Summary

Get more money from each dollar with an interest earning account that lets you make free transactions using your retirement cash.

The Pensioner Security Account is designed to give you financial peace of mind as you enter your retirement years. Your money earns a modest interest rate that increases as your balance grows, while you are still able to access your funds for free. This is a versatile account worth looking into if you want better manageability over your pension funds.

Pros

No monthly account fee
Up to 15 free electronic withdrawals per month
Competitive interest rate

Cons

Minimum opening amount required

Details

Key details

Product Name	Commonwealth Bank Pensioner Security Account
Maximum Variable Rate	2.35% p.a.
Standard Variable Rate	0.05% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

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No monthly account keeping fee

With the Pensioner Security Account there are no monthly or annual account keeping fees.

Transaction fees

There are no electronic transaction fees.

Account accessibility

You are able to access your account at any one of the over 4,000 CommBank and Bankwest ATMs around Australia. You can also register for CommBanks award winning NetBank to set up direct deposits and debits or you can bank over the phone.

Debit card

You can choose to link your account to a CommBank Keycard or debit Mastercard. With either one you can make deposits and withdrawals using an ATM or at a CommBank branch.

Debit Mastercard

By linking your account to a debit Mastercard you can pay with your own money online, over the phone and at point of sale terminals where Mastercard is accepted.

Overseas transactions

Through the Mastercard, Maestro and Cirrus ATM networks you can use your debit Mastercard at ATMs worldwide. There is a withdrawal fee of $5 plus 3% of the transaction amount. If you make purchases overseas you will be charged 3% of the purchase value.

Interest rates

The interest rates for this account are tiered, with the maximum rate of 2.35% available for balances over $250,000.

Interest payments

Interest is calculated on your daily closing balance and paid into the account quarterly on the first calendar day of March, June, September and December.

Availability

This account is intended for retired individuals of at least 18 years of age or those receiving one of the following pensions; aged pension, disability support pension, carer's pension, wife's pension, widow's pension, veteran's pension or the mature age allowance. The Pensioner Security Account is for personal use only and cannot be opened for use as a company or trading account. Trust accounts are permitted, but can only be opened at a Commonwealth Bank branch.

How to apply

Eligibility

Commonwealth Bank makes it easy to open a Pensioner Security Account by providing the application online. Before applying online, check to make sure that you meet the following eligibility requirements:

Minimum age. This account is for Australians age 18 or older who are no longer employed. Exceptions are made for individuals receiving the pensions listed above.
Residency requirements. All applicants must be Australian residents with an Australian address.

Depository requirements. A minimum opening deposit of $0 is required before the account can be opened.

Documentation needed

Commonwealth Bank also recommends that you have the following documentation ready when beginning to fill out your application:

Tax file number. You are permitted to withhold your tax file number (TFN) or exemption code but if you don't provide it the bank will be required by law to deduct tax from your interest earnings above a certain threshold.
Identification. Allowable forms of photo identification include your driver's licence, passport or Medicare card.
Pension information. If you are receiving a qualifying pension you will need to provide your pension type and number.
Bank account information. Existing Commonwealth Bank customers will need to provide any deposit account and debit or credit card numbers.

What happens after I submit my application?

Barring that all of the necessary information has been provided, you will receive the forms needed to be signed in order to open the account within seven business days.

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1. Commonwealth Bank Pensioner Security Account information page
2. Commonwealth Bank Pensioner Security Account TMD

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Alison Finder

Editorial Manager, Money

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Liz

July 15, 2025

can I set up a direct debit from my pensioner security account?

Alison Banney Finder

July 15, 2025

Hi, yes you can set this up via internet banking.

Thanks,

Alison.

Michele

August 17, 2024

What is my current rate of interest for my Pensioner Security Savings Account??

Thomas Stelzer Finder

September 16, 2024

Hi Michele,

Thanks for your question. The rate you receive on your Pensioner Security savings account will depend on how much money you have in the account. You’ll need at least $250,000 in the account to receive the top variable interest rate, with the lowest rate given to balances below $10,000.

Regards,

Tom

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Garry

January 22, 2024

Is there a fee for widrawing cash from my pensioner security account debit card at an Australian Post Office?

Richard Whitten Finder

January 22, 2024

Hi Garry,

I suggest contacting the Commonwealth Bank directly about this question.

coleen

November 03, 2023

I have approximately $170000 in my pensioner security account. How much interest would I be getting.

Richard Whitten Finder

November 06, 2023

Hi Coleen,

The interest rate on this product is 2.55% p.a. You can use a compound interest calculator to work out how much interest you could earn on this amount of money. If you have an account currently then the bank should be able to show you your interest earnings in your account statement.

Show more Show less

Max

November 02, 2023

Does a pensioner security account have chequebook access?

Richard Whitten Finder

November 06, 2023

Hi Max,

I suggest contacting the Commonwealth Bank directly with your enquiry, as the bank can give you more detailed guidance about chequebook access.

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Commonwealth Bank Pensioner Security Account

Pros

Cons

Key features

No monthly account keeping fee

Transaction fees

Account accessibility

Debit card

Debit Mastercard

Overseas transactions

Interest rates

Interest payments

Availability

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Compare other savings accounts

How the Finder Score helps you find a better savings account

Sources

Your reviews

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