Commonwealth Bank

The Commonwealth Bank, also known as CommBank or CBA, opened its doors in 1911 under the order of the Federal government and has grown to become one of Australia’s big 4 banks.

CBA has more than 800,000 shareholders and 52,000 employees and

offers a full range of financial services and products including everyday accounts, savings accounts, term deposits, credit cards, personal loans, personal overdrafts, international payments, business banking as well as banking tools and calculators.

The CBA was the first bank in Australia to receive a Federal Government guarantee and started publicly trading in 1991.

CBAs subsidiaries include wealth management firm, Colonial First State and investments and retail broker Commonwealth Securities (CommSec).

CBA allows you to access you money at any time through the CommBank app and NetBank, its online banking platform, which is regarded as one of the best banking apps in the country for its exceptional user experience.

Through NetBank and the CommBank app, you can check your balance, transfer money, pay bills, transfer credit card balances, check and change daily limits and withdraw cash.

Commonwealth Bank SWIFT code: CTBAAU2S

Commonwealth Bank

The Commonwealth Bank, also known as CommBank or CBA, opened its doors in 1911 under the order of the Federal government and has grown to become one of Australia’s big 4 banks.

CBA has more than 800,000 shareholders and 52,000 employees and

offers a full range of financial services and products including everyday accounts, savings accounts, term deposits, credit cards, personal loans, personal overdrafts, international payments, business banking as well as banking tools and calculators.

The CBA was the first bank in Australia to receive a Federal Government guarantee and started publicly trading in 1991.

CBAs subsidiaries include wealth management firm, Colonial First State and investments and retail broker Commonwealth Securities (CommSec).

CBA allows you to access you money at any time through the CommBank app and NetBank, its online banking platform, which is regarded as one of the best banking apps in the country for its exceptional user experience.

Through NetBank and the CommBank app, you can check your balance, transfer money, pay bills, transfer credit card balances, check and change daily limits and withdraw cash.

Commonwealth Bank SWIFT code: CTBAAU2S

Complete Standard Variable Rate (IO)

Variable
Rate 5.04
Comparison
Rate 4.88

Complete Standard Variable Rate (IO) - Investment

Variable
Rate 5.39
Comparison
Rate 5.37

Complete Standard Variable Rate (P&I)

Variable
Rate 4.55
Comparison
Rate 4.70

Complete Standard Variable Rate (P&I) - Investment

Variable
Rate 5.13
Comparison
Rate 5.28

Extra Home Loan - Investment LVR <=70% (IO)

Variable
Rate 3.68
Comparison
Rate 3.34

Extra Home Loan - Investment LVR <=70% (P&I)

Variable
Rate 3.12
Comparison
Rate 3.13

Extra Home Loan LVR <=70% (IO)

Variable
Rate 3.25
Comparison
Rate 2.91

Extra Home Loan LVR <=70% (P&I)

Variable
Rate 2.69
Comparison
Rate 2.70

Standard Variable Rate (with Wealth Package) P&I

Variable
Rate 3.85
Comparison
Rate 4.27

Standard Variable Rate (without Wealth Package) P&I

Variable
Rate 4.55
Comparison
Rate 4.70

Viridian Line of Credit

Variable
Rate 6.03
Comparison
Rate

Viridian Line of Credit - Investment

Variable
Rate 6.03
Comparison
Rate

Fixed Rate Personal Loan

1st year Fixed
Rate 9.00
Comparison
Rate. 9.90

Personal Overdraft

1st year Fixed
Rate
Comparison
Rate.

Secured Car Loan

1st year Fixed
Rate 6.99
Comparison
Rate. 8.05

Variable Rate Personal Loan

1st year Fixed
Rate
Comparison
Rate.

CommBank Essentials

Purchase
Rate 9.90
Annual
Fee $60.00

Commonwealth Bank Awards Credit Card

Purchase
Rate 20.24
Annual
Fee $59.00

Commonwealth Bank Business Awards Credit Card

Purchase
Rate 20.74
Annual
Fee $100.00

Commonwealth Bank Business Platinum Awards Credit Card

Purchase
Rate 20.74
Annual
Fee $100.00

Commonwealth Bank Diamond Awards Credit Card

Purchase
Rate 20.24
Annual
Fee $349.00

Commonwealth Bank Low Fee Credit Card

Purchase
Rate 19.74
Annual
Fee $29.00

Commonwealth Bank Low Fee Gold Credit Card

Purchase
Rate 19.74
Annual
Fee $89.00

Commonwealth Bank Low Rate Credit Card

Purchase
Rate 13.24
Annual
Fee $59.00

Commonwealth Bank Low Rate Gold Credit Card

Purchase
Rate 13.24
Annual
Fee $89.00

Commonwealth Bank Platinum Awards Credit Card

Purchase
Rate 20.24
Annual
Fee $249.00

Commonwealth Direct Investment Account

Max Interest rate($10,000) Base Interest rate($10,000)

