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Why bank with CommBank?

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No monthly account fee and competitive interest rates

Earn up to 2.00% p.a.3 on the balance of your account, with up to 15 free electronic withdrawals per month. See more about rates and fees.


Easy to use online banking

NetBank - Australia’s #1 online bank - lets you schedule your bill payments using BPAY® or direct debits and more.


Over 4,000 ATMs and 950 branches

Making withdrawals and deposits is easy with our extensive ATM and branch network across Australia1.

Here's what you can do

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.

Choose a Debit MasterCard® to pay with your own money online, over the phone or overseas.

Through the Maestro EFTPOS and Cirrus ATM networks. If you choose a Debit MasterCard, you get access to the MasterCard network. Fees apply.

Ready to open your Pensioner Security Account?


Already a customer banking online with us?

Save time by using your NetBank details.

Open in NetBank

New Customer or don't bank online with us?

Find your nearest branch

Locate us


Rates and fees


Interest rate

Balances less than $10,000

0.50% p.a.#

Balances between $10,000 and $49,999

1.10% p.a.#

Balances between $50,000 and $249,999

1.65% p.a.#

Balances $250,000 and over

2.00% p.a.#

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

Monthly account fee


Fees apply for excess Commonwealth Bank withdrawals as follows


Transfers made at a Commonwealth Bank ATM


Direct entry debit or periodical payment


All transfers or payments made through NetBank or telephone banking


EFTPOS cash withdrawal or purchase


All cheques written by you and negotiated through the clearing system (excluding those cashed over-the-counter at a Commonwealth Bank branch)


All assisted withdrawals in a branch or via telephone banking (including cheques issued on your account and cashed over-the-counter at a Commonwealth Bank branch)


Note: If you're on the electronic option (automatic unless you choose the assisted / electronic option when you open the account) you're entitled to make 15 electronic withdrawals per month. If you choose the assisted/electronic option, you may make two assisted and five electronic withdrawals each month.

An Access Fee4 will be charged on withdrawals you make through an ATM of ASB Bank in New Zealand, Commonwealth Bank in Indonesia and Commonwealth Bank in Vietnam.

AUD $2.00 each

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. The following fees apply:



Maestro (EFTPOS) or Debit MasterCard purchase that involves currency conversion

3.00% of transaction value

Maestro (EFTPOS) or Debit MasterCard purchase in Australian dollars when overseas

3.00% of transaction value (effective 30th September 2015)

Cirrus, MasterCard or Visa Plus ATM cash withdrawal

AUD$5.00 + 3.00% of transaction value

How to apply

What you need:

  • You must be retired and at least 55 years old, or receiving an eligible pensionand at least 18 years old
  • Tax File Number (TFN) or TFN Exemption. You don't have to provide your TFN, but if you don’t CommBank is legally required to deduct tax from any interest earned above a certain threshold.

You may also need:

  • Existing CommBank account number/s and pension type/number.


Learn more
You can apply for a Pensioner Security account:
  • If you're an existing customer
  • If you're an Australian resident with an Australian residential address
  • If the account is in a personal name(maximum of two applicants for joint accounts) and it's for personal use.
Learn more

If you have any questions call 13 2221 at any time.

Things you should know
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 Not all ATMs accept deposits

2 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

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: 01 May 2017 but are subject to change.

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. 

MasterCard is a registered trademark of MasterCard International Incorporated. 

BPAY is a registered trademark of BPAY Pty Limited ABN 69 079 137 518.