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.
We’re always happy to see our members in person. Our branches can help you with anything from general account information to home loans. If the branch is on a military base, just give the branch a call to let them know you’re coming in so they can escort you.
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.
You can open as many savings accounts as you like! When it comes to the iSaver however, just remember that you can only have the introductory rate on the first one that you open.
You can have as many as you like! There are no account keeping fees, and you can name them whatever you like to distinguish them in your online banking.
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.
You can open a Salute account within 365 days from the date of reaching an ADF milestone. (for deployment/seagoing you can apply as soon as you have received your papers, so we can set up the account before you go)
- 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.
If you’re unsure, simply give us a call on 1800 033 139, and we’ll be more than happy to check for you.
Your interest rate will revert back to the standard Salute account rate. Other terms and conditions apply.
Currently, the bonus savings rate lasts for six months for amounts up to $250,000.00.
When you turn 18, we will convert your Teen Saver or Cadet Saver to an Everyday Access account. Your Visa debit card, payments, account details and account nickname will stay the same.
These accounts are held solely in the name of the child or teen. As soon as a child turns 12, they have full control over their accounts, and we will always need to speak directly with them in regards to their membