Features & benefits

Competitive standard interest rate

Earn a standard variable interest rate of  1.00% p.a. calculated daily, paid monthly.

Easy access to your money

Use the CommBank app or NetBank to access your savings anytime. 

Bonus interest rate

Build up to $3,000 in bonus interest. See conditions below.

$0 monthly account fees
 

Make the most of your savings with no monthly account fees.

How does it work?

  • You’ll receive bonus interest if you (or your joint account holder) apply for an eligible1 CommBank home loan directly with CommBank (not via a mortgage broker), your application is approved and we notify you that your home loan is ready to settle2
  • Opening a Future Home Saver account doesn't guarantee you'll be approved for a CommBank home loan3
  • You can accumulate up to $3,000 bonus interest4 at a fixed rate of 2.00% p.a. on the daily closing balance of your Future Home Saver account
  • A CommBank home loan can only unlock bonus interest for one Future Home Saver account5

Rates & fees

Description
Rate
Details
Standard variable interest rate
1.00% p.a.
Earned on the positive balance of your Future Home Saver account with interest calculated daily, paid monthly
Bonus interest rate
2.00% p.a.4
Earn up to $3,000 on the daily closing balance of your Future Home Saver account. You'll receive your bonus interest if you (or your joint account holder) apply for an eligible1 CommBank home loan directly with CommBank (not via a mortgage broker), your application is approved and we notify you that your home loan is ready to settle2
  • In-branch deposits or withdrawals aren't permitted with Future Home Saver
  • There are no fees for using your Future Home Saver but fees may apply to your linked CommBank Smart Access or other transaction account
  • Bonus interest is non-compounding, which means interest is not paid on bonus interest as it accumulates

How to apply

Easy to open in branch, or over the phone if you are an existing CommBank customer.

Already bank with us? 

You’ll need your:

  • NetBank client number – we’ll set you up with one if you don’t bank online with us

New to CommBank?

  • We’ll ask you for info like your full name, home address and contact details including your email address, then ask you to create a password so you can bank online in NetBank and the CommBank app
  • We’ll automatically open an Everyday Account Smart Access so you can easily transfer money to and from your Future Home Saver account. Please note that there may be fees associated with an Everyday Account Smart Access
  • We’ll also check your ID, so you’ll need at least one of the following handy: Driver’s licence, Medicare card, passport or birth certificate

Call us on 13 2221 or visit your nearest branch to open an account.

Who can apply?

You can apply if you:

  • Are 18 years or older
  • Registered for NetBank
  • Have a valid email address so you can receive notices and account statements
  • Have an Australian residential address
  • Open the account in your personal name (not a company, trading or trust account)
  • Have an eligible CommBank transaction account – Smart Access, Complete Access, Streamline, Streamline Basic, Pensioner Security account, Everyday Offset account

Call us on 13 2221 or visit your nearest branch to open an account.

Things you should know

Excludes Equity Unlock Loan for seniors, Commonwealth Portfolio Loan, and all CommBank home loans purchased through a third-party broker, as well as all refinance and top up transactions using a CommBank home loan.

2 An eligible CommBank home loan is considered ready to settle once the Bank is ready, in accordance with the terms and conditions set out in your loan agreement, to make the loan funds available to you for settlement of your home or land purchase or as otherwise agreed.

3 Home loan applications are subject to our standard credit approval process and other conditions may apply.

Bonus interest is non-compounding, which means interest is not paid on bonus interest as it accumulates.   

5 If you're buying a home with a partner or friend who has their own Future Home Saver account or their own CommBank home loan, they won't be able to unlock their bonus interest if you do. You can merge Future Home Saver accounts but the bonus interest cap at the time of the merger will apply.

The standard variable interest rate is current as at 24/07/2017 but is subject to change.

To open a Future Home Saver account in joint names, you must have a joint eligible CommBank transaction account in the same joint names.

Future Home Saver Bonus interest cannot be redeemed if you take up a CommBank home loan cashback offer. Bonus interest will stop accruing once the bonus interest cap of $3,000 is reached however standard interest will continue to apply. If your account is closed (by us or by you) before you redeem your bonus interest you'll forfeit any bonus interest that's accumulated to date. Please refer to the Future Home Saver account Terms and Conditions also available at any branch or by calling 13 2221. As this advice has been prepared without considering your objectives, financial situation or needs, you should before acting on the advice, consider its appropriateness to your circumstances. The Future Home Saver account is not associated with the proposed ‘First Home Super Saver Scheme’ that was announced in the Federal Budget on 9 May 2017 by the Australian Government. Commonwealth Bank of Australia ABN 48 123 123 124.