Farm Management Deposit

Max Interest rate($10,000) 1000 Base Interest rate($10,000) 0.05

GoalSaver

Max Interest rate($10,000) Base Interest rate($10,000) 0.05

NetBank Saver

Max Interest rate($10,000) Base Interest rate($10,000) 0.05

Pensioner Security Account

Max Interest rate($10,000) Base Interest rate($10,000) 0.05

Smart Access

Max Interest rate($10,000) Base Interest rate($10,000)

Youthsaver Account

Max Interest rate($10,000) Base Interest rate($10,000) 0.05

CBA has a range of products to choose from.

CBA Products

CBA Everyday Accounts

1. Smart Access account

The Smart Access account is CBA’s everyday account.

It comes with a Debit Mastercard that can be used for all online and instore purchases and purposes. If you are under 25 years old or deposit at least $2000 each month, there is no monthly account fee.

You can open this account in your own name or as a joint account with someone else. You can also access your cash at an ATM through CommBank’s Cardless Cash technology.

2. Streamline Basic account

This account is suitable for those who are concession card or health care card holders. You must have your government pension or payments paid into this account to take advantage of all its features. This account has no monthly fees and offers free unlimited electronic and assisted withdrawals at over 4000 ATMs and 950 branches. There are no overdraw fees or dishonour fees associated with this account.

3. Pensioner Security account

If you are over 55 or a retiree, this account earns you interest on your retirement savings.

This account has no monthly fees and provides competitive interest rates.

Enjoy easy access to your own money with access to an extensive ATM and branch network throughout Australia.

NB: There are also savings accounts for tertiary students, apprentices, under 14s and for those moving to Australia. All come with their own features and benefits.

Savings accounts and Term deposits

1. NetBank Saver

The NetBank Saver offers flexible access to your savings and helps you earn interest at the same time. There’s no minimum deposit and it can be linked to your CommBank transaction account, with the ability to move funds easily between your accounts using the CommBank app. You can also use the app to set up a Goal Tracker as well as use the savings calculator to help you along the way. Your Netbank Saver will need to be linked to a CommBank transaction account.

2. GoalSaver account

This account is great if you have a set goal in mind e.g. a holiday, or a large purchase. There are no monthly fees and bonus interest can be earned if you grow your savings balance each calendar month. You can even use the Goal Tracker feature in the CommBank app to set a savings goal.

Term Deposits

Earning a fixed amount of interest while your money is locked away for a certain amount of time. Term Deposits can be opened with a low of $5000 to less than $2,000,000 for terms  from 1 month to 5 years. There’s also the added benefit of no set up or establishment fees.  Once your Term Deposit matures, the funds can be held for up to six months in CommBank’s holding facility until you decide what you would like to do with those funds.  31 days’ notice is required if you want to withdraw from your Term Deposit. Prepayment interest adjustment and administration fee may be applied.

NB: CBA also has savings account options such as YouthSaver and Pensioner Security accounts.

Credit Cards

1. CommBank Neo Interest-free card

Labelled as the new way to pay. This card has one simple monthly fee with no late fees applied. You also receive interest free credit.

Card features include:

  • No interest charged
  • No late fees charged
  • Three credit limits to choose from; $1,000, $2000 or $3,000
  • Simple monthly fee of $12, $18 or $22, based on your credit limit. No monthly fee charged if your entire balance is paid and you don’t use your card.
  • No foreign exchange fees
  • No additional cardholder fees
  • CommBank Rewards cashback benefits for eligible cardholders.

2. Low Rate Credit Cards

CommBank has a variety of low rate credit cards to suit your needs. Whilst they have certain benefits, keep in mind you will not earn award points on these cards and International transaction fees apply.

There are two types of low rate cards, the basic Low Rate Credit Card and the Low Rate Gold Credit Card.

Low rate

  • Minimum credit limit $500
  • $59 annual fee
  • Low purchase interest rate of 13.24% p.a.
  • Up to 55 days interest free on purchases
  • offers and experiences via Priceless®Cities

Low Rate Gold

  • Minimum credit limit of $4,000
  • $89 annual fee
  • 24% p.a. purchase interest rate
  • Up to 55 days interest free on purchases
  • International travel insurance included
  • Up to 12 months extended warranty on most purchases
  • Offers and experiences via Priceless®Cities

3. CommBank Essentials credit card

This card has CommBank’s lowest interest rate on purchases. Credit limits are between $400 and $3000 and the card offers Priceless® Cities offers and experiences – an exclusive program for Mastercard cardholders.

