Choose a term that suits you and have your chosen amount ready (minimum $1,000).
If you're an existing Defence Bank member, simply log in to Online Banking or the Defence Bank app and set up your term deposit in under two minutes. You can also amend the maturity instructions from ‘renew’ to ‘redeem’ in online banking (for accounts in your name only).
You have seven calendar day grace period to decide whether you want to withdraw your funds or reinvest them.
Unless advised otherwise, the interest earned on your term deposit will be re-invested with your principal deposit. If the same term isn’t available then your term deposit will be reinvested at the closest standard term (i.e. not a special offer, premium certificate term) to the original term. The interest rate on the reinvested term deposit may be lower than your initial term deposit.
Please read all of our rates and fees carefully before opening an account.
For other product rates, see our rates schedules.
For all product fees, see our fees and charges schedules.
If you want to discuss one or two month term deposit options, require any assistance or have questions regarding our rates and fees please contact us.
For amounts over $1 million, please contact us to discuss your options.
| Premium term deposits ($1,000.00 to $1,000,000.00). | Interest rate. |
|---|---|
| 8 months. | 4.50% p.a. |
| Standard term deposits ($1,000.00 to $1,000,000.00). | Interest rate. |
|---|---|
| 3 months. | 4.00% p.a. |
| 4 months. | 3.60% p.a. |
| 5 months. | 3.70% p.a. |
| 6 months. | 4.10% p.a. |
| 7 months. | 4.00% p.a. |
| 9 months. | 4.10% p.a. |
| 10 months. | 4.05% p.a. |
| 11 months. | 4.15% p.a. |
| 12 months. | 4.20% p.a. |
| 24 months. | 3.75% p.a. |
Winner of WeMoney's 'Term Deposit Account of the Year - Defence Services' - two years in a row.
If you're already a Defence Bank member, opening a term deposit is fast and easy through Online Banking.
New to the bank? We'll just need a few details and you'll be on your way.
Apply for a term deposit account through Online Banking. Not registered for Online Banking? Call us on 1800 033 139.
Already a member?
Deposits are exclusive to individuals. Defence Bank offers standard (available at all times) and premium (an occasionally offered special rate on non-standard period) terms. Interest rates and terms on offer may change at any time without notice.
Gross rate of interest before deduction of government earnings tax.
Interest is calculated on the daily balance. Interest is paid on the date of maturity. Where terms exceed 12 months, interest is capitalised annually. Interest payable in respect of the last 12 months or part thereof is added to the balance at maturity.
Unless advised otherwise, the interest earned on your term deposit will be re-invested with your principal deposit. If the same term isn’t available then your term deposit will be reinvested at the closest standard term (i.e. not a special offer, premium certificate term) to the original term. The interest rate on the reinvested term deposit may be lower than your initial term deposit.
All term deposit rates are for amounts up to $1 million. For larger amounts please contact us to discuss your options.
Any requests for variations to the terms of your Term Deposit received after the grace period has expired, may incur a pre-payment adjustment (a loss of interest) and a fee - refer to the FAQs or our Defence Bank Product and Services – Conditions of Use for more details.
Our term deposits are part of the Government Deposit Guarantee (Financial Claims Scheme).
* We may change our fees and charges and interest rates from time to time. For more details on our fees and charges, refer to the Fees and Charges Schedule. For more details on interest rates, refer to the relevant interest rate schedule.
We also publish a brochure - ‘Tips on Reducing your Banking Fees with Defence Bank’ - which can be obtained via defencebank.com.au, by visiting your local branch or calling 1800 033 139.
All products except foreign currency facilities and insurance are issued by Defence Bank. Before acquiring a product, Defence Bank recommends you read the relevant terms and conditions relevant to the product, All documents are located here.
Any advice contained on this website is general advice only and does not take into account your needs, objectives or your financial situation.
Defence Bank’s Target Market Determination can be viewed here.
Currently only an individual account holder (an account in the name of one person only) can make changes to term deposit renewal instructions via online banking.
Joint account holders cannot change the account to redeem in online banking, however, they can view the renewal information.
A signatory to the account can view the account in online banking, but cannot see the renewal instructions nor make changes in online banking.
Power of Attorney (POA) holders can view the renewal information, but, cannot make any changes in online banking.
