In this guide

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

Commonwealth Bank Pensioner Security Account

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Commonwealth Bank Pensioner Security Account
Maximum variable rate
2.80% 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 2.80% p.a.
Standard Variable Rate 0.05% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 55

Key features

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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 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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ING Savings Maximiser
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Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
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Alison Finder

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Michele

August 17, 2024

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


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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


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Garry

January 22, 2024

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


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Richard Whitten Finder

January 22, 2024

Hi Garry,


I suggest contacting the Commonwealth Bank directly about this question.


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coleen

November 03, 2023

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


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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.


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Max

November 02, 2023

Does a pensioner security account have chequebook access?


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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!


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