NetBank Saver drives CBA deposit growth

Commonwealth Bank's high-yield online deposit account, NetBank Saver, launched in mid 2005, made a significant contribution to the bank's 7.6 per cent growth in retail deposits in the 2005/06 financial year. Deposit balances had not grown in the previous financial year. CBA yesterday that the bank had achieved growth in deposits with only modest substitution. At June 30 NetBank Saver had a $4 billion balance, with $1.3 billion of that coming from other CBA deposit accounts. Only 1.8 per cent of existing customer balances have switched.

Advertisement