With interest rates plummeting, those with Savings accounts are hit the worst. From earning more than 7% interest a few years ago to as little as 2% today. For those who have a high-interest savings account, leaving your money in the bank is no longer a good investment.
However, did you know that Commonwealth Bank is not telling you about the extra interest that you could be earning?
That’s right, within your Commonwealth Bank Netbank account, there is a hidden option that you can enable to earn more interest.
If you have a Netbank Savings account with Commonwealth Bank, read on!
How to Earn Extra Interest with Commonwealth Bank!
It’s simple couple of clicks, and will only take you a minute to complete.
Step 1: First of, log into Netbank with your standard client number and password
Step 2: Browse to “Manage My Accounts”
Step 3: Click on “Compare & switch account options”
Step 4: Select your Netbank Savings account and click “Go”
Step 5: Select your Extra Interest
Step 6: Sit bank and thank yourself for the extra money you just earned
It’s just that easy!
Update (If You Can’t Find The Option)
After the redesign of NetBank’s settings page, if you can no longer find the option, just search for the word “Compare” and you should find the correct page.
So what’s the catch?
Well there isn’t really a catch. You just have to be mindful to ensure it doesn’t change any of your current account fees, or eligibility with any other services or products you may have with Commonwealth Bank so please take this advice at your own risk, and contact the bank if you are unsure. Often, when you go visit the bank in person, they will tell you that you are eligible for 3 months’ bonus interest for being a loyal customer – this is all they are doing.
One other thing you need to do is set a reminder in your calendar as your bonus interest rate will expire in three months.