In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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Bank First Pension Account

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Bank First Pension Account
Maximum variable rate
3.40% p.a.
Base interest rate
3.4%p.a.
Minimum deposit
$0

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

In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

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

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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.


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.

Your reviews

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Ask a question

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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?


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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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