(6 June 2005 – Australia) Commonwealth Bank has launched a new online, high interest retail deposit product in a bid to stem the tide of deposits that have flowed to the likes of ING Direct, Citigroup and BankWest.CBA’s NetBank Saver account will offer customers a high variable interest rate with no bank fees for balances of A$5,000 and more. The rate is currently sitting at 5.40 percent.
CBA executive general manager, Retail Products, Geoff Austin, said the bank was determined to offer a competitive range of deposit accounts to suit all customer requirements.
CBA has copped criticism from brokers that its term deposit and cash management accounts are uncompetitive compared to other offerings in the market.
Although it is the country’s largest deposit taker, CBA’s share of this market has slowed in the light of aggressive targeting of the retail deposit market from international and regional banks.