no minimum deposit or withdrawal amounts and no bank fees," said Ms Martin.

"Reflecting our responsiveness to business customers’ needs, we are the first among the major banks to launch a non-tiered online saving account for our business customers," added Ms Martin.

Ms Martin said Business Online Saver will be attractive to business customers currently ‘parking’ their capital at other financial institutions as well as attracting new levels of take-up from non-bank customers.

"New business customers represent the fastest growing segment in business deposits so we are quite keen to tap into this sector."

In line with the Commonwealth Bank’s strategy of delivering improved access to business banking, customers can apply for Business Online Saver online, on the phone or via the Bank’s 1,000 strong national branch network.

"Our customers have told us they value speaking to business banking professionals face-to-face and in-branch. Many of the competitive offerings in the market simply don’t offer this level of personal service," said Ms Martin.

However, while Business Online Saver advice and application is available through branches, customers can only transact through the Bank’s leading online website NetBank, QuickLine and Diammond channels.

"Soon however, we will be able to offer our business customers all this through our exciting new, state-of-the-art online business banking channel, CommBiz," added Ms Martin.

Business Online Saver is available in-branch from Monday 22 May. To be eligible customers will require a Commonwealth Bank Business Cheque Account.




For more information, please contact:

Bryan Fitzgerald
General Manager, Media and Issues Management
Commonwealth Bank

Phone: (02) 9378 2663
Mob: 0414 789 649