Commonwealth Bank of Australia Limited (CommBank), sometimes nicknamed "CommBank", is a pioneer in the Australian financial market. Demonstrated excellence in corporate finance and digital services. Founded on 22 December 1911 and originally founded by the Australian Government, privatisation was completed in 1991 and fully listed in 1996 as a star enterprise of the Australian Securities Exchange (ASX: CBA), headquartered at Commonwealth Bank Place in Darling Harbour, Sydney, New South Wales, Australia. Serving more than 17 million customers, CommBank is a leader in Australia's banking industry thanks to its solid financial performance and innovative capabilities.
Basic Information
of the Bank CommBank is a commercial bank, privately owned, founded in 1911 and headquartered at Commonwealth Bank Place, Darling Harbour, Sydney, New South Wales, Australia. Founded by the Australian Government, the Bank began providing savings and commercial banking services in 1912, was privatised in 1991 and fully listed in 1996. CommBank is jointly held by institutional investors and public shareholders and has a market capitalisation of approximately $200 billion in 2024, making it the most valuable bank in Australia. Banks are strictly regulated by the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) and are required to comply with the Australian Banking Act and international financial standards to ensure operational transparency and the safety of customer funds. Its deposits are protected by the Australian Deposit Insurance Scheme (FCS), with a maximum coverage of $250,000 per depositor. The SWIFT code for banks is CTBAAU2S and the Legal Entity Identifier (LEI) is MSFSBD3QN1GSN7Q6C537. CommBank has approximately 800 branches and 4,000 ATMs in Australia, as well as branches in New Zealand, Asia (China, India, Vietnam, Indonesia), the United Kingdom and the United States, with approximately 48,000 employees worldwide.
Deposits & Loans
deposits CommBank offers a wide range of deposit products to meet the savings needs of individual and corporate customers:
Demand Deposits: including checking accounts and savings accounts, such as "Smart Access Accounts", with a minimum opening amount of $0 and a base annualized rate of return (APY) of approximately 0.05%-0.3%, subject to confirmation of the latest interest rate through a branch or online banking. The Smart Access account waives the $4 monthly fee for customers under the age of 30 or those who deposit $2,000 per month.
Fixed Deposits: Support multiple currencies such as AUD, USD, CNY, etc., with deposit terms ranging from 1 month to 5 years, and a minimum deposit of AUD 5,000. In 2025, interest rates on fixed deposits can reach up to 4.0% (12 months, with a deposit amount of less than $1 million), which can be enquired through online banking.
Featured products:
High Yield Savings Accounts: such as "NetBank Saver Accounts", which offer up to 4.2% p.a. interest rates, maintaining a balance of $10,000 or more, and no monthly fees.
Large Certificates of Deposit (CD): Support flexible tenor, suitable for large amount of money customers, the interest rate needs to be queried through the branch or app, and the early withdrawal penalty is 90 to 180 days of interest.
Customers can check the "Cloud Interest Rate" offer through the "CommBank" mobile app or online banking, and the deposit products can be opened and calculated instantly, and some accounts can provide free transaction fee offers.
Loans
CommBank provides a comprehensive range of loan products to meet diversified financing needs
Mortgages: Fixed- and variable-rate mortgages up to 95% of the value of the property (subject to loan insurance) with a repayment period of up to 30 years. In 2025, the fixed interest rate will be as low as 5.99% (2-year term), and the floating rate will be based on the standard variable interest rate (about 6.69%), with cash rebates and green mortgage discounts (energy-efficient homes). To apply, you need a credit score of 700 or above and an annual income of more than $40,000.
Car Loans: Support new and used car financing, with a loan amount of up to $150,000, a term of up to 7 years, an annualized interest rate (APR) as low as 6.99%, and a credit score of 660 or above.
Personal Line of Credit: This includes personal loans (APR as low as 8.99%, amount up to $50,000, tenor of 1-7 years) and asset-backed overdraft (up to 95% of collateral market value) with a monthly salary of $40,000 or more and a good credit history.
Flexible repayment options: Mortgage and personal loans offer no penalty for prepayment, weekly or bi-weekly repayment plans, and unlimited free redraws, giving customers the flexibility to manage their debts.
All loans are subject to bank approval, and customers are required to provide credit history, proof of income and asset information, subject to the terms of the loan agreement. The bank's commercial lending services (e.g. SBA loans, equipment financing) provide additional support to corporate customers.
