Six myths about Defence Bank.

We are constantly in contact with our members – either face-to-face, through conversations with our Contact Centre and webchat, and various other forms of feedback including research. You can count on us to be out there listening, and here’s six of the most common myths we’re hearing about Defence Bank.

Myth one.

“You don’t offer all of the products that I need…”

Our extensive range of competitive products and services is our best kept secret. Unlike the Big Four Banks, we are quick and nimble, and quite often first-to-market. Yes, we provide an impressive suite of products like home loans, credit cards, everyday accounts, terms deposits, foreign currency, travel money cards, and insurance. But we are also the official provider of government assistance schemes like DHOAS, and the First Home Loan Deposit Scheme to members. This makes us the true one-stop shop for everything you need.

Myth two.

“The bigger banks have better apps...”

Another myth busted and we have the reviews to back it up. Our Defence Bank banking app was awarded the Mozo Experts Choice Awards 2019 in the category of Excellent Banking App. Our award-winning app is currently rated 4.8 out of 5 on the App Store. We designed our app to suit the lifestyle of our members, and our members are constantly on the go, often being deployed overseas. They need an app that’s easy to use for everything they need. When they need it. Features like Round Ups, Account nicknames, Overseas Travel Planner, Quick Cards for your digital wallet and eStatements provide you with just a hint of why we won the award. Enabling you to bank wherever and whenever you need.

Myth three.

“Small means more when it comes to fees…”

Smaller banks have lots of fees right? Wrong. Gone are the monthly and transactional fees on our Everyday Access account. Gone are the eftpos fees on our debit cards. Gone are the fees for SMS and email alerts and Online Banking fees. We have listened and removed the majority of our fees to make banking less complicated and costly to our members.

Myth four.

“The bigger banks are safer…”

As an authorised deposit-taking institution, Defence Bank is regulated in the same way as all other Australian banks, which means we meet the same strict, legally-enforceable standards. In simple terms, this places all of Australia’s financial institutions on the same, safe, playing field. For added safety, the Australian Government also have a provision in place called the Financial Claims Scheme (FCS). The FCS is a government backed safety net for deposits up to $250,000.00 per account holder. Meaning that if any Australian bank, building society or credit union should fail, you will be covered for up to that amount, regardless the size of your financial institution.

Information on the FCS is available on the FCS website at

Myth five.

“When you leave Defence you have to leave Defence Bank...”

This myth couldn’t be further from the truth. Many of our members have retired from the Australian Defence Force (ADF), some have never been part of the ADF, instead working in the broader Defence community, or are family and friends. Many members join Defence Bank after they leave the ADF wishing they had joined us years earlier, simply because they prefer our service and products.

We also reward our ADF members who reach service milestones, including retirement, with access to our Salute account. An account providing eligible members with a bonus high interest rate for 12 months.
Whatever your journey, we are the bank for you from recruitment to retirement, and beyond.

Myth six.

“It’s hard to access the on-base branches…”

You can stand in some Big Four bank queues for twenty minutes or more. However, if you do need to visit a Defence Bank branch, one of our member consultants can escort you on-base in no time at all. And if face-to-face banking is your preference, then it’s good to know Defence Bank has the largest on-base branch network in Australia. But access does not mean just access to branches. We have mobile home loan consultants, an award-winning app, Online Banking, webchat and an Australia-based Contact Centre.


Important note: This information is of a general nature and is not intended to be relied on by you as advice in any particular matter. You should contact us at Defence Bank to discuss how this information may apply to your circumstances.

More in this category:
All articles.