Commenwealth Bank

By: EconomyWatch Content   Date: 30 October 2009

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Founded in 1911, Commonwealth Bank, also called The Commonwealth Bank of Australia, provides financial services, such as retail, business and institutional banking, funds management, insurance and broking, to its customers. Commonwealth Bank offers these services through the following segments:

  • Personal Banking

  • Business Banking

  • Corporate Banking  

Commenwealth Bank: Services Provided by Personal Banking

Commonwealth Bank’s Personal Banking unit helps customers:

  • Buy their first home

  • Manage their existing loan

  • Increase their savings

  • Invest their money

  • Get ready for retirement

  • Start their degree program

  • Go on travel holidays

  • Shift to Australia

  • Find a private banker

The services offered by the unit are:

  • Credit cards: The credit cards issued by the bank are accepted across the world at more than 29 million locations. Through these credit cards, you can make a purchase without paying any interest for up to 55 days. Moreover, you are rewarded for your everyday spending and earn 1.5 to 3 award points (depending on the card owned by you) for every $1 spent through the card. You can also get international travel insurance for trips made for the first three months.

  • Home loan: You can get help and advice to buy your first home, manage your existing home loan and get a second opinion on your home loan. You can also get expert advice in buying a property for investment and planning a renovation project.

  • Personal loans: You can get instant approval for personal loan and access the funds the same day.

  • Accounts: This service helps you perform everyday banking through:

    • Debit MasterCard, which is accepted at more than 27 million locations across the world.

    • NetBank Saver, which offers high interest on savings and instant access to money at all times.

    • Cash Investment Account, which offers competitive interest rates and easy access to the invested funds.

    • Education Savings Plan: You can use this service to fund the education of your children without paying any fees and at a significantly lower rate (depending on the plan you select). You can also enjoy unique tax advantages.

  • YouthSaver: The program, designed for people under 18 years of age, enables you to earn bonus interest if you are making regular deposits and no withdrawals.

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