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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0.2% p.a.

Maximum variable rate

0.01%p.a.

Base interest rate

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Details

Product NameCommonwealth Bank Pensioner Security Account
Maximum Variable Rate0.2% p.a.
Standard Variable Rate0.01%
Monthly Account Fee$6
Minimum Opening Deposit$0
Minimum Age55

Key features

$6 monthly account keeping fee

With the Pensioner Security Account there is monthly fee of $6 which can be waived if you deposit $2,000 per month or if you are under 25 years old or a student.

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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20 Comments

    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

    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

    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

    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

    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

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