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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Shirley Liu

Last Updated Jan 5, 2021

0.40% p.a.

Maximum variable rate

0.05%p.a.

Base interest rate

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Product Name	Commonwealth Bank Pensioner Security Account
Maximum Variable Rate	0.40% p.a.
Standard Variable Rate	0.05% p.a.
Monthly Account Fee	$6
Minimum Opening Deposit	$0
Minimum Age	55

Pros

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

Cons

Minimum opening amount required

Shirley Liu

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Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

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.

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 0.4% 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 55 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 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.

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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24 Comments

Michael
March 10, 2022

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

Reply
- finder 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
  
  Reply
Dan
October 30, 2021

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

Reply
- finder 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
  
  Reply
Sue
September 26, 2018

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

Reply
- finder 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
  
  Reply
Sue
August 17, 2017

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

Reply
- finder 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
  
  Reply
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?

Reply
- finder 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
  
  Reply

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