Features & benefits

  • No monthly account fee and competitive interest rates

    Earn interest on the balance of your account, with no electronic transaction fees.1

  • Award-winning online & mobile banking

    With the CommBank app and award-winning online bank NetBank* you can easily check your balance, transfer money, schedule bill payments using BPAY® and more. 

  • Easy ways to access your money

    Withdrawals and deposits are easy with our extensive ATM and branch network across Australia.2 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.

  • Protection for unauthorised transactions

    We’ll protect you from losses due to unauthorised transactions on personal and business accounts when you take the necessary steps to stay safe online.

  • Ready to open your Pensioner Security Account?


    Open now

Interest rates

Interest rate
Balances less than $10,000
0.05% p.a.3
Balance between $10,000 to $49,999 
1.80% p.a.3
Balances between $50,000 to $249,999
2.30% p.a.3
Balances $250,000 and over
2.80% p.a.3


Fee type
Monthly account fee
Account fee
Electronic Transaction Fee
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
An Access Fee5 will be charged on withdrawals you make through an ATM of ASB Bank in New Zealand, CommBank ATMs outside Australia
Withdrawal fee
$2.00 each5
Maestro (EFTPOS) or Debit Mastercard purchase that involves currency conversion
International ATMs and EFTPOS
3.00% of transaction value6
Maestro (EFTPOS) or Debit Mastercard purchase in Australian dollars when overseas
International ATMs and EFTPOS
3.00% of transaction value6
Cirrus, Mastercard or Visa Plus ATM cash withdrawal overseas
International ATMs and EFTPOS
$5.00 + 3.00% of transaction value6

How to apply

  • Who can apply?

    You can apply for a Pensioner Security Account if you:

    • Are retired and at least 55 years old; or
    • Are at least 18 years old and receive an eligible pension; and
    • Have an Australian residential address

    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. If you are a new customer or don’t bank online with us, you can apply at your nearest branch.

  • You'll need:

    You may also need (if applicable):

    • Pension type
    • Pension number

    You may choose to quote your Tax File Number (TFN), Australian Business Number (ABN) or TFN Exemption.7

seniors with mobile phone
online banking for seniors

Things you should know

  • * Canstar Digital Banking - Bank of the Year Award 2023

    1 Electronic Withdrawals are purchases made via EFTPOS in Australia, cash withdrawals and transfers made at a CBA ATM in Australia, NetBank transfers and BPAY, direct debits/scheduled payments, and withdrawals made using self-service telephone banking.

    2 Not all ATMs accept deposits.

    3 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: 17 November 2023 but are subject to change.

    You will earn 0.05% p.a. on your first $9,999, then 1.80% p.a. on the amount you have between $10,000 and $49,999, then 2.30% p.a. on the amount you have between $50,000 and $249,999, then 2.80% p.a. on the amount you have $250,000 and over.

    The first two staff assisted or telephone banking withdrawals (including cheques issued on your account and cashed over-the-counter at a CommBank branch) are free. Every additional staff assisted withdrawal will have a charge of $3 each. You may also be eligible for a fee exemption if you have an Australian Age, Service or Disability pension deposited in your account, or are reliant on over-the-counter services because of a disability.

    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.

    7 The Bank is authorised under the taxation laws to collect a Tax File Number (TFN), an Australian Business Number (ABN) or an exemption code. It is not an offence if you don’t provide a TFN, an ABN or an exemption code, but by law, we may be required to withhold a portion of your interest earned on the account.

    The target market for this product will be found within the product’s Target Market Determination, available here.

    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.