Yahoo Finance Commonwealth Bank’s major $400m move to reward customers
CommBank Yello will be expanded to small and medium businesses in the coming months.
Commonwealth Bank is rolling out new perks for its business customers. The major bank, which has pulled back on its interest rate cut prediction, said the move means customers will be able to share in more than $400 million worth of value each year.
CBA has today announced it will be expanding CommBank Yello, its loyalty program, to eligible small and medium businesses in the coming months. Launched in 2023, the program allows customers to access special offers, cashbacks, prize draws, discounts and other benefits.
The major bank said this will now include offers and discounts on business-related purchases such as travel, technology hardware, business software, telecommunications and workwear.
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“CommBank Yello for business is designed to reward and recognise our customers for banking with CBA,” the bank’s group executive business banking Mike Vacy-Lyle said.
“We have seen a great response from retail customers who have utilised these personal offers, so it’s exciting to be able to soon welcome business customers to the program.”
Yahoo Finance spoke to one personal mortgage customer who won $1,200 through the Yello loyalty program. He was one of the 100 eligible people drawn out of the prize lottery each month.
“Straight into the account, no comms or anything. I thought it was some scam,” the Sydneysider said.
CBA has also announced today it will begin offering flexible withdrawal term deposits for businesses. Businesses will be able to withdraw up to 20 per cent of their term deposit at any time without being hit with interest rate penalties or fees.
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How do I join and earn rewards with CommBank Yello?
CommBank Yello is currently open to eligible personal banking customers. There are three tiers: Everyday, Everyday Plus and Homeowner.
For the lowest tier, you need to make at least five transactions each month from your account. This increases to 30 transactions for the two higher tiers.
You can check your eligibility status in the CommBank Yello hub within the latest version of the CommBank app.
Perks vary depending on your tier level. For example, Homeowner benefits include entry into the $1,200 monthly prize draw, $10 monthly cashback on eligible home insurance policies and $4 monthly cashback on your Home Loan Package.
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