Commonwealth Bank Pensioner Security Account

Commonwealth Bank Pensioner Security Account

Maximum Variable Rate

2.25

Standard Variable Rate

2.25

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

  • No account keeping fee
  • Phone banking, internet banking and counter service available
  • Competitive interest rate

Product details

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.

Product Name
Commonwealth Bank Pensioner Security Account
Maximum Variable Rate
2.25% p.a.
Standard Variable Rate
2.25% p.a.
Monthly Fee
$0
Minimum Opening Deposit
$0
Internet Banking
Yes
Internet Transaction Fee
$0.30
Phone Banking
Yes
Phone Transaction Fee
$0.30
Joint application?
Yes
Minimum Age Requirement
55
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the Commonwealth Bank Pensioner Security Account?

When looking at a transaction account to manage your pension money it is important that you find what that suits the way you are most comfortable banking. This can be found by comparing the features of different accounts to see where you will get the most value for your money:

  • Monthly account keeping fee. With the Pensioner Security Account there are no monthly or annual
  • 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, where you earn a nominal rate on the portion of your balance that is less than $2,000. For the portion that is between $2,000 and $48,600 that rate is tripled, and then that new rate is doubled for any part of your balance that exceeds $48,600.
  • 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.

Pros

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

Cons

  • Minimum opening amount required

How do I apply for the Commonwealth Bank Pensioner Security Account?

Commonwealth Bank makes it easy to open a Pensioner Security Account by providing the application online. Before clicking “Go to Site” to access the application, 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.

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.

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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6 Responses to Commonwealth Bank Pensioner Security Account

  1. 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

    • Staff
      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

  2. Default Gravatar
    Dragutin | August 11, 2016

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

    • Staff
      Anndy | 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

  3. 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

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