Defence Bank interest rate changes - June 2022.

In response to the changing interest rate environment, Defence Bank will raise interest rates for its savings, term deposit and home loan products.

Interest rates for most savings accounts have increased by 0.20% p.a. to 0.25% p.a. and term deposit rates have increased by 0.10% p.a. to as much as 1.30% p.a. (depending on the term). Our highest term deposit rate will be 3.00% p.a.

Variable home loan rates will increase by 0.50% p.a. Members affected by increases to their home loan rate will be notified in writing.

All rate changes are effective from tomorrow, Thursday 16 June 2022.

With rising interest rates, now is the time to find out how you can help reduce the amount of interest you pay on your home loan through an offset account or fix your home loan rate.

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