Our reward-for-service bonus interest account.
The Salute account is a high interest savings account that rewards Australian Defence Force (ADF) members who have met one or more ADF milestones.
Where you notify us within 12 months of reaching one of the milestones you may apply to open a Salute account and we will pay you a bonus fixed rate of interest on monies deposited in the Salute account for 12 months up to $250,000, provided you make minimum deposits to an Everyday Access account each month (current minimum is $1,500.00 per month).
The bonus fixed rate begins when you first open your account.
What are the eligible ADF milestones?
To be eligible to open a Salute account, you must reach one of the following milestones.
- You have reached 15 years of service in the ADF.
- You have reached 25 years of service in the ADF.
- You are deployed.
- You start receiving a seagoing allowance.
- You retire from the ADF.
- You resign from the ADF.
- You are discharged from the ADF on medical grounds.
You can open a Salute account each time you first reach a milestone - i.e., you may only open one new Salute account per milestone.
How do I apply?
Step 1. Save your proof of milestone reached (for example a current SVA)
Step 2. Download the salute application form - Download.
Step 3. Save the form, complete your details, save again
Step 4. Send as an attachment with your eligibility document via Secure mail
(Located under services, select Compose, attach the documents and send to Salute application)
Once all documents have been received and verified, your account will be opened within 72 business hours, we will send you a confirmation email to confirm the account has been opened so you can start to use your account and earn the Bonus fixed rate. If you have requested a joint account, we will contact the applicant that has not sent in the form via secure mail to confirm they agree to be an account owner on the new Salute account.
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.
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.
Defence Bank’s Target Market Determination can be viewed here.