Commonwealth Bank Pensioner Security Account

  • Alison Banney's headshot

Updated
Commonwealth Bank Pensioner Security Account
Maximum variable rate
2.60% p.a.
Base interest rate
0.05% p.a.

Summary

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.

Pros

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

Cons

  • Minimum opening amount required

In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

Details

Key details

Product Name Commonwealth Bank Pensioner Security Account
Maximum Variable Rate 2.60% p.a.
Standard Variable Rate 0.05% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 18

Key features

Picture not described

No monthly account keeping fee

With the Pensioner Security Account there are no monthly or annual account keeping fees.

Transaction fees

There are no electronic transaction fees.

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 18 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.

Compare other savings accounts

1 - 13 of 180
Updated regularly
Finder Score Maximum Variable Rate p.a. Base interest rate Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
Suncorp Bank Growth Saver Account
Suncorp Bank logo
Finder score
8.7 Great
Maximum Variable Rate p.a.
4.80%
Standard Variable Rate p.a.
0.35%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance by $200 each month (excl. interest)
  • Only 1 withdrawal
  • No balance limit on earning interest
Go to siteView details
 Get a solid interest rate on your entire balance, with minimal conditions in order to get the max rate. This account doesn’t offer card access but you can make 1 withdrawal per month & grow your net balance by $200 (excl. interest) to earn the max rate.
Ubank Save Account
Ubank logo
Finder score
9.4 Excellent
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $500
  • Savings up to $100,000
Go to siteView details
 Use code EASY30 to score $30 after 5 card purchases in your first 30 days. See terms link on the app store.
P&N Bank Savvy Saver
P&N Bank logo
Finder score
9 Excellent
Maximum Variable Rate p.a.
5.10%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $500
  • 5 Access Account debit card purchases
  • Balance under $100,000
Go to siteView details
 Get 5.1% p.a. ongoing when you deposit $500 and make 5 debit card purchases per month. Make withdrawals and still earn bonus interest.
Bank of Queensland Smart Saver Account - 36+ years
BOQ logo
Finder score
8.6 Great
Maximum Variable Rate p.a.
4.90%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 eligible purchases
  • Balances up to $250,000
Go to siteView details
 Aged 36+? You can earn 4.9% p.a. on balances up to $250,000 when you meet the account conditions each month.
Rabobank High Interest Savings Account
Rabobank logo
Finder score
8 Great
Maximum Variable Rate p.a.
5.45%
Standard Variable Rate p.a.
4.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
 Earn a high interest rate of 5.45% for the first 4 months and then 4% thereafter, with $0 account keeping fees and no monthly balance requirements.
ING Savings Accelerator ($150,000 - $500,000)
ING logo
Finder score
8.5 Great
Maximum Variable Rate p.a.
5.15%
Standard Variable Rate p.a.
4.45%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
 Ideal for higher balances, savers can earn up to 5.15% for the first 4 months and up to 4.45% thereafter. There are no conditions and $0 account-keeping fees.
St.George Incentive Saver
St.George Bank logo
Finder score
9.1 Excellent
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.60%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance $50 ($0.01 if under 21)
  • Balance up to $249,999.99
Go to siteView details
 Extra 0.10% p.a. for 3 months for new customers who apply online, balances under $250k.
Macquarie Savings Account
Macquarie Bank logo
Finder score
8.8 Great
Maximum Variable Rate p.a.
5.10%
Standard Variable Rate p.a.
4.75%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
Bank of Queensland Simple Saver Account
BOQ logo
Finder score
8.5 Great
Maximum Variable Rate p.a.
4.55%
Standard Variable Rate p.a.
4.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $5,000,000
Go to siteView details
 Open up to 9 accounts to take control of your savings and don't worry about meeting fiddly conditions or paying frustrating fees.
Newcastle Permanent Smart Saver Account
Newcastle Permanent logo
Finder score
7.7 Great
Maximum Variable Rate p.a.
4.25%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance
  • No more than 2 withdrawals
Go to siteView details
ING Savings Maximiser
ING logo
Finder score
9.7 Excellent
Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
Go to siteView details
Westpac Life (18-29 year olds only)
Westpac logo
Finder score
8.9 Great
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.60%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Make a deposit
  • Grow your balance
  • 5 debit card purchases
  • Balances up to $30,000
Go to siteView details
Bank of Queensland Future Saver Account - 14 to 35 years
BOQ logo
Finder score
9.4 Excellent
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 eligible transactions
  • Balances up to $50,000
Go to siteView details
loading
Showing 13 of 13 results

How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full Finder Score breakdown

Sources
  1. Commonwealth Bank Pensioner Security Account information page
  2. Commonwealth Bank Pensioner Security Account TMD

Your reviews

No reviews yet. Write a review

Ask a question

Ask a question
Avatar

Alison Finder

Editorial Manager, Money

Hi there, looking for more information? Ask us a question.

Error label

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Accept and continue

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.

Avatar

Michele

August 17, 2024

What is my current rate of interest for my Pensioner Security Savings Account??


Avatar

Thomas Stelzer Finder

September 16, 2024

Hi Michele,


Thanks for your question. The rate you receive on your Pensioner Security savings account will depend on how much money you have in the account. You’ll need at least $250,000 in the account to receive the top variable interest rate, with the lowest rate given to balances below $10,000.


Regards,


Tom


Show more Show less
Avatar

Garry

January 22, 2024

Is there a fee for widrawing cash from my pensioner security account debit card at an Australian Post Office?


Avatar

Richard Whitten Finder

January 22, 2024

Hi Garry,


I suggest contacting the Commonwealth Bank directly about this question.


Avatar

coleen

November 03, 2023

I have approximately $170000 in my pensioner security account. How much interest would I be getting.


Avatar

Richard Whitten Finder

November 06, 2023

Hi Coleen,


The interest rate on this product is 2.55% p.a. You can use a compound interest calculator to work out how much interest you could earn on this amount of money. If you have an account currently then the bank should be able to show you your interest earnings in your account statement.


Show more Show less
Avatar

Max

November 02, 2023

Does a pensioner security account have chequebook access?


Avatar

Richard Whitten Finder

November 06, 2023

Hi Max,


I suggest contacting the Commonwealth Bank directly with your enquiry, as the bank can give you more detailed guidance about chequebook access.


Avatar

gary

August 24, 2023

How does 30k get stolen from security pension account from fraudulent transactions


Avatar

Sarah Megginson Finder

September 04, 2023

Hi Gary,


If your account has been subject to fraud you should contact your bank ASAP to launch an investigation. Best of luck!


Avatar

Alison Banney

Editorial Manager, Money

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

More resources on Finder
Banking
Investments
Banks
Go to site