Digital service experience
CommBank's mobile banking app "CommBank" is the core of its digital services, which is available for download on iOS 14.0 and above and Android 9.0 and above, with an App Store rating of about 4.8 and a Google Play rating of about 4.6, with users praising its smooth experience and versatility (CommBank app). Core features include:
Face recognition: Supports biometric authentication (such as Face ID and Touch ID), combined with multi-factor authentication and data encryption to ensure transaction security.
Real-time transfers: Support instant transfers in Australian dollars through PayID and OSKO, with a daily limit of up to 10,000 Australian dollars, and international remittances covering more than 100 countries.
Bill management: Support online bill payment, automatic deduction and e-statement, and classify transaction records in real time.
Investment Tool Integration: Support stocks, ETFs, mutual funds, and derivatives trading through the CommSec platform, providing real-time market data and investment advisory services.
The online banking platform "NetBank" supports multiple browsers and provides similar functions, allowing customers to manage their accounts at any time through the app or official website. The app supports accessibility features such as dynamic font adjustment and VoiceOver compatibility for visually impaired and hearing-impaired customers. In 2023, 66% of customers will achieve higher engagement through the AI-powered CommBank app, significantly improving the user experience.
Technological innovation
CommBank excels in the fintech sector, driving technological advancement through its Digital Innovation Center:
AI customer service: Introduce an AI-driven customer service system to analyze transaction behavior, detect fraud risks in real time, increase customer engagement by 66% through AI in 2023, and plan to launch a virtual assistant in 2025 to support 24/7 inquiries and personalized financial advice.
Robo-advisors: Provide AI-based investment management services through CommSec, recommend diversified portfolios based on customer risk appetite, with a minimum investment of $1,000 and no subscription fees.
Open Banking API Support: Follows the Australian Open Banking Framework, integrates with third-party service providers, provides account management and financial services interoperability, particularly in the areas of trade finance and cross-border payments.
Other innovations: support for mobile payments such as Apple Pay and Google Pay, mobile check deposits, and the Fraud Protection tool uses AI to reduce fraud losses by 30%. In 2024, the bank will invest $1 billion to upgrade its cloud technology and AI platform to improve operational efficiency.
Featured Services & Differentiation
CommBank is known for its localization and internationalization capabilities:
SME support: Customised loan and cash management services through CommBank Business Banking to support Australian SMEs and participate in government guarantee schemes with loan approvals as fast as 10 seconds and up to $5 million.
Green Finance: Launched green bonds and preferential rate loans to support renewable energy projects, in response to the United Nations Principles for Responsible Banking, and won the "Australian Green Finance Pioneer Award" in 2023.
Community Investment: Supporting education and charity projects through the CommBank Foundation, donating $10 million in 2023 for community development, holding financial literacy seminars, and improving the financial literacy skills of young people.
CommBank Yello: A customer rewards program that offers cashback, discounts, and sweepstakes to strengthen customer loyalty.
International presence: With branches in New Zealand (through ASB Bank), Asia (China, India, Vietnam, Indonesia), the United Kingdom and the United States, we support cross-border trade and investment.
Market Position & Accolades
CommBank is Australia's largest bank, with total assets of about A$1.2 trillion, revenue of about A$26 billion, and net profit of about A$10.1 billion in 2024, ranking first in the Australian banking industry. With about 800 branches and 4,000 ATMs, the bank serves 17 million customers, accounts for 25% of the household deposit and mortgage market share, and dominates the retail banking and SME finance sectors. Its international presence covers Asia Pacific, Europe and North America, and it ranked high on the Forbes Global 2000 list in 2023. Key accolades include:
The Banker's 2023 Best Bank in Australia Award.
2022 Greenwich Associates SME Customer Experience Award.
The 2023 "Best Employer" certification recognizes performance in employee development and community support.
Australian Green Finance Pioneer Award 2023.
CommBank's solid financial performance and innovative ability have made it a leader in financial markets in Australia and globally.
Conclusion
Commonwealth Bank of Australia Limited has become a pioneer in the Australian financial market with its 100-year history, global business layout and innovative financial services. It offers a wide range of deposit and loan products to meet the diverse needs of its customers. In terms of digital services, the "CommBank" app has been well received for its efficient real-time transfer and investment management functions. Technological innovations, including AI customer service, robo-advisors, and open banking API support, demonstrate its forward-looking digital transformation. With its SME support, commitment to green finance and multiple industry accolades in 2023, CommBank continues to demonstrate strong competitiveness and influence in the Australian and regional financial markets.
Note:
specific interest rates and product details may vary due to market changes, please contact the CommBank website or contact the bank directly for the latest information.
