Flag flying from a pole.

Salute account.

Our reward-for-service bonus interest account.*

Available to Australian Defence Force members who reach one the below milestones within 90 days, and make a minimum monthly deposit of $1,500 into an Everyday Access account during the bonus rate period.

2 .25 % p.a. Bonus variable rate for first 12 months (up to $100,000).
0 .75 %^ p.a. Base variable rate.
Flag flying from a pole.

Rewards deployment.

Rewards your service milestones.

A high bonus interest for 12 months.

Australia-based Contact Centre.

Our Salute account rewards Australian Defence Force (ADF) members with bonus interest for 12 months, when they have been deployed, have reached 15 and 25 years of service, or have transitioned out of the ADF. It’s our little way of saying ‘thank you’.

Eligible milestones.

Each time you first reach one of the following milestones you may open a Salute account:

  • You have reached 15 or 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.

I have achieved a milestone, what do I do now?

  1. Within 90 days of achieving a milestone, complete a Salute account application form.
  2. Deliver your application form and supporting documentation reflecting your milestone achievement to a

When you open a Salute account, you must make a minimum monthly deposit of $1,500 into an Everyday Access account during the bonus rate period.

At the end of the 12-month period, your interest rate will revert to the then current Salute account base rate.

Salute. First 12 months interest rates. After 12 months.
Fixed bonus rate applies to new accounts opened for tweleve months, up to a balance of $100,000.00*. 1.50% p.a. n/a
Base variable rate, amounts over $100,000.01, and the rate after twelve months. 0.75% p.a. 0.75% p.a.
Interest rates up to. 2.25% p.a. 0.75% p.a.

This fees and charges schedule is an important document and provides you with information about the fees and charges for domestic and overseas transactions applicable to the accounts and facilities we offer.

We have two fees and charges schedules, one for domestic transactions and the other for international transactions. This fee schedule sets out our fees and charges for transactions that you make overseas or involve transferring funds into or sending funds out of Australia.

We encourage you to read both schedules. You can obtain copies for both of these fee schedules via defencebank.com.au, by visiting your local branch or calling 1800 033 139. This document should be read in conjunction with the Defence Bank Products and Services – Conditions of Use (DPS).

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.

Domestic transactions.

Fees. Fee description. Fee amount.
Statement fees. Where you request monthly statements). $2
Cheque/direct debit honour /dishonour fee.  Charged when:
  • We decide to honour your personal cheque for payment where there are insufficient funds in your account or the credit limit will be/has been exceeded.
  • We dishonour payment of your personal cheque due to insufficient funds, payment stopped or the cheque is incorrectly completed (e.g. no signature).
  • We decline a direct debit request due to insufficient funds.
  • We decide to honour a direct debit request where there are insufficient funds in your account or the credit limit will be/has been exceeded.
Auto transfer/BPAY dishonour fee. Charged where there are insufficient funds in your account when the Auto Transfer or BPAY payment is due to be made. $10
Overdrawn/over limit fees.


  • Each time your account is overdrawn or your credit limit is exceeded without authorisation, by more than $50.00.
  • On each subsequent debit transaction while your account is overdrawn or your credit limit has been exceeded, by more than $50.00.
Dormant fee. This fee may be charged in certain circumstances when your membership is redeemed by us due to non-activity of more than 12 months. The maximum annual fee that applies is: $20
Same day domestic transfers (via Swift/RTGS). Charged when funds transferred domestically via Swift/RTGS (same day).  
  Outward bound. $11.80
  Inward bound. $6.80
Ultimate Package fees (for Banking Package holders). Package fee. $380 per annum.


Overseas transactions.

Fee name. Fee description. Fee amount.
Visa foreign currency conversion fee. The fee we charge when you make a payment or a deposit or obtain a cash advance overseas. 3% (percentage of transaction value).
Outbound foreign currency international telegraphic transfer. The fee we charge when you request we make a foreign currency telegraphic transfer to an overseas destination.

$30 when requested at a branch.

$20 when requested via online banking or the mobile app.

(Debited to your account overnight).



Product available only for members who meet an Australian Defence Force milestone (within 90 days) listed in our Defence Bank Product and Services - Condition of Use. The fixed bonus rate applies for the first 12 months. The base variable rate applies for any amount after 12 months. The base rate also applies for any amounts above $100,000 during the first 12 months.


For both the fixed bonus rate and the base variable rate the following applies:Interest is calculated daily on the closing balance and credited on the last day of each month. Rates offered are subject to terms and conditions in the Defence Bank Product and Services - Condition of Use.

We may change our fees & charges and interest rates from time to time. For more details on our fees & charges, refer to the Fees and Charges (Domestic Transactions) & Fees and Charges Schedule (Overseas Transactions). For more details on interest rates, refer to the relevant Interest rate schedules. All schedules are located here.

All products except foreign currency facilities, insurance and superannuation are issued by Defence Bank. Before acquiring a product, Defence Bank recommends you read the Defence Bank Products and Services - Conditions of Use, the Summary of accounts and access facilities, The visa debit – conditions of use (where relevant). 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.

Not a member? Join Defence Bank now.
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Frequently asked questions.

Definitely. If you’re already a member and the account is only in your name, you can log into your online banking and open a new account under the ‘Apply’ section, or you can give us a call. If it’s a joint account, we can send you both the form to complete. If you’re not yet a member, you can join now and open accounts during the set up process.

Find out how to join Defence Bank.


Our Everyday Access account is free from account keeping, domestic transactional and transfer fees. Some fees that apply are if the account is used incorrectly, such as EFT decline fees and direct debit dishonours. There are also overseas fees, some ATMs and merchant fees. For a full overview, have a look at our domestic and overseas fees and charges schedules.


Even though we’ve traditionally focused on the Australian Defence Force, you don’t have to be a Defence Force employee or relative to take advantage of Defence Bank’s products and services – membership is open to all Australians.

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