Commonwealth Bank Pensioner Security Account

Last updated: Jun 25, 2020

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

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Product Name	Commonwealth Bank Pensioner Security Account
Maximum Variable Rate	0.01% p.a.
Standard Variable Rate	0.01%
Bonus Variable Rate	0.00%
Monthly Account Fee	$0
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

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 0.45% 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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20 Comments

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 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
  
  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 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
  
  Reply
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

Reply
- finder 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
  
  Reply
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.

Reply
- 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
  
  Reply
Daryl
March 23, 2017

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

Reply
- finder 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
  
  Reply
Ann
December 14, 2016

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

Reply
- finder 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
  
  Reply
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

Reply
- finder 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
  
  Reply
Dragutin
August 11, 2016

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

Reply
- finder 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
  
  Reply
Betty
April 11, 2016

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

Reply
- 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
  
  Reply

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