Lorikeet amongst green leaves.

Our term deposits come in many colours.

5 .25 % p.a. 10 month term.
Lorikeet amongst green leaves.

Key features.

Fixed interest rate.

Earn a fixed rate of interest for the life of the term deposit.

A choice of terms and rates up to 24 months.

Flexibility to choose the term that suits your needs.

$1,000 initial deposit.

Get started with as little as $1,000, with a maximum of up to $1 milllon.

How our term deposit works.

Set up your term deposit online.

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).

Once your term deposit matures.

You have five business day grace period to decide whether you want to withdraw your funds or reinvest them.

If you do nothing by the end of your grace period, your funds will automatically reinvest for the same or closest standard term, at the rate applicable at the time of maturity.

Rates and fees.

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. 4.80% p.a.
10 months. 5.25% p.a.
Standard term deposits ($1,000.00 to $1,000,000.00). Interest rate.
3 months. 4.25% p.a.
6 months. 4.45% p.a.
9 months. 4.50% p.a.
12 months. 4.90% p.a.
24 months. 5.00% p.a.

An award-winning term deposit.

Winner of WeMoney's 2023 'Term Deposit Account of the Year - Defence Services' and 'Excellent Rates & Fees - Term Deposits' awards.

Open a term deposit in under five minutes.

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.

Tools and calculators.

Budget planner.

Calculate your regular income and expenses and make a plan for your savings.

Deposit planner.

Track your projected savings over time, including interest, so you can calculate how long you'll need to save for a certain goal.

Expense planner.

A simple tool that helps you itemise and collate your regular expenses so you know what you spend in a typical month.


Grow your savings with flexible access to your funds and an introductory bonus interest rate.

Max eSaver.

Reach your savings goals in less time than you think.

Money saving tips.

Find helpful tips and tricks in our blog.

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 is no longer available, then the re-investment will be for the standard term closest to the original term.

All term deposit rates are for amounts up to $1 million. For larger amounts please contact us to discuss your options.

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 (Domestic Transactions) and Fees and Charges Schedule (Overseas Transactions). 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.