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Commonwealth Bank Pensioner Security

Name: Commonwealth Bank Pensioner Security
Rating: 4.5

4.5 from 2 reviews · View Statistics

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Reviews

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MrsThriftySouth East Queensland, QLD

55 reviews
14 likes

Wonderful account for over 55's, or people on a pension.

published 2 years ago

I've had a Pensioner Security Account with the Commonwealth Bank for 5 years now. I couldn't be happier. It is easy to use, & no shortage of ATMs around the country for me to access my money.

The features of this account are -
*it's for anyone receiving an eligible pension, or are 55 years or older
*there are no monthly account keeping fees
*you get up to 15 free withdrawals per month
*100% security guarantee of your money
*it's a flexible account that keeps your retirement savings safe & working for you
*it allows you to earn a competitive rate of interest
*you can make use of Netbank & telephone banking, 24/7...

Read more*you can have any income & other direct deposits paid straight into your account I opened my account in a bank branch, simply because I am no good with filling in online forms. Its too easy for me to make mistakes with them. So I made an appt with my local Comm Bank branch manager & went & sat down with him in his office, & got him to open it for me. Couldn't of been any easier for me. And the coffee was great, too! :) I have a Debit Mastercard linked to my account. So glad I decided to change over to Comm Bank from another lesser-known bank, 5 years ago. I was not happy with them. They used to be a credit union long ago, then changed to a bank, & things have gone down hill since, with them. I made the right move shifting my money to Comm Bank. I figure this - that if the Comm Bank goes belly-up, then the whole country will be down the gurgler as well. So, makes sense to me to have my money with a big, safe, bank. For an everyday, working account, this Pensioner Security has been brilliant for me. If you are not happy with your current bank, & you are on a pension, or aged over 55, I recommend a Pensioner Security account for you. I only have a smallish amount of money with Comm Bank. The rest of my money is in a superannuation account. That is where the good interest rates are. And best of all, money in a super account is not taxed if you are over 60.

Transparency

Incentivised ReviewNo

Xkirrose

9 reviews

Good

published 11 years ago

This is a free account for pensioners, with a set amount of free transactions. Commonwealth has the most amount of branches and ATMs, which makes them the most accessable in Australia.
This account is free for pensioners and over 55s. You have the option of keycard access or a passbook if you prefer older style banking, making visiting the branch a must. Accounts can be accessed by phone banking and the internet. Overall it is a comparable product to all the banks
There are only a small amount of free transaction, and if you write cheques and its in excess of your free limit, it costs $1 for each cheque.

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Questions & Answers

Merrilasked 2 months ago

Can I have direct debits withdrawn fortnightly from the PSA?

1 answer

Anonymous7621 month ago

Yes, you can, I have done fortnightly this with my electricity bill when I had the Pensioner Security Account.

.Artem F.asked 1 year ago

how to look at the bank my pensioner security account online

No answers

Lizasked 1 year ago

Commonwealth Bank Mastercard for aged pensioner - does this account have any fees attached to it?

2 answers

MrsThrifty1 year ago

Hi Liz. I have a debit mastercard linked to this account. There are no fees with this debit card.

Anonymous7621 month ago

There was an overdraw fine of $40 on the Pensioner Security Account account in 2008. That was 2008 and the fine policy may be less/more now, but I beleive it's still there, so you need to check your balance before each transaction, so you do not overdraw, by mistake.

See all Commonwealth Bank Pensioner Security questions

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