Get the Finder app 🥳

Track your credit score

Free

Commonwealth Bank Pensioner Security Account

Last updated:  

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.

0.01% p.a.

Maximum variable rate

0.01% p.a.

Base interest rate

We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder .

Details

Product NameCommonwealth Bank Pensioner Security Account
Maximum Variable Rate0.01% p.a.
Standard Variable Rate0.01%
Bonus Variable Rate0.00%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age55

Key features

No monthly account keeping fee

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

Transaction fees

You are allowed up to 15 free electronic withdrawals a month before your account is charged per transaction. That limit includes ATM and EFTPOS withdrawals.


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 55 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.

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

20 Comments

  1. Default Gravatar
    Sue
    September 26, 2018

    Is there an upper limit that I can pay using my Pensioner security card?

    • Avatarfinder Customer Care
      Joshua
      September 30, 2018

      Hi Sue,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      May I know which payment you are referring to? Please let me know.

      For now, what I can say is that you can link this account to a debit Mastercard. Once you have done that, you can then pay with your own money online, over the phone and at a point of sale terminals where Mastercard is accepted. As long as you have enough money, you should be able to pay without any limit.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  2. Default Gravatar
    Sue
    August 17, 2017

    Hi..
    how do I find out where is the best to save and get the maximum return ?
    Thanx

    • Avatarfinder Customer Care
      Harold
      August 17, 2017

      Hi Sue,

      Thank you for your inquiry.

      On this page you will see different offers from the bank. Use this guide to optimize your comparison to find out the offer that will best fit your personal requirements.

      I hope this information has helped.

      Cheers,
      Harold

  3. Default Gravatar
    Peter
    May 26, 2017

    Why is my interest rate 2% on my savings account yet the gov says it is 3.25% percent why the big deference on my pensioners savings account I am loosing 1.25% percent why?

    • Avatarfinder Customer Care
      Dee
      May 31, 2017

      Hi Peter,

      Thanks for your question.

      If you are referring to the deeming rate, yes, the government has set it at 3.25% under a set threshold as defined by the Department of Social Services. However, financial institutions (including Commonwealth Bank) still decide the interest rates they offer on their various accounts.

      You may want to check this page to learn more about deeming rate and to compare deeming savings accounts.

      Cheers,
      Anndy

  4. Default Gravatar
    karen
    April 21, 2017

    My mother received a letter which she is a little confused about.
    It is something to do with changes in interest rates/pensioner security account May 1st. Sorry for broad nature of question but as I don’t live near her haven’t as yet read letter to see if she needs to do anything with her account before that date I have her power of attorney to organise things on her behalf

    • Avatarfinder Customer Care
      Harold
      April 25, 2017

      Hi Karen,

      Thank you for your inquiry.

      Our company finder.com.au is a financial comparison website and general information service designed to help consumers to make a better decision. Please note we do not represent any company we feature on our pages.

      With regards to this legal matter, it would be nice and safe if you can coordinate directly with the bank. As they may have the clarification for the concerns that you currently have.

      Cheers,
      Harold

  5. Default Gravatar
    Suzanne
    April 10, 2017

    I have money in a saving account from 2005. I filled forms to recover it. I’ve spoken to 2 government departments today and they don’t have it. Could you advise me as to where you sent it? I was told it would take 2 weeks to get it back, but no one has it. Thanking you.

    • Default Gravatar
      Liezl
      April 10, 2017

      Hi Suzanne,

      Thanks for getting in touch. You have come through to finder.com.au, we are an Australian financial comparison website and general information service. We do not represent any company we feature on our pages.

      I’m afraid we may not have the answer to that question. You might like to get in touch with the Commonwealth Bank directly.

      I hope this has helped.

      Kind regards,
      Liezl

  6. Default Gravatar
    Daryl
    March 23, 2017

    what is the interest rate for a balance below $2000 ?

    • Avatarfinder Customer Care
      May
      March 23, 2017

      Hi Daryl,

      Thank you for your inquiry.

      For balances less than $2,000, the interest is earned at 0.25% p.a.

      Cheers,
      May

  7. Default Gravatar
    Ann
    December 14, 2016

    How do I arrange to have my Pensioner Security Account balance appear in my existing CBA netbank accounts page?

    • Avatarfinder Customer Care
      May
      December 14, 2016

      Hi Ann,

      Thank you for your question.

      You may need to open the Commonwealth Bank Pensioner Security Account first so that your pension balance will go straight to your account and then you can view them on your NetBank account. Make sure to read the requirements before you apply (as stated on the “How to Apply” section above and if you need assistance with your application, please contact CBA directly.

      Cheers,
      May

  8. Default Gravatar
    LINDSAY
    November 13, 2016

    On balances over 50K you get free transactions?
    Does this include over the counter assistance?
    Sometime us oldies need assistance when ATMs are offline or down and or have lone ques.

    Age Pensioner account holder

    • Avatarfinder Customer Care
      May
      November 16, 2016

      Hi Lindsay,

      Thanks for your question.

      No, transaction fees still apply even if your balance is over 50K. Though the bank allows up to 15 free “electronic withdrawals” a month before your account is charged per transaction.

      As for accessing your funds through over-the-counter, if you chose the “assisted option” at the time of account opening, all assisted withdrawals in a branch or via telephone banking (including cheques issued on your account and cashed over-the-counter at a Commonwealth Bank branch) will have a charge of $2.50.

      Cheers,
      May

  9. Default Gravatar
    Dragutin
    August 11, 2016

    What is the interest on the all $10000 is it same as $48000

    • Avatarfinder Customer Care
      Dee
      August 12, 2016

      Hi Dragutin,

      Thanks for your question.

      For Commonwealth Bank Pensioner Security Account, the interest rates are tiered. For balances that is between $2,000 and $49,200, the interest rate is 1.25% p.a. This means that the same interest rate will be used if you have a balance of $10,000 or $48,000 in your account.

      Please note that the 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.

      Cheers,
      Anndy

  10. Default Gravatar
    Betty
    April 11, 2016

    Why doesn’t commonwealth bank accept a UK old age pensions for the commonwealth bank pensioner security account.

    • Default Gravatar
      Harry
      April 11, 2016

      Hi Betty,

      Thanks for your question.

      The Commonwealth Bank Pensioner Security account is designed for the Australian Age Pension. International age pensions are considered international money transfers.

      For more information please speak to the Commonwealth Bank directly.

      I hope this helps,

      Harry

Go to site