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 savings, term deposit and home loan products. These changes are effective 20 March 2023.
Our new savings and term deposit rates are as follows:
- Max eSaver with bonus interest will increase by 0.35% p.a to 3.75% p.a. to provide an all up rate of 4.10% p.a.
- iSaver 6-month introductory fixed interest rate for new accounts will increase by 0.30% p.a. to 2.85% p.a. providing you an all up rate of 4.35% p.a.
- All of our junior accounts standard variable rates increase by 0.25% p.a. to 4.00% p.a.
- A range of term deposits have increased, including our 5 month term by 0.65% to 4.15% and our 8 month term by 0.25% to 4.45% p.a.
- For all other current product rates, see our interest rate schedules to find out more.
Interest rates will increase by 0.25% p.a. for all owner-occupied 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. For any help and further queries, members can contact us on 1800 033 139 or visit their nearest branch.