The Commonwealth Bank of Australia is one of the big 4 banks in Australia. CommBank has been providing Australian customers with personal and business banking through local branches, and online and phone app services for the past century. A commitment to sustainability within its products ensures that the Commonwealth Bank is well and truly in the 21st century. Read on for the full Commonwealth Bank review.
A Detailed Table on Commbank
Features | Descriptions |
Founded Year | 1911 |
Type | Publicly traded company |
Headquarters | Sydney, Australia |
Revenue | AUS $26.28 billion |
Total Assets | AUS $1.14 trillion |
Stock Exchange Listing | Australian Securities Exchange (ASX) – Ticker: CBA |
What Kinds of Accounts does Commbank Have
Commbank offers several types of bank accounts to suit your needs. Their transaction accounts include:
- Everyday Account: No monthly account fees and access to an ATM network. Great for basic banking needs.
- NetBank Saver: Higher interest rates with no monthly account fees. Must do all your banking online or via their app.
- AwardSaver Account: Earn Qantas Points for everyday banking. There are monthly account fees but you can earn up to 30,000 points a year.
- Retirement Account: Tax-effective way to save for your retirement. No monthly account fees but you are limited to one withdrawal per year.
Does Commbank have an App for Internet Banking
Yes, Commbank has a highly-rated mobile banking app that lets you bank on the go. With the Commbank app, you can:
- Check your account balances and transaction history
- Pay bills, transfer funds, and send money to friends
- Deposit checks by snapping a photo
- Locate ATMs and branches nearby
- Manage credit cards and set spending alerts
- Trade stocks and access your CommSec accounts
The app is available for both iOS and Android and securely connects to Commbank Internet Banking. By just going for a Commbank login, you have 24/7 access to your accounts to handle your basic banking needs whenever and wherever.
With so many useful features packed into an easy-to-use interface, the Commonwealth Bank Online app provides an essential service for today’s digital world. Download it for free and enjoy the convenience of banking on the go.
What are the Benefits of Using Commbank
Using Commbank for your banking needs comes with several advantages. Here are some of the benefits you can get from this bank:
Convenience
Commbank offers an intuitive mobile banking app so you can manage your accounts on the go. Check balances, pay bills, transfer funds between accounts, and deposit checks – all from your smartphone. No more rushing to the local branch before closing time!
Low fees
Commbank charges no monthly account-keeping fees for most everyday accounts. They also rebate other banks’ ATM fees up to a generous cap. This can save you money compared to other big banks.
Fraud protection
Commbank utilizes advanced security systems to help detect and prevent fraudulent activity on your accounts. They monitor accounts 24/7 for suspicious transactions and can alert you right away. Added security like multi-factor authentication and temporary SMS codes also help keep your information safe.
Rewards
If you use a Commbank awards credit card, you can earn points for every dollar you spend that can be redeemed for rewards like gift cards, travel, and more. Some accounts also offer cash back for select purchases. The more you bank with Commbank, the more reward potential you have.
Commbank aims to provide an exceptional banking experience for Australians. With so many benefits, it’s easy to see why so many people choose Commbank for their financial needs.
How to Use the Commbank Mobile App
This app makes banking on the go simple. Download the app on your iPhone or Android and log in with your Commbank ID and password. The app’s intuitive interface lets you manage your accounts, pay bills, transfer funds, and more right from your phone.
To check your balances or recent transactions, tap Accounts. Select an account like your everyday transaction account or credit card to see details. Need to pay a bill or send money to a friend? Choose Payments & Transfers. You can pay anyone with just their mobile number, email, or bank details.
Want to deposit a check without going to a branch? Use the app’s mobile check deposit feature. Endorse the back of the check, tap Deposit Checks, enter the amount, and take photos of the front and back of the check, and the funds will be available in your account within days.
The Commbank app also lets you set budgeting and savings goals, freeze and unfreeze your debit card if it goes missing, set travel notifications, and connect with a home loan specialist via chat. With security features like two-factor authentication, the Commbank app helps you bank securely on the go.
Is Commbank a Safe Bank
This is one of the largest banks in Australia, so safety and security are top priorities. As an established, reputable bank, Commbank takes protecting your money and personal information very seriously.
Advanced Security
Commbank uses industry-leading security technology and protocols to help keep your accounts and information safe. This includes:
- Encryption to protect your data and transactions
- Multi-factor authentication for logins like security codes sent to your phone
- 24/7 monitoring for fraud and suspicious activity
- Regular security audits and penetration testing to find and fix vulnerabilities
You can also enable additional security options like location-based logins, transaction limits, and temporary lockouts if your card is lost or stolen. With vigilance and responsible practices on your part as well, banking with Commbank is very secure.
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Final Thought
Commbank provides a wide range of products and services for both personal and business banking needs with competitive rates and fees. The convenient mobile app, 24/7 customer support, and broad ATM network are bonuses that make day-to-day banking a breeze.
While no bank is perfect, Commbank seems to check most of the boxes for a safe, full-service bank. If you’re looking for a new bank or thinking of switching from your current one, Commbank is worth serious consideration. They aim to make your banking life easier and help you reach your financial goals.
