Commonwealth Bank is Australia's largest bank by market capitalisation and offers two retail savings accounts: the GoalSaver and the NetBank Saver. The GoalSaver pays a competitive rate when monthly conditions are met; the NetBank Saver offers an introductory rate for new savings balances.
The GoalSaver earns its bonus rate when you make at least one deposit and make no withdrawals during the calendar month. There is no minimum deposit amount and no balance cap. The conditions are simple compared to most banks, but the no-withdrawal rule is absolute — any withdrawal, regardless of amount, forfeits the bonus rate for that month.
The GoalSaver suits savers who can leave their balance untouched each month and make at least one deposit. It is not suited to savers who may need to access funds during the month.
The NetBank Saver offers a higher introductory rate for the first five months on new savings balances, then reverts to a standard base rate. There are no conditions to earn either rate. It suits savers parking a lump sum for a defined period who want simplicity with no monthly requirements.
Both accounts are covered by the Financial Claims Scheme up to $250,000 per account holder per ADI.