Commonwealth Bank: Open a Streamline Unlimited account before 30/09/08, Bank free for a Year

29 July 2008

The catch is that you have to deposit at least $2000 every month to get the free transactions.

From the website:

Streamline Unlimited monthly account fee $6*

*Open a Streamline Unlimited account between 7 July and 30 September 2008 and make monthly deposits of at least $2,000 (such as your salary) to enjoy unlimited Commonwealth Bank Branch, ATM, Phone, Internet and EFTPOS transactions fee-free for a year#.

(Forget your monthly fee

We'll waive the monthly fee if you are:

Under 18
A full time tertiary student
A war veteran whose Australian War Veteran pension is paid into your Streamline account
An aged pensioner with your pension paid into your Streamline account
A customer with a relationship balance of $50,000 or more in eligible contributing accounts (For more details on how the "Relationship Balance" exemption works, please see our Transaction, Savings and Investment Accounts General Information and Terms and Conditions, available from any branch of the Bank.)
Reliant on over-the-counter services because of a disability preventing you using electronic banking facilities. The exemption will apply to a nominated account. )

The Commonwealth Bank has the largest ATM network of any Bank in Australia (while Bank of Queensland has the 'most wide-spread' network of ATMs - just for your information).

TOPICS:   Shopping

18 comments

  • lilpretzel
    The catch is that you have to deposit at least $2000 every month to get the free transactions.
    I wonder if you can deposit $2000 than withdraw the $2000 than deposit it again the following month :p
  • LisaMaree
    I get this with my Heritage Easy Access Account anyway :) Sounds like a good deal if you are an existing Commonwealth customer though, just switch accounts. Lisa
  • nod
    lilpretzel;57600
    I wonder if you can deposit $2000 than withdraw the $2000 than deposit it again the following month :p
    I dont see why not. There does not appear to be a min balance simply a min deposit value ;)
  • leny
    lilpretzel;57600
    I wonder if you can deposit $2000 than withdraw the $2000 than deposit it again the following month :p
    You can do that on the same day if you want.
  • nod
    Ah .. that is a nice loophole. But I wonder why they have it? You would expect that the benefit for CBA is that they can then make interest on the $$. Thought they would lock it down a little anyway. The free internet transfer is good - they charge 22 a pop otherwise
  • leny
    nod;57687
    Ah .. that is a nice loophole. But I wonder why they have it? You would expect that the benefit for CBA is that they can then make interest on the $$. Thought they would lock it down a little anyway. The free internet transfer is good - they charge 22 a pop otherwise
    Well they probably don't want you if you don't have and can't keep a balance of $2000. They won't make much money off a person who constantly keeps their balance to a zero. Unless that person does many overdraws for which Commbank will charge abut $35 - then they are rubbing their mitts together.
  • leny
    nod;57687
    The free internet transfer is good - they charge 22 a pop otherwise
    What are you talking about...:eek:
  • nod
    22c for each internet bank transfer with the CBA accounts I have at present :)
  • LisaMaree
    What would be the point of putting 2k in the bank and then withdrawing it again to take advantage of free transactions, there would be no money in there to withdraw or transfer :o
  • leny
    nod;57706
    22c for each internet bank transfer with the CBA accounts I have at present :)
    It looks like you're being ripped off or have a home loan with them. Streamline accounts incur no fees whatsoever for internet and offline transactions.
  • leny
    LisaMaree;57725
    What would be the point of putting 2k in the bank and then withdrawing it again to take advantage of free transactions, there would be no money in there to withdraw or transfer :o
    The idea is to withdraw it and put it back in again, not the other way around.
  • LisaMaree
    Originally Posted by LisaMaree What would be the point of putting 2k in the bank and then withdrawing it again to take advantage of free transactions, there would be no money in there to withdraw or transfer The idea is to withdraw it and put it back in again, not the other way around.
    Ah yes :o I wish I could say I was blonde but alas I am not...
  • nod
    leny;57737
    It looks like you're being ripped off or have a home loan with them. Streamline accounts incur no fees whatsoever for internet and offline transactions.
    :D It is the business account and that is one of the cheapest around :)
  • port
    leny;57737
    It looks like you're being ripped off or have a home loan with them. Streamline accounts incur no fees whatsoever for internet and offline transactions.
    Sorry, that's incorrect. the eAccess option does not come with any included off-line, telephone or paper transactions. As for ATM networks, I prefer my current bank as I have never had to queue to use their ATMs*. :) [SIZE="1"]* Here's hoping my luck hasn't run out. [/SIZE]
  • leny
    Well I thought we were talking about Streamline unlimited accounts.
  • leny
    Oops and I should have probably read that post properly. :D:p I would really like to know with which kind of bank you would NEVER have to queue up for, unless you had a CUA, St George, or NAB account and could choose any ATM. :eek: Otherwise I have no idea how that's possible.
  • leny
    Well I guess you should never make any kind of statement if you are not willing to back it up.
  • leny
    I just wrote out a whole post but then came to the conclusion that you are with a certain bank and now I know what you're talking about. At first I thought it was a bank that not many people used so the ATMS were free, but now I realise that it is THAT bank which doesn't have many atms scattered around Australia, but rather have less frequent locations with 4+ of the same ATMs.

What do you think?

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