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About the Pensioner Security Account

Features

  • $0 account fee per month
  • Up to 15 free electronic withdrawals a month
  • Competitive variable interest rates. Learn more about rates and fees

  • Transact in any CommBank branch with your Keycard or Debit MasterCard®
  • Make withdrawals and deposits through our ATMs (not all ATMs accept deposits)

  • At over 4,000 CommBank and Bankwest ATMs Australia-wide
  • Register for NetBank and phone banking for account access anytime

  • Use your Keycard to withdraw funds from an ATM or to make an EFTPOS payment in Australia
  • Choose a Debit MasterCard® if you want to pay with your own money online, over the phone or overseas
  • Global access to your money through the Maestro EFTPOS and Cirrus ATM networks. If you choose a Debit MasterCard®, access to the MasterCard® network. Fees apply

  • Have income and other direct deposits paid into your account
  • To arrange direct deposits, use our free online switching tool 
  • Schedule bill payments through NetBank

How to apply

  • Minimum opening deposit of $2,000
  • Be retired and at least 55 years old, or receiving an eligible pension
  • Tax File Number (TFN) or TFN Exemption. You do not have to provide your TFN, but if you don’t CommBank is legally required to deduct tax from any interest earned on the term deposit above a certain threshold
  • You may also need existing CommBank account number/s and pension type/number

Learn more
  • Applicants with an Australian residential address
  • Personal account holders 

Learn more
  • You can continue your saved application 
  • If you're an existing customer with NetBank, your account will be opened instantly online. 
  • If you are new CommBank customer and/or have not had your identification verified by the bank, you can provide your ID details in the application. If we can verify you, you will not need to visit a branch
  • If we cannot verify you with the details provided in the application or if you have applied via your mobile phone, you will need to present your ID in branch to finish opening your account

If you have any questions or are unable to apply online, please call 13 2221 at any time.

Rates and fees

  • Competitive interest rates (paid on the portion of the balance within each tier)
  • No monthly account fee
  • Up to 15 free electronic withdrawals a month
Learn more

How can we help you?

Important information

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

Rates are calculated daily and credited to your account quarterly on the first business day in March, June, September and December. Rate effective date: 08 November 2013 but are subject to change.

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.

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