CommBank Yello will soon be expanded to small and medium businesses. Commonwealth Bank (CBA) is introducing new perks for its business customers, offering more than $400 million worth of value annually.
CBA announced that it will be extending CommBank Yello, its loyalty program, to eligible small and medium businesses in the coming months. Launched in 2023, the program provides customers with special offers, cashbacks, prize draws, discounts, and other benefits.
The expansion will include offers and discounts on business-related purchases such as travel, technology hardware, business software, telecommunications, and workwear.
“CommBank Yello for business is designed to reward and recognize our customers for banking with CBA,” said Mike Vacy-Lyle, CBA’s group executive of business banking. “We have seen a great response from retail customers who have utilized these personal offers, so it’s exciting to be able to soon welcome business customers to the program.”
The Analysts spoke to a personal mortgage customer who won $1,200 through the Yello loyalty program. He was one of the 100 eligible people drawn from the prize lottery each month. “Straight into the account, no comms or anything. I thought it was some scam,” the Sydneysider said.
CBA also announced today that it will start offering flexible withdrawal term deposits for businesses, allowing them to withdraw up to 20 percent of their term deposit at any time without incurring interest rate penalties or fees.
Currently, CommBank Yello is open to eligible personal banking customers with three tiers: Everyday, Everyday Plus, and Homeowner. To qualify for the lowest tier, customers need to make at least five transactions each month from their account, increasing to 30 transactions for the higher tiers. Eligibility status can be checked in the CommBank Yello hub within the latest version of the CommBank app.
Perks vary by tier level, with Homeowner benefits including entry into the $1,200 monthly prize draw, $10 monthly cashback on eligible home insurance policies, and $4 monthly cashback on Home Loan Packages.
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