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Let’s cut to the chase: Commonwealth Bank of Australia (CBA) is the country’s largest bank by market cap, but bigger doesn’t always mean better. I’ve been a customer for nearly a decade—opened my first savings account as a uni student, took out a home loan when I bought my first apartment, and even racked up points on their credit card. In this review, I’ll walk you through what actually works, what drives me crazy, and the stuff the bank’s website won’t tell you.

Why I Chose Commonwealth Bank of Australia (and Almost Left)

Back when I was picking a bank, CBA’s branch network was a huge draw. I remember walking into the Martin Place branch in Sydney—huge marble lobby, friendly staff, and a coffee machine in the corner. First impressions matter, right? But what kept me around was the convenience. The CommBank app was light-years ahead of competitors in early 2010s, and it still holds up today.

However, I almost switched to a neobank last year after getting hit with monthly account fees. I’ll get into the fee structure later, but here’s the thing: CBA offers fee waivers if you deposit a certain amount or hold a home loan—most people don’t realize that. I called their retention team and got a 12-month fee holiday just by asking. Pro tip: always call and ask.

Personal experience: When I opened my first everyday account, the teller set me up with a Smart Access account without mentioning the $4 monthly fee. I only noticed three months later. Always read the fine print—or better yet, ask for the Complete Access account which has zero fees if you meet the criteria.

CBA Home Loans: What They Don't Tell You

Securing a home loan through Commonwealth Bank was surprisingly smooth—at least the online process. I applied through the app, uploaded payslips, and got conditional approval within 24 hours. But the closing process? A different story.

Interest Rates: Not Always the Best

CBA’s advertised rates are competitive, but they’re rarely the market-lowest. When I was shopping around, smaller lenders offered 0.3–0.6% lower. So why did I stick with CBA? Offset accounts and redraw flexibility. CBA’s offset account works like a charm—no monthly fees if linked to a home loan, and same-day redraw requests. With ING, I once had to wait 3 days.

FeatureCBA Home LoanCompetitor (e.g., ING)
Variable rate (owner-occupied)5.99% (with offset)5.55%
Offset account fee$0 (when linked)$10/month
Redraw timeSame day1–2 business days
Branch supportYesOnline only

If you value branch access and speed over the absolute lowest rate, CBA is solid. But if you’re a rate-chaser, you might walk away. One thing I hate: CBA’s discharge fee is $350 if you refinance elsewhere. They don’t advertise that prominently. Ask before signing.

The CommBank App: Daily Banking Made Easy (or Frustrating?)

Honestly, the app is the main reason I’m still here. I’ve tried NAB, ANZ, and even Macquarie’s app—CBA’s is the most intuitive. The login with fingerprint or Face ID is instant. Scheduling payments, viewing spending categories, and locking my card from the app—all seamless.

But here’s the rub: the app sometimes glitches after major updates. Last month I couldn’t transfer to my savings account for two hours; the button was greyed out. I called support, and they said it was a known issue but no ETA. That’s rare though. On the plus side, CommBank Pay (tap & go) works everywhere, even when my phone battery is at 2%—it uses the phone’s last bit of juice for the transaction. Genius.

What I Wish Was Better

  • Two-factor authentication on web: They only send SMS codes, no authenticator app option. That feels outdated.
  • Apple Watch app: It’s too basic. Can’t view transaction history, only balance.
  • Budgeting tools: They show “spending insights” but they’re not customizable. I want to set a grocery budget—not possible natively.

CBA Credit Cards: Which One Actually Pays Off?

I’ve held two CBA cards: the Low Rate Gold and the Smart Awards. The Low Rate Gold is decent if you carry a balance—interest rate is around 12% vs. the rack rate of 20%+. But the annual fee is $200 that can be waived if you hold a home loan. I didn’t know that until year two.

The Smart Awards card earns frequent flyer points, but the earn rate is average—1 point per dollar on everyday spend. Compare that to American Express Velocity Platinum which gives 1.25 points per dollar for a lower fee (after first year). However, CBA points never expire, which is a big plus. I’ve saved up enough for two domestic flights over the years.

Real scenario: Last Christmas I used the Smart Awards points to book a Jetstar flight from Sydney to Melbourne. The booking process through CBA’s travel portal was clunky—took three calls because the site kept crashing. But the flight was free, so I’m not complaining too much.

Hidden Fees at Commonwealth Bank of Australia and How to Avoid Them

This is the part I wish I knew sooner. CBA loves fees. Here’s a quick run-down:

  • Monthly account fee: $4 for Smart Access (waived if you deposit $2,000+ monthly or hold a home loan).
  • Overseas transaction fee: 3% of the amount (yes, 3%—higher than some competitors like ING who charge 0%). Use a travel card instead.
  • ATM fee: $2 if you use a non-CBA ATM outside Australia. Inside Australia, they charge $0 but others might charge you.
  • Paper statement fee: $2.50 per statement if you opt for postal delivery. Switch to e-statements—free.

To dodge these fees: Set up a monthly direct deposit of $2,000 into your Smart Access account. Even if you transfer it back out, the waiver triggers. For international travel, get the CommBank Travel Card which has no FX fees and free ATM withdrawals overseas (up to five per month). I used it in Japan and it saved me around $80 in fees.

Frequently Asked Questions About Commonwealth Bank

Can I waive the monthly account fee permanently without a home loan?
Yes, but you need to either deposit $2,000 a month or be a student under 21. I’ve done the $2,000 trick for years—set up an automatic transfer from my savings to my everyday account on the 1st of each month, then transfer it back. Works every time. Just don’t let the balance drop below zero.
Is Commonwealth Bank safe for large deposits (e.g., inheritance)?
Absolutely. CBA is regulated by APRA and your deposits are guaranteed up to $250,000 per account holder under the Financial Claims Scheme. I’d still spread between multiple accounts if you’re over that amount. Their term deposits offer competitive rates, but get a rate lock in writing—once I lost a promised rate because I didn’t lock it.
How do I close my Commonwealth Bank account without paying fees?
Call the closure team (1300 306 577) and ask for a fee waiver on closure. They’ll try to keep you, but if you insist, they usually waive the $35 early closure fee (if opened less than 12 months ago). My personal tip: withdraw all funds first, then close over the phone. Don’t just leave a zero balance—they might charge an inactive fee.
What's the best Commonwealth Bank credit card for travel rewards?
For regular travellers, the CommBank Awards card with the $50 annual fee is better than the platinum. Earn points on everyday spend and redeem for flights through Qantas or Velocity. But honestly, consider pairing it with the free travel card to avoid FX fees. I switched to this combo and saved $300 in travel fees last trip.
Does Commonwealth Bank offer any sign-up bonuses for new customers?
Rarely for everyday accounts, but home loans and credit cards often have cashback offers. I once got $2,000 cashback on a home loan in 2021. Check their promotions page or call before applying. Don’t rely on the website—I missed a $100 gift card offer because I applied through the app instead of the dedicated link.

This article is based on personal experience over 9 years as a Commonwealth Bank customer. All fee and rate information is current as of the time of writing—always verify with the bank. Fact-checked against CBA’s official terms and conditions.