Top 5 things to know when managing your bank accounts

For more information read the CommBank Transaction, Savings and Investment Account Terms and Conditions.

1

Protect your accounts

Advise us immediately if your card, cheque book or passbook is lost or stolen, or you think someone else knows your PIN, password or has used your account. Otherwise, you may be responsible for any financial losses.

  • Sign the back of your card as soon as you get it
  • Memorise your PIN or password, then destroy or delete it
  • Destroy old or unused cards
  • Regularly change your PIN

Tell me more

2

Some transactions take time

When money is deposited into your account, you may have to wait for it to become available. For example, we may place a hold on funds when:

  • Someone puts money in your account
  • You deposit a cheque
  • You make a deposit at a post office where the transaction cannot be processed electronically

Tell me more

3

Overdrawn accounts

Sometimes your balance may fall below zero. For example:

  • Where we honour a direct debit or allow a cheque to be paid from your account
  • When a card purchase does not require our authorisation, systems are unavailable or a merchant settles a transaction late

If this happens, you must pay back the overdrawn amount immediately, along with interest and an overdrawing approval fee (if applicable to your account). Any deposits into your account will be used to pay the overdrawn amount and any interest owed on that amount.

You can request us to not honour direct debits or allow cheques to be paid that would make your account overdrawn.

4

Assisted withdrawal fees

For some accounts we charge an assisted withdrawal fee of $2.50 when you take money out:

  • At a CommBank branch, post office or agency
  • With telephone banking if using an operator
  • By cashing a cheque

Show me more

5

Interest & bonus interest

Depending on your account type, we pay interest and bonus interest on the daily positive closing balance.

If you have a GoalSaver account, for example, you can earn bonus interest on credit balances up to $999,999 if you:

  • deposit at least $200 each month (excluding interest and bank-initiated transactions), and
  • make no withdrawals each month

Show me more

Top 5 things to know when managing your credit card

For more information read the Credit Cards Conditions of Use and Standard Fees and Charges.

1

Understand how interest works

Avoiding credit card interest is easy when you know how. Simply pay the total amount owing (closing balance) – not the minimum repayment amount – by the payment due date each month.

Tell me more

2

Stay on top of your repayments 

If you miss a monthly payment, you’ll be charged a fee. Plus, you’ll be charged interest on all purchases you make in that statement period, as well as any outstanding purchases from previous periods.

To keep up with your payments, you can set up AutoPay in the CommBank app or NetBank to make an automatic payment to your credit card each month.

Tell me more

Set up Autopay

3

Know your limit

Keep within your credit card limit to ensure that your purchases are not declined. And if your account was opened after 1 July 2012 you’ll steer clear of overlimit fees.

You can even put a spending cap on your card to help you stay in control of your spending. It’s easy to set up through the CommBank app or NetBank – and you can remove the cap at any time. 

Tell me more

Set a spending cap

4

Avoid certain transactions

Some transactions – like cash withdrawals and gambling transactions – have extra charges associated with them. A cash advance fee and a higher interest rate will apply. What’s more, these types of transactions don’t have an interest-free period. To avoid any surprises, it’s a good idea to find out which types of transactions come with extra charges. 

Avoiding fees by blocking ATM cash advances on your card is easy to do with the CommBank app or NetBank.

Tell me more

Block ATM cash advances

5

Keep an eye on international transactions

Your credit card makes international transactions a breeze, whether you’re shopping online or heading overseas on holidays. But it’s important to remember that these transactions can also attract extra fees. For instance, you may be charged an international transaction fee to convert a foreign currency to Australian dollars – and you may not even realise until you see your statement.

One way to reduce these fees is to set up a lock on overseas transactions. It’s easy to do via the CommBank app or NetBank – and you can turn it off whenever you like. And if you have a Platinum or Diamond account, you won’t be charged an international transaction fee when you use your American Express card to make overseas transactions.

Tell me more

Lock your card

Top 5 things to know when managing your personal loan

For more information read the Personal Loans Terms and Conditions.

