Commonwealth Bank Term Deposit

Posted June 8th, 2010 and last modified September 16th, 2014

There are specials on Commonwealth Bank term deposit rates available when you apply online. These are not available when you apply in a branch, but before you take advantage of these special rates, you need to know a bit more about the Commonwealth Bank term deposit accounts.

Features of a CommBank Term Deposit Account

The Commonwealth Bank offers a variety of flexible term deposit choices to help make sure you are comfortable with the investment you are making and the term you are choosing. This can ensure that you get the highest possible return and that your investments keep growing and keeping your finances secure.

Term Deposit Rates Comparison

Commonwealth Bank term deposit accounts can be opened with as little as
investment. There are also a range of interest rates which are calculated depending on your specific investment amount and the more you are able to invest, the higher the interest rate you will earn. Keep in mind that you must be 18 years or older to open a Commonwealth Bank Term Deposit account. This means you can use a CommBank term deposit to save for your child's future or education, but cannot open the account in their name.

  • Can choose a term between one month and five years. The best interest rates are offered on longer terms but if you need somewhere safe to deposit your funds for a month or two, CommBank term deposit rates can keep your funds secure and keep them growing at the same time.
  • Must have a personal Australian bank account. You will need these bank account details in your application as you need to nominate the account from which your investment will be made, as well as an account to which your interest payments can be made. You must be able to make BPAY payments from this account.
  • You will need to provide your Tax File Number. This ensures that your interest earnings are taxed at the right rate, and you are not overcharged.
  • You can open a single or joint term deposit. This means you may be able to meet a higher investment bracket, or invest for a longer term with pooled resources.
  • You can choose to have your interest paid as an income or at maturity. You can choose interest payments monthly, six monthly, compound six monthly where interest is added to your investment amount every six months and at maturity, annually, or compound annually where interest is added to your investment every 12 months and at maturity.

Keep in mind the interest rate which will be applied to your term deposit is the one which is current on the day your funds arrive with Commonwealth, not the day on which your application is submitted.

Compare the Commonwealth Bank term deposit rates on a minimum balance of :

  • A 12 month term deposit will earn 4.00% p.a.
    interest paid at maturity.
  • A five year term deposit will earn 4.20% p.a.
    interest paid annually.

Benefits of an Online Commonwealth Term Deposit

If you are an existing Commonwealth bank customer you can apply using NetBank. Applying for a Commonwealth term deposit account through NetBank means you are eligible for special rates on investment balances between $5,000 and $95,000, where normally you would have to invest a minimum of $10,000 to be eligible:

  • On a 12 month term deposit you can earn 4.00% p.a.
    p.a. interest.
  • You can choose your interest to be paid either six monthly, or compound six monthly.

If you're not an existing customer, NetBank is the Commonwealth's online banking system and while you won't be eligible for the internet only specials, you can still apply online:

  • You will need to enter your personal details and tax file number, as well as the details of any joint account holder.
  • You can choose your term and payment frequency in your online application form.
  • You will need to enter your investment amount and the bank details from which this amount will be transferred.
  • You can choose to be notified of the progress of your application via email.

If you have the opportunity to make savings or take advantage of special offers by buying online then you can not only save yourself money, but you can also grow your savings too. More financial products are shifting towards an online focus as it saves the bank time and money, savings which they can then pass onto your via fee free banking. So why not use our comparison tables to find out more about online term deposit accounts, and sign up today via our secure provider links.

How to apply

If you think this savings account is the right one for you, you can apply online and fill out the  Commonwealth Bank’s Online Enquiry Form. If you’re not a Netbank customer, you will need to submit a quick form and Commonwealth bank will send you details about your new term deposit. If you’re an existing Netbank customer, make sure you select the ‘I’m a netbank customer’ option.

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2 Responses to Commonwealth Bank Term Deposit

  1. Default Gravatar
    Fang | September 29, 2014

    How Can we open a new joint account online? I am your new customer but my hubby is your existing one. May I know what is the best convint way to have a joint account? By adding my name into his existing account or open a brand new? What the procedure online?
    How long is the proccess will take?

    • Staff
      Shirley | September 30, 2014

      Hi Fang,

      Thanks for your question.

      You can open a joint account online. Your husband can open a new term deposit through NetBank, by clicking “offers and apply” in the top navigation and selecting “term deposits”.

      In the personal details section, you can choose to have a joint account. When the funds are received, CBA will mail you a confirmation letter with your account details. You should receive this letter approximately one week after transferring your funds.

      Cheers,
      Shirley

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