What you will need to apply for a Pensioner Security Account
- A minimum opening deposit of $2,000
- Account holders must be retired and at least 55 years old, or receiving a pension
- 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
- Your 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 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
- All applicants must be Australian residents with an Australian address
- The account must be in personal names (no Company or Trading Accounts)
- Joint accounts (where applicable) can include up to a maximum of two account holders
Within 7 business days of submitting your application you’ll be sent the forms you need to sign to open your account.
If you have any questions call 13 2221, at any time or if you are unable to apply online please visit your nearest branch.
Things you should know:
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.
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
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.
*Paid on the portion of the balance within each tier. Rates are calculated daily and credited to your account quarterly in March, June, September and December. Rate effective date: 08 July 2016 but are subject to change.
^ 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.
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