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Commonwealth Bank Pensioner Security

Commonwealth Bank Pensioner Security

4.5 from 2 reviews

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
*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

Good

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

Recently I became the power of attorney and enduring guardian for my elderly mother in a nursing home who has a pensioner security account, passbook only. It is a nuisance to update the passbook at a branch for current savings status to balance various direct debit arrangements. Is there a way to set up mobile, phone or online banking for it? How and where do I start? Thanks in advance.
No answers

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