- 55 reviews
- 14 likes
Wonderful account for over 55's, or people on a pension.
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...
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.
Questions & Answers
Can I have direct debits withdrawn fortnightly from the PSA?
Yes, you can, I have done fortnightly this with my electricity bill when I had the Pensioner Security Account.
how to look at the bank my pensioner security account online
Commonwealth Bank Mastercard for aged pensioner - does this account have any fees attached to it?
Hi Liz. I have a debit mastercard linked to this account. There are no fees with this debit card.
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.
Get an answer from our members
Other Transaction Accounts
ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.