In another sign that competition is re-emerging, CBA has released a new savings product that will help borrowers save a deposit for a home faster.
According to Commonwealth Bank’s group executive retail banking services Ross McEwan, the product – GoalSaver – will not only help customers reach their savings goals faster, but it will also reward regular savers.
“There is more to saving than number crunching. With more Australians saving with us, we know that customers who reach their savings goals faster are the ones who discipline themselves to save,” Mr McEwan said.
“GoalSaver rewards customers that save regularly by offering a high variable bonus rate every time their savings balance increases by at least $200 and no more than one withdrawal is made monthly.
“For our customers saving for a home loan deposit, GoalSaver provides an incentive to help attain their goal earlier,” said Mr McEwan.
Commonwealth Bank’s GoalSaver offers a variable bonus rate of six per cent per annum. Customers who do not meet the bonus requirements for the month still receive a variable rate of three per cent per annum on their savings.