If you are looking for a high-interest savings account in Australia, you may be considering the GoalSaver account from Commonwealth Bank of Australia or the NetBank Saver account from Westpac. Both accounts offer attractive interest rates, but there are some key differences between the two that may impact your decision. In this blog post, we will compare GoalSaver vs NetBank Saver to help you decide which account is the right fit for your savings goals.
Overview of GoalSaver and NetBank Saver
GoalSaver is a high-interest savings account offered by Commonwealth Bank of Australia. This account offers a base interest rate plus bonus interest when you make regular deposits and don’t make any withdrawals during the month. The bonus interest rate is tiered based on the amount you save, so the more you save, the higher the bonus rate you can earn.
NetBank Saver is a similar high-interest savings account offered by Westpac. This account also offers a base interest rate plus bonus interest when you make regular deposits and don’t make any withdrawals during the month. The bonus interest rate is fixed regardless of the amount you save, so you can earn the same bonus rate no matter how much you save.
Differences between GoalSaver and NetBank Saver
1. Bonus interest rates
The bonus interest rate structure for GoalSaver is tiered based on the amount you save, while the bonus interest rate for NetBank Saver is fixed. This means that if you have a large amount of savings, you may be able to earn a higher bonus rate with GoalSaver than with NetBank Saver.
2. Minimum balance requirements
GoalSaver requires a minimum balance of $1 to earn interest, while NetBank has no minimum balance requirement. If you are just starting to save, the latter might be a better option for you.
3. Account fees:
GoalSaver has no account fees, while NetBank Saver charges a monthly account fee of $5. If you don’t meet the deposit and withdrawal requirements to earn bonus interest with GoalSaver, you won’t earn as much interest as you would with NetBank Saver, but you also won’t be charged a monthly fee.
4. Access to funds:
With GoalSaver, you can only withdraw money from your account once per month without losing bonus interest. With NetBank Saver, you can make as many withdrawals as you want, but you will not earn bonus interest in that month if you make a withdrawal.
5. Account management
GoalSaver can be managed through the Commonwealth Bank mobile app or online banking, while NetBank Saver can only be managed through the Westpac online banking platform.
Differences – GoalSaver vs NetBank Saver
|Bonus interest||Tiered based on savings amount||Fixed regardless of savings amount|
|Access to funds||1 withdrawal/month without losing bonus interest||Unlimited withdrawals, but no bonus interest in that month if a withdrawal is made|
|Account management||Mobile app or online banking||Only through Westpac online banking|
Which Savings Account is Right for you?
If you are just starting to save or want the flexibility to withdraw money as needed, NetBank Saver may be a better fit. It’s important to consider your individual needs and preferences before choosing a savings account to ensure that you are making the best choice for your financial situation. Visit ThinkMoneyTrader for more financial bytes like this.