(22 February 2011 – Australia) The Commonwealth Bank of Australia has released a new savings product aimed at helping borrowers save for a house deposit faster- GoalSaver- as competition ramps up.According to CBA’s group executive of retail banking services Ross McEwan the new product will not only help savers save faster, but it will 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 A$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 percent per annum. Customers who do not meet the bonus requirements for the month still receive a variable rate of three percent per annum on their savings.