The Commonwealth Bank has responded to the Reserve Bank of Australia’s cash rate decision.
New savings rates – effective 17 November
The NetBank Saver1 variable introductory rate will increase by 0.35% p.a. to 5.10% p.a. The fixed bonus margin will increase by 0.20% p.a. to 2.75% p.a. and the standard variable interest rate will increase by 0.15% p.a. to 2.35% p.a.
Group Executive, Retail Banking, Angus Sullivan said: “To support our savings customers, we have increased rates on our savings products, some by more than the RBA cash rate change. For example since May 2022 we have increased the GoalSaver with bonus rate by 4.65% p.a. to 4.90% p.a., effective 17 November 2023.”
CBA will also extend the availability of the 24-month term deposit special of 5.00% p.a.2
“We know Australians are facing increasing cost of living pressures and for some households this is more difficult than for others. Customers who are struggling are top of mind for us and helping customers when they need it is our priority.
“We encourage customers to message us in the CommBank app as soon as possible if they need support. We have added functionality for customers to chat online with us to explore their options, which some customers feel more comfortable doing than talking on the phone.
“Making that first point of contact is an important step in creating a tailored solution based on the needs and circumstances of each individual. The sooner that conversation starts, the sooner we can work together to find a solution,” Mr Sullivan said.
CBA continues to look for ways to support customers to manage ongoing and essential costs, this includes through the exclusive deals with More. CommBank customers can get the first three months free on mobile plan fees and nbn® plan fees when they sign up with their credit or debit card before 29 February 2024 for mobile plans and by 31 August 2024 for nbn® plans.3
Quick tips & tools to help you get on top of your finances:
Visit our Cost of Living Support Hub to view a myriad of tools, tips and guidance all designed to help you navigate current cost of living pressures.
Things you should know
1Any customer opening their first NetBank Saver from today will receive a variable introductory interest rate for the first 5 months after account opening. The variable introductory rate is currently 4.75% p.a. (increasing to 5.10% p.a. from 17 November 2023), which includes a fixed bonus margin currently at 2.55% p.a. (increasing to 2.75% p.a. from 17 November 2023) and the NetBank Saver standard variable interest rate, currently 2.20% p.a. (increasing to 2.35% p.a. from 17 November 2023). At the end of the introductory rate period, the NetBank Saver standard variable interest rate applicable at that time will apply. This introductory rate offer is available for a limited time only and the Bank reserves the right to terminate this offer at any time. The variable introductory interest rate will not apply to NetBank Saver accounts which are jointly owned where one of the account holders has previously held a NetBank Saver account.
2The Term Deposit special offer is available to personal and SMSF customers. The offer is not available to all other Business customers (including Financial Institutions). It is available on balances from $5,000 to $1,999,999 with interest paid annually. CBA’s Term Deposits, rates and eligibility criteria are available here.
3CommBank has an ownership interest in More. More and CommBank have entered into a strategic relationship agreement. More’s Terms and Conditions are available on the More website. For Terms & Conditions in relation to the 3 months free mobile plan fees where customers must sign up by 29 February 2024 or 3 months free More nbn® plan fees where customers must sign up by 31 August 2024, and use a CommBank debit or credit card as their online bill payment method. See CommBank More Mobile and CommBank More nbn®.