Commonwealth Bank

History of Commonwealth Bank

The Commonwealth Bank of Australia was founded in 1911 by an Act of Parliament and commenced business in 1912. It also made provision to perform as a central bank.

In 1959 a separate Reserve Bank of Australia was created to take over the central bank functions. In December 1990 further legislation was passed.

Between December 1990 and November 1997, privatisation has been finalized.

On 22/08/2000 the company acquired the remaining shares in ASB of New Zealand, and on the 13 June 2000 acquired 100% of the shares of Colonial Limited a life insurance company.

Products and Services of Commonwealth Bank

The Commonwealth Bank provides a full range of retail banking services, including home loans, credit cards, personal loans, transaction accounts and demands and term deposits. The Group has leading domestic market shares in home loans, personal loans, retail deposits and discount stockbroker and is Australia's largest issuer of credit cards. The Group also offers a full range of commercial products including business loans, equipment and trade finance, and rural and agribusiness products.

The Premium Business Services of the bank serves corporation, government entities and other major institutions operating in Australasia.

The Group also offers investment of superannuation and other investment products. The Commonwealth Bank is the largest manager of Australian funds and the largest retail fund manager.

Commonwealth NetBank

Commonwealth NetBank is built to be easy to use. It is highly accessible and has been designed with the widest range of customers in mind. Its powerful features allow you to conduct virtually all of your day-to-day banking requirements in the comfort of your own home.

At the end of 2010 Commonwealth Bank started to move some personal savings and transaction accounts over to Real Time Banking and will be continuing to do so over the coming months. When you transact on your accounts that have been moved to real time banking, the transaction will show up immediately in Commonwealth NetBank and Telephone Banking. No longer will you have to wait for the information to appear until the next business day - you will see it instantly.

Commonwealth Bank is the first major Australian bank to introduce real time banking.

Commonwealth Bank Financial Information

  • Shareholder base is in excess of 740,000
  • Greater than 75% of staff in Australia is shareholders
  • Just over 1009 branches nationally
  • More than 3800 Australia Post Agencies
  • Over 3300 ATM's nationally
  • More than 187,000 EFTPOS terminals throughout Australia

Commonwealth Bank of Australia (CBA), Australia's second biggest bank listed on the Australian Stock Exchange (ASX: CBA.AX). 

The Commonwealth Bank NetBank service has recently been upgraded to enhance functionality and is Australia's most widely used online banking system. Commonwealth Securities, Australia's leading discount broker is fully owned by the Commonwealth Bank as is Colonial First State Investments.

Commonwealth Bank interest rates

See the tables below for the full range of Commonwealth Bank home loan, personal loan, credit card and savings account products.