CommBank Commonwealth Private Bank Account
$0 monthly fee
The Commonwealth Private Bank Account is an interest bearing transaction account which pays a banded interest rate and is exclusively available to Commonwealth Private Bank clients.
- Overseas spending fee
- 3.5%
- Overseas ATM fee
- $2
- Digital wallets
- Apple, Google, Samsung
Monthly fee
Features
- Debit card
- Yes
- Apple, Google or Samsung Pay
- Apple Pay, Google Pay, Samsung Pay
- PayID
- Yes
- Overdraft available
- Not listed
Who can open it
- Age to open
- 18 and over
Who it's for
- The Commonwealth Private Bank Account is available to non-personal customers who have a domestic business, an ABN or ACN with signatories aged 18 and above or signatories after 16 to 18 with another signatory being at least 18 years old; or be a foreign company that carries on business within Australia, registered with ASIC and be determined on a case by case basis.
How it compares
Against the other everyday accounts we compare. Typical means the middle half of them.
Monthly fee
None
Most accounts that say charge none.
Overseas spending fee
3.5%
Of what you spend in another currency. Typical is 3%.
Overseas ATM fee
$2
Each time you take cash out overseas. Typical is $5.
Pros and cons
Pros
- No monthly fee. Keeping the account costs nothing, whatever you deposit.
- Pays interest. 2.35% on your balance, which most everyday accounts don't.
- PayID. People can pay you with your phone number or email instead of a BSB and account number.
- Phone payments. Works with Apple Pay, Google Pay and Samsung Pay, so you can pay with your phone or watch.
Cons
- An overseas spending fee. 3.5% of what you spend in another currency, so $1,000 overseas costs about $35 extra.
Similar accounts
Everyday accounts from other banks with similar fees.
- Monthly fee
- None
- Overseas spending fee
- 3.65%
- Monthly fee
- None
- Overseas spending fee
- 3%
- Monthly fee
- None
- Overseas spending fee
- 3%
