In response to the Reserve Bank of Australia's recent decision to raise the official cash rate, Defence Bank will increase interest rates on a number of our saving, term deposit and home loan products. These changes are effective 21 November 2022.
We will be increasing the rates of our Max eSaver and our Salute accounts, allowing you to earn up to 2.90% p.a. with a Max eSaver account and up to 4.00% p.a. with a Salute account.
Our 11-month premium term deposit will move up to 3.85% p.a. and our 5-month term deposit will increase to 3.25% p.a.
Interest rates will increase by 0.25% for all variable-rate home loans. Affected home loan members will receive more information on the changes to their rate and repayments in the coming weeks.
For members experiencing difficulty or for those concerned about the impact of rising interest rates and repayments, we encourage you to contact us about your situation.