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Summary

A convenient, everyday account designed for those receiving a government pension.

Looking for a hassle-free way to manage their money? If you’re receiving a government pension from Centrelink or the Department of Veterans’ Affairs and looking for an easy way to manage your day-to-day finances, this account could be an ideal fit for you. It offers a competitive, tiered interest rate from 3.4% - 3.4% meaning the more you save, the more you’re rewarded, with Interest calculated daily.

Pros

Earn competitive interest while enjoying the flexibility and benefits of transaction account
$0 account keeping fees
No minimum deposit
Government guaranteed

Cons

Only 4 free ATM withdrawals at CBA ATMs
Restricted for those receiving a government pension
Limited branch network

Details

Key details

Product Name	Bank First Pension Account
Maximum Variable Rate	3.40% p.a.
Standard Variable Rate	3.40% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

Tiered interest rate from 3.4% - 3.4%

Earn the variable interest rate of 3.4% on balances between $0 - $48,599, and earn the variable interest rate of 3.4% on your balance between $48,600 - $149,999. Please note this rate is variable and can change at any time in line with the official cash rate.

Daily interest

Interest is calculated daily on the balance in your account, and paid each quarter.

Visa debit card

You’re not limited by how you access your money. You can use your Visa debit card, ATM card or cheque book.

Mobile banking app

Access your account easily on the go via Internet banking or the mobile banking app

Automatic payments

Set up automatic direct debits ensuring you never miss a bill again

Four free ATM withdrawals a month

Use your Visa debit card for four free ATM withdrawals at CBA ATMs each month. After this it will cost $0 per withdrawal at a CBA ATM.

No transaction fees for students

Full-time students who provide proof of student status will have their transaction fees waived.

How to apply

There are various application options available including online, over the phone or in branch. Please note that you need to be an Australian resident and over the age of 18 to apply.

Eligibility

If you would like to apply for a Bank First Pension Account, you need to meet the following criteria:

- Minimum age. You need to be over the age of 18 to apply for this account.
- Residency requirements. You need to be an Australian resident to apply for this account.

- - Depository requirements. There is no minimum deposit required to open this account.
  - Pensioner status. You need to receive a government pension from Centrelink or the Department of Veterans’ Affairs.

Documentation needed

You will need the following documentation to complete your application, so make sure the following are handy before applying.

- - Tax file number. You need to supply your tax file number, which stops you from having to pay withholding tax on the account.
  - Personal details. You will need to provide your personal details including name, contact number and Australian residential address.
  - Identification. Prove your identity by providing your valid passport or driver's licence with your current address. If these do not show your current address, you will need to provide additional forms of identification such as your birth certificate, and a utility bill.
  - Pension status. Appropriate proof of your pensioner status is required.

What happens after I've applied online?

- - What happens after I submit my application? You should be approved on the spot, unless there are unusual circumstances.
  - How long do I have to wait for my card? After you are approved, your Visa debit card should arrive in the mail within five business days. Your PIN number should arrive two business days after this.

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Alison Finder

Editor

Hi there, looking for more information? Ask us a question.

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David

June 30, 2022

Does this account come with a debit card, and if yes, what fees are involved?

Alison Banney Finder

July 10, 2022

Hi David,

Yes, this account comes with a Visa Debit Card. There are no account-keeping fees or transaction fees within Australia. However, other fees do apply. You can see a list of all fees here.

Thanks,

Alison

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Bank First Pension Account