Compelo Banking is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More

Commonwealth Bank offers online savings to businesses

Australian lender Commonwealth Bank has launched its Business Online Saver, a new online savings account aimed at businesses offering a variable interest rate of 5.65% in a bid to attract new business customers.

<p>The bank believes that the account will attract business customers who hold their surplus funds at other financial institutions, as well as taking in non-bank customers. Although customers can apply online, by phone or in branch, transactions will only be possible online.<br /><br />Customers must have a Commonwealth Bank Business Cheque Account in order to be eligible for the account. According to the bank&#0039;s executive general manager for the working capital services, the product is unique in the market. Business customers can effectively manage their working capital with flexible same-day access to funds and unlimited transfers.<br /><br />Importantly there are no minimum deposit or withdrawal amounts and no bank fees. Reflecting our responsiveness to business customers&#0039; needs, we are the first among the major banks to launch a non-tiered online saving account for our business customers.</p>