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:
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.
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):
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.
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 May 2017 but are subject to change.
2 Not all ATMs accept deposits.
3 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.
4 The Bank will not charge Access Fees on withdrawals or account balance enquiries on deposit and transaction accounts (including MISA), 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.
5 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.
BPAY is a registered trademark of BPAY Pty Limited ABN 69 079 137 518.