Commonwealth Bank Smart Access everyday account

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Our verdict

This is a transaction account for everyday spending that charges no account keeping fees if you're under 25, a student or if you deposit $2,000 a month.

The Smart Access account is designed to manage your everyday spending, pay bills and get paid. You can keep track of your spending with the CommBank app, which is the number 1 banking app in Australia. The app automatically groups your spending into different categories (for example entertainment and eating out) so you can get a better idea of where your money is going. You can also use the app to get cash out from eligible CBA ATMs without your debit card.

There is a $4 monthly account fee which can be waived if you’re under 25, a student or when you deposit $2,000 a month. This deposit requirement is quite high, so make sure you can realistically meet this before opening this account otherwise you’ll be charged the monthly fee.

You can access all CommBank ATMS in Australia and around the world for free, but there’s an international transaction fee of 3% applied when you make purchases overseas with the debit card and when you shop online from overseas retailers. If this is something you do quite often, there are debit cards that don’t charge this fee available.

Pros

Cons

• Our verdict
• Details
  • Key details
  • Eligibility

  With the Commonwealth Bank’s Smart Access everyday account you can withdraw money for free through one of the most extensive ATM networks in Australia. You'll get a linked debit MasterCard giving you the convenience of shopping in-store, online and over the phone. You can also track your spending 24/7 using the popular CommBank app.

  Details

  Key details

  Product Name	Commonwealth Bank Smart Access
  Monthly account fee	$4
  Card access	Mastercard
  Own network ATM fee	$0
  International ATM Fee	$5 + 3%
  International transaction fee	3%
  Monthly deposit required to waive account fee	$2,000
  Contactless Payments	Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay

  Eligibility

  Minimum Age	14
  Joint account availability	Yes
  Minimum opening deposit	N/A
  Residency status	Have an Australian Residential Address

  

  "The Smart Access account is a great way to make and receive transactions. I started using it when I opened my CBA savings account and it works great as an account to be paid into, as well as to pay others with - especially with peer-to-peer payments via your phone number. CBA also makes it easy to move money from one account to the other."

  Taylor Blackburn Finder crew member

  Key features

  

  $0 Monthly fees when you deposit $2,000 per month (other eligibility criteria can also apply)

  You are charged a $4 monthly maintenance fee with this account. That fee is waived each month you are able to make a total of $2,000 in deposits. For individuals aged 21 to 24, you only need to deposit $1,000 to have the fee waived. For those under 21 or on Student Options that fee is also waived.

  Linked Debit Mastercard

  The account is linked to a debit Mastercard which can be used to make withdrawals and purchases using the balance in your account.

  Access to Australia's largest ATM network

  Make withdrawals from over 4,000 CommBank or Bankwest ATMs across Australia without incurring any fees. Commbank has 950 branches across Australia.

  No card? No worries

  Commonwealth Bank's app features Cardless Cash which allows you to make withdrawals from an ATM without having to use your debit Mastercard. There is a daily limit of $200 when you use this feature.

  Withdrawing money overseas

  Withdrawals made overseas at a Cirrus or Mastercard ATM will incur a $5 charge per transaction plus 3% of the transaction value.

  Note that the owner of the ATM may also charge an additional fee.

  Using your debit card

  You can make EFTPOS purchases with the debit Mastercard or use it to pay for items online or over the phone.

  Contactless payments using Tap and Pay

  Tap and Pay allows you to make purchases of $100 or less at a Mastercard PayPass terminal without having to swipe your card or sign the receipt. You will need to have the CommBank app downloaded onto your iPhone or Android mobile device in order to take advantage of this feature.

  You will also need to purchase a PayTag to place on your iPhone.

  Pay friends and bills

  The CommBank app also allows you to send money to friends and family using their mobile number, email, Facebook or bank account number. You can use online banking to make payments through BPAY.

  International money transfers

  You are allowed to use this account to make overseas money transfers. Click on this link to find out more.

  Only available for personal accounts

  The Smart Access is available for individual use only and cannot be opened for a company, business or trust.

  Online banking through NetBank

  Take advantage of one of the most advanced online banking platforms in Australia. NetBank lets you do all your banking online including playing bills, transferring money to friends and seeing the latest offers that apply to you.

  Unlimited electronic transactions

  You can electronically transfer money to loved ones and pay bills using BPAY.

  $0 Optional personal overdraft

  There is a $0 overdraft establishment fee if you choose to attach an overdraft to your account. You can also compare other CommBank products here.

  How to apply

  If you find that the features of the Smart Access account provide you with all that you need to conduct your daily financial transactions, you can apply online.

  Eligibility

  Before proceeding, check that you are able to meet the eligibility requirements for this account:

  • Minimum age. This account is available for individuals aged 14 and over.
  • Residency requirements. You must have a valid Australian residential address. If you are moving to Australia or just recently arrived you can contact Commonwealth Bank to begin your application.
  • Depository requirements. You are not asked to make an initial deposit, but in order to avoid the monthly fee you will need to meet the monthly deposit requirements.

  Documentation needed

  Once you have confirmed that you are eligible for this account, gather the following documentation before beginning to fill out your application to help ensure that all of the information you provide is accurate:

  • Tax file number. Providing your tax file number (TFN) or applicable exemption code is not mandatory, but it does assist in ensuring that the correct withholding tax is applied on interest earning accounts.
  • Identification. If you are new to CommBank, they will attempt to verify your identity online using your driver's licence or passport. If not, you will need to visit a branch in order to have your identity verified before the account can be activated.

  What happens after I submit my application?

  For existing CommBank customers who have access to their accounts online, the account will be opened instantly. If you are not already a customer, your details will first be confirmed before the information about your account is sent to you. At that time your debit Mastercard will be sent to the address you provided via Australian post.

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  Your reviews

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  To ask a question simply log in via your email or create an account. Ask a question Alison Finder Editor Hi there, looking for more information? Ask us a question.
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  Does Smart access card offers international travel insurance?

  Sarah Megginson Finder

  No, complimentary travel insurance is not offered with this card. It’s usually offered on credit cards.

  Hope this helps!

  January 02, 2024

  Hi my name is Elizabeth and I need.to know about this new Smart Access CommBank plus I need a keycard as well

  Sarah Megginson Finder

  January 05, 2024

  Hi Elizabeth, We’re a comparison site. If you’d like to enquire about getting an account and a keycard, you can contact CommBank directly on 13 22 21.

  September 18, 2023

  Hello, how do I apply to open the account online?

  Alison Banney Finder

  September 21, 2023

  Hi, you just need to start the online application form by clicking “Apply now” on the bank’s website. You’ll need to verify your identity with 2 forms of ID.

  Where I live we have no ATMs or bank outlets. Can you tell me if there is a fee for withdrawing money at a Post Office from Commonwealth bank accounts?

  Sarah Megginson Finder

  You can withdraw up to $2,000 per transaction using your CBA card. Australia Post does not charge any extra fees for its Bank@Post services, and at the time of writing CBA doesn’t charge any fees either.

  Hope this helps!

  Do I get to access my statements on a regular basis or is it monthly ? Other than app, does Smart Access allow internet banking ?

  Alison Banney Finder

  Hi, you can access your account via Internet banking and see current statements and full transaction history.

  Show more comments

  Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

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