How to earn x11 more interest with Commonwealth Bank in thirty seconds

At the time of writing, Commonwealth Bank’s NetBank Saver account has an interest rate of 0.15%.

If you have a NetBank Saver account, here’s how to change that to earn 1.65% interest. That’s eleven times as much.

  • Log into NetBank on a computer by visiting the Commonwealth Bank website.
  • Click “Settings” on the top right.
  • In the menu page that appears, choose “Accounts” > “Product Requests” > “Switch Account Options”
  • Choose your NetBank Saver account in the dropdown, and press “Go!”
  • In the screen that follows, you’ll be offered the choice to switch the account to a “3 month special offer + 1.5%” (or something similar: the rate apparently changes per customer). Do that.
  • Job done. You’ve earnt eleven times more interest on your savings.

Put in your calendar a reminder in three months to go and do all this again. And now go and tell all your friends. All of them.

Is Commonwealth Bank being deliberately misleading for hiding this option? Why would it not give its customers the best possible savings rate? Are they a bunch of sneaky, dishonest, underhand bankers? You decide. (Clue: the answer’s “yes”).

Tip: You can reward Commonwealth Bank for giving you, even after this hard work, something that barely gives you more than the rate of inflation by getting your savings out of Commonwealth Bank and put them somewhere better. Here’s a list of accounts that earn better interest rates, and a place to discuss and find out more.