1

Reduce your loan faster with higher automated repayments

You can choose a direct debit repayment frequency that suits your financial situation – for example, if your income is paid weekly or fortnightly.

Making your repayments more frequently and setting a higher regular direct debit amount helps reduce your interest charges so you can pay off your loan faster. 

To set up direct debit, simply visit your local branch.

Tell me more

2

Avoid fees

If your repayment is overdue by five or more business days, you’ll be charged a $20 late payment fee. You can avoid this fee by keeping track of your repayment due date via CommBank app or NetBank.

If you set up a direct debit, your loan repayments will come out of your account automatically. That way, the only thing you need to do is make sure there’s enough money in your account to cover each repayment.

To set up direct debit, simply visit your local branch.

3

Make extra repayments when you can

You can reduce the life of your loan by paying more than the minimum repayment amount. Every bit extra you put into you loan helps to reduce the balance and the amount of interest you need to pay.

But with certain loans, you may incur additional costs if you repay more than your annual limit or pay off your loan early.

Tell me more

4

Take advantage of the redraw facility

If you have a Variable Rate Loan, any additional repayments you make will reduce the balance of your loan faster. What’s more, you can redraw money from your available balance if you need to access some additional funds.

There’s a $10 fee if you redraw in branch, but there’s no fee if you use the CommBank app or NetBank.

Tell me more

5

Avoid an Early Repayment Adjustment 

While it’s good to pay off your loan as soon as possible, you need to be mindful if you have a Fixed Rate Loan or a Secured Car Loan.

If you have one of these loans, you may be charged an Early Repayment Adjustment (ERA) if you:

  • repay your loan in full before the end of the loan term
  • make extra repayments (above your minimum repayment) of more than $1000 per year.

The ERA is calculated based on current interest rates, the size of your loan and the amount you’ve repaid above the minimum repayment amount. 

Top 5 things to know when managing your home loan

See all home loans

Speak to a specialist

1

Principal & interest repayments

By making principal and interest repayments rather than interest-only payments, you’ll:

  • pay less interest and make lower average repayments over the life of the loan
  • be charged a lower interest rate in most cases
  • avoid or reduce higher repayments when an interest-only period ends

This is because your principal and interest repayments may be higher at the end of an interest-only period than they would be if your loan didn’t have an interest-only period. 

Tell me more

2

Choose a repayment frequency

You can choose monthly, fortnightly or weekly repayments to suit your needs – for example, if your income is paid weekly or fortnightly. Changing you repayment frequency to match may help you manage your finances more effectively.

3

Make additional repayments when you can

The sooner you pay off your home loan, the less interest you’ll pay in the long run.

So if you find yourself with some extra cash – for instance, if you receive a bonus from work – why not make it work for your loan?

By building the equity in your home this way, you’ll be in a better position if you want to do things in the future like renovate or invest.

Tell me more

4

Take advantage of an offset account

If you have a standard variable rate home loan, you can potentially pay off your loan sooner by keeping your savings in an offset account. This is because the money in your account is offset against what you owe on the loan, which reduces the interest you need to pay.

With an Everyday Offset1 account, you’ll still have access to your cash if you need it. Plus, you’ll get to enjoy all the other great features of a CommBank transaction account.

Tell me more

5

Avoid an Early Repayment Adjustment 

If you break the terms of a fixed or guaranteed rate loan, you may be charged an Administrative Fee and an Early Repayment Adjustment – which could cost you thousands. This can happen if you:

  • pay off the loan in full
  • repay more than $10,000 in any year of your fixed rate loan
  • switch to another loan
  • top up your loan
  • sell your property

Speak to a CommBank home loan specialist before making any changes to your loan. 

Tell me more

1Everyday Offset is a feature of our Complete Access Transaction Account which is linked to an eligible home loan, and accountholder/s must also be accountholders of the linked home loan. Interest is not charged on that part of the Home Loan balance equal to the balance of the Complete Access account.