4. Low Fee Credit Cards

Pay no annual fee for the first year and if you meet certain spend requirements in subsequent years, annual fees will continue to be waived. With these cards you will not earn Awards points and purchase interest rates are higher than CommBank’s Low Rate credit cards. There are two types of cards:

 

Low Fee

  • Minimum credit limit of $500
  • No annual fee in the first year or for any subsequent years when you spend $1,000
  • 74% p.a. purchase interest rate
  • Up to 55 days interest free on purchases
  • Priceless®Cities offers and experiences

Low Fee Gold

  • $4,000 minimum credit limit
  • No annual fee in the first year or for any subsequent years when you spend $1,000
  • 74% p.a. purchase interest rate
  • Up to 55 days interest-free on purchases

5. Award Credit Cards

Use your CommBank Awards credit card for your daily spending and earn points. These cards have higher purchase interest rates than the Low rate cards. There are four types:

Awards

  • $500 minimum credit limit
  • $59 annual fee
  • Earn up to 50,000 points a year
  • Up to 55 days interest free on purchases
  • Priceless®Cities offers and experiences

Platinum Awards

  • Minimum credit limit of $6000
  • 1 Awards point earnt for every $1 spent using your Mastercard®
  • Earn up to 150,000 points a year
  • International travel insurance included
  • Up to 12 months extended warranty on most purchases

Diamond Awards

  • Minimum credit limit of $15,000.
  • Earn up to 1 million points per year
  • International travelinsurance included.
  • Up to 12 months extended warranty on mostpurchases
  • Priceless® Cities offers and experiences

Ultimate Awards

  • Pay no monthly feeif you spend at least $2,500 on your Ultimate Awards credit card during a statement period. There is also no monthly fee if you move to online statements.
  • No international transaction fees
  • Unlimited annual awards points
  • Access to over 1,000 lounges worldwide with Mastercard®Airport Experiences

Personal Loans

CommBank has a number of personal loans to suit your needs. The three main types are:

1. Fixed Rate Loan

With CommBank’s fixed rate loan, your repayments will remain the same throughout the life of your loan. You can borrow anywhere from $4000 to $50,000 for terms of 1-7 years and choose weekly, fortnightly or monthly payments. You can also make extra repayments of up to $1000 per year without incurring a fee.

All your CommBank banking can be managed via NetBank.

There is a $150 establishment fee and a $10 monthly loan service fee.

2. Variable Rate Loan

Get a competitive rate with CommBank’s Variable Rate Loan. You can choose to have your loan for 1-7 years and select weekly, fortnightly or monthly repayments. The minimum amount you can borrow is $4000. $50,000 is the maximum. You have the ability to make extra repayments, meaning you can reduce your interest quickly. A redraw facility is also available.  An establishment fee of $150 applies and you will need to pay a $10 monthly loan service fee.

3. Secured Car Loan

Use your car as security for your personal loan and you will be charged a lower fixed interest rate. This loan can be from 1-5 years with your choice of weekly, fortnightly or monthly repayments. Borrow from $10,000-$100,000, with the flexibility to make up to $1000 in extra repayments. This loan has a $250 establishment fee and an ongoing $10 monthly loan service fee.

 

Home Loans

Whether you’re buying or refinancing, CommBank has a home loan to suit your needs.

 

1. Fixed Rate Home Loan

There are no surprises with this fixed rate home loan, as your repayments will remain the same with a locked-in rate for 4 years. Choose how often you would like to make your repayments from weekly, fortnightly and monthly options. There is no need to pay an upfront home loan establishment fee, as this will be covered by your annual Wealth Package fee of $395. This comes with other benefits including discounted rates, no monthly home loan service fees and no annual credit card fees. This home loan does not come with an offset account and there is no redraw or top up available.

 

2. Extra Home Loan

This is a basic loan that has a low variable rate for the life of your loan. This loan has a $0 establishment fee and no ongoing monthly service fees. Redraw is available on the Extra Home Loan and you can choose to split your loan between fixed and variable. You can make as many additional repayments as you like without incurring any fees and there are an unlimited number of redraws. Top ups are available, however this home loan doesn’t come with an offset account and repayment amounts will fluctuate as interest rates change.

3. Standard Variable Rate

The CommBank Standard Variable Rate loan gives you the freedom to split your loan, use your offset account so you can save on interest and the eligibility to top up the loan when needed. Pay an annual Wealth Package fee of $395 and pay no upfront home loan fee (usually $600), $0 monthly service fee (usually $8) and no annual fees on one eligible credit card. You can link multiple offset accounts and make unlimited additional repayments.

This home loan doesn’t have a locked interest rate and your repayments may vary with interest rate changes.

Pros

  • 24/7 online accessibility and customer service
  • Best online banking platform in Australia. 
  • Linked debit Mastercard including unlimited ATM withdrawals and purchases.
  • Largest ATM network in Australia including Bankwest ATMs.

Cons

  • Interest rates can be high
  • Most products come with a monthly fee