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February 23, 2011updated 04 Apr 2017 1:08pm

Commonwealth Bank of Australia launches free online account

Commonwealth Bank of Australia has launched a free online savings account that offers a bonus interest rate to customers who regularly increase their balance. The launch of the GoalSaver account is a sign that Australian banks continue to battle for customer deposits. Customers who increase their account balance by at least A$200 per and make no more than one withdrawal within a calendar month will receive a 6% bonus rate.

By Duygu Tavan

Commonwealth Bank of Australia has launched a free online savings account that offers a bonus interest rate to customers who regularly increase their balance.

The launch of the GoalSaver account is a sign that Australian banks continue to battle for customer deposits.

Customers who increase their account balance by at least A$200 per and make no more than one withdrawal within a calendar month will receive a 6% bonus rate.

Those who do not meet the minimum requirements will receive 3%, Ross McEwan, Commonwealth Bank’s group executive retail banking services said.

The GoalSaver account features include:

  • No account service fee;
  • Bonus interest paid when the account balance increases by at least A$200 from the opening monthly balance (deposits) and if no more than one withdrawal is made in a calendar month;
  • No minimum or maximum limit on withdrawals; and
  • Manage account online, in-branch or over the phone.

On 12 February, NAB launched a campaign on Twitter and YouTube, urging customers to follow the bank in ‘breaking up’ with its other three big rivals – CBA, ANZ and westPac – and move their mortgage loans to NAB.

The bank offered to pay the A$700 exit fees that WestPac and NAB charge.

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