Defence Force challenge coins presented on a timber board in front of a world globe.

Salute account.

Our reward-for-service bonus interest account.

Earn up to
5 .50 %◊ p.a.
Defence Force challenge coins presented on a timber board in front of a world globe.
Open a Salute account online.

Key features.

Rewards for deployment.

If you've been deployed in Australia or overseas, you could be eligible for a Salute account.

Rewards for ADF milestones.

Earn a higher rate of interest when you reach 15 and 25 years of service or have transitioned out of the Defence.

A bonus fixed interest rate for 12 months.

It's our way of saying 'thank you'.

Our Salute rates explained.

Base variable rate.
4 .00 % p.a.
At a minimum you will earn this rate of interest.
Bonus fixed rate.
1 .50 % p.a.
This rate is locked in for new accounts for the first 12 months, up to balances of $250,000.00.
Total introductory rate.
5 .50 % p.a.
This is the total rate (base variable rate + bonus fixed rate) you could earn on your Salute account for 12 months, up to balances of $250,000.◊

How the Salute account works.

What is the Salute 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, or;
- 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.

Open a Salute account online.

If you're an existing Defence Bank member, welcome back! Opening a Salute account is easy.

New to the bank? In that case, 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.
◊

Product available only for members who meet an Australian Defence Force milestone (within 12 months) 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 $250,000 during the first 12 months. After 12 months the fixed bonus rate will revert to the base variable rate. As at 20 February 2023, the balance cap for the bonus fixed rate to new account holders has been raised from $100,000 to $250,000. If you opened an account prior to 20 February 2023, the bonus fixed rate applies to balances up to $100,000.

When you open a Salute account we will pay you a bonus fixed rate of interest on monies deposited in the Salute account for a promotional period (currently 12 months) provided you make minimum deposits to an Everyday Access account each month (current minimum is $1,500.00 per month).

The Salute account is a high interest savings account that rewards Australian Defence Force (ADF) members who have met one or more ADF milestones. We want to salute and reward those members who achieve the important milestones with the ADF. Where you notify us within 12 months of reaching one of the following milestones you will then be entitled to open a Salute account and we will pay you a bonus fixed rate of interest on monies deposited in the Salute account for a promotional period (currently 12 months) 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.

The milestones are:

- 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, or;
- You are discharged from the ADF on medical grounds.

Each time you first reach a milestone you may open a new Salute account. i.e. you may only open one new account per milestone.

As at 20 February 2023 the balance cap for the bonus fixed rate to new account holders has been raised from $100,000 to $250,000. If you opened an account prior to 20 February 2023, the bonus fixed rate applies to balances up to $100,000.

Interest is calculated daily on the closing balance and credited on the last day of each month.

Available only for deposits up to $1 million.

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.