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Commonwealth Bank Pensioner Security Account

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.

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0.40% p.a.

Maximum variable rate

0.05%p.a.

Base interest rate

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Details

Product NameCommonwealth Bank Pensioner Security Account
Maximum Variable Rate0.40% p.a.
Standard Variable Rate0.05% p.a.
Monthly Account Fee$6
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.

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24 Comments

  1. Default Gravatar
    Michael
    March 10, 2022

    Can you tell me what this abbreviation in the Passbook for the Pensioner Security account means: CONS WB?

    • Avatarfinder Customer Care
      Alison
      May 1, 2022

      Hi Michael,

      CONS WB most likely means consolidated charges on waybill. If you wish to confirm, please get in touch with your bank.

      Regards,
      Alison

  2. Default Gravatar
    Dan
    October 30, 2021

    How can eligibility be 55 years of age and fees waived if you are under 25 or a student

    • Avatarfinder Customer Care
      Alison
      November 4, 2021

      Hi Dan,

      Thank you for bringing this to our attention. I apologise for the confusion this has caused.

      The information regarding the account keeping fee has now been corrected: There are no monthly or annual account keeping fees for Pensioner Security Account.

      Thanks again,
      Alison

  3. 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

  4. 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 our page about savings accounts, you will see different offers from the bank.

      I hope this information has helped.

      Cheers,
      Harold

  5. 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 Minister for Social Services. However, financial institutions (including Commonwealth Bank) still decide the interest rates they offer on their various accounts.

      You can learn more about deeming rate and compare deeming savings accounts.

      Cheers,
      Anndy

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