Features & benefits

No monthly account fee and competitive interest rates

Earn interest on the balance of your account, with up to 15 free electronic withdrawals per month.

Award winning online & mobile banking

With the CommBank app and NetBank (Australia’s #1 online bank) you can easily check your balance, transfer money, schedule bill payments using BPAY® and more. 

Easy ways to access your money

With over 4,000 ATMs and 950 branches, making withdrawals and deposits is easy with our extensive ATM and branch network across Australia2. Plus you can manage your accounts with telephone banking 24/7.

Easy banking

Get deposits paid directly into your account

You can get your regular incoming and outgoing payments – like your income and bills – up and running from your new account faster with our switching service.

Shop using your own money

Choose a Debit Mastercard® to pay with your own money online, over the phone or overseas. You can also tap and pay in store for purchases. 

Secure, cashless payments are now possible using your compatible phone or wearable. See how.

100% Security Guarantee

The safety of your money is 100% guaranteed. We’ll cover any loss due to unauthorised transactions on your account, as long as you protect your cards, devices, client numbers, PINs, passwords and any other access methods, and immediately notify us of their loss, theft or misuse or any suspicious activity on your account.

Ready to open your Pensioner Security Account?


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Interest rates

Interest rate
Balances less than $10,000
0.50% p.a.1
Balance between $10,000 and $49,999 
0.80% p.a.1
Balances between $50,000 and $249,999
1.50% p.a.1
Balances $250,000 and over
1.70% p.a.1

Interest is paid on the portion of the balance that falls within each band.


Fee type
Monthly account fee
Account fee
Transfers made at a CommBank ATM
Withdrawal fee

Direct entry debit or periodical payment
Withdrawal fee 
All transfers or payments made through NetBank or telephone banking
Withdrawal fee 
EFTPOS cash withdrawal or purchase
Withdrawal fee 
All cheques written by you and negotiated through the clearing system (excluding those cashed over-the-counter at a CommBank branch)
Withdrawal fee 
All assisted withdrawals in a branch or via telephone banking (including cheques issued on your account and cashed over-the-counter at a CommBank branch)
Withdrawal fee 
$2.50 each3
An Access Fee4 will be charged on withdrawals you make through an ATM of ASB Bank in New Zealand, CommBank ATMs outside Australia
Non-Commonwealth Bank ATM fees
Maestro (EFTPOS) or Debit Mastercard purchase that involves currency conversion
International ATMs and EFTPOS
3.00% of transaction value5
Maestro (EFTPOS) or Debit Mastercard purchase in Australian dollars when overseas
International ATMs and EFTPOS
3.00% of transaction value5 
Cirrus, Mastercard or Visa Plus ATM cash withdrawal
International ATMs and EFTPOS
$5.00 + 3.00% of transaction value5

How to apply

Who can apply?

You must be retired and at least 55 years old, or receiving an eligible pension and at least 18 years old.

Eligible pensions or allowances include:

  • Aged pension
  • Disability Support pension
  • Carer's pension
  • Wife's pension
  • Widow's pension
  • Veteran's pensions
  • Mature Age allowance

Existing customers can apply online. The account must be in personal names. Joint accounts (where applicable) can include up to a maximum of two account holders.

What you need to apply:

Your Tax File Number (TFN) or TFN Exemption. You don't have to provide your TFN, but if you don’t, we are legally required to deduct tax from any interest earned above a certain threshold.

You may also need (if applicable):

  • Existing Commonwealth Bank deposit account number(s)
  • Existing Commonwealth Bank debit/credit account number(s)
  • NetBank Client Number
  • Pension type
  • Pension number
We’ll also ask you about your tax residency (a Government requirement). Here’s why.
seniors with mobile phone
online banking for seniors

Things you should know

1 Paid on the portion of the balance that falls within each balance band. Rates are calculated daily and credited to your account quarterly in March, June, September and December. Rate effective date: 01 November 2018 but are subject to change.

You will earn 0.50% p.a. on your first $9,999, then 0.80% p.a. on the amount you have between $10,000 and $49,999, then 1.50% p.a. on the amount you have between $50,000 and $249,999, then 1.70% p.a. on the amount you have $250,000 and over.

2 Not all ATMs accept deposits.

If you're on the electronic option (automatic unless you choose the full access option when you open the account) you're entitled to make 15 electronic fee free withdrawals per month. If you choose the full access option, you are entitled to make two assisted and five electronic fee free withdrawals per month.

The Bank will not charge Access Fees on withdrawals or account balance enquiries on deposit and transaction accounts (including MISA - On and from 16 March 2019, MISA is no longer available for sale, or able to be activated, for any loan. If a MISA has a nil balance on or after 16 March 2019, it cannot be reactivated.), home loans, investment home loans, lines of credit and personal loans through non-Commonwealth Bank ATMs in Australia. However, ATM owners may charge a fee, which will be disclosed at the time of the transaction. If you proceed with the transaction, the ATM owner’s fee will be debited to your account (in addition to the withdrawal amount, if applicable). You should check the ATM owner’s fees that apply carefully before completing transactions at non-Commonwealth Bank ATMs in Australia. 

 To make travelling easier, you can use your Commonwealth Bank Keycard in any international ATM carrying the Cirrus or Visa Plus signs and also for Maestro EFTPOS purchases.

Mastercard is a registered trademark of Mastercard International Incorporated.

The information on this website has been prepared without considering your objectives, financial situation or needs. Because of that, you should, before acting on the information, consider its appropriateness to your circumstances. Please view our Financial Services Guide (PDF 68KB). Full terms and conditions for the transaction and savings accounts (PDF | 660KB) mentioned and Electronic Banking are available here or from any branch of the Commonwealth Bank.

All quoted fees are subject to change.

Passbook transactions are not available at some branches opened after 1 August 2008. Call 13 2221 to check availability.
BPAY is a registered trademark of BPAY Pty Limited ABN 69 079 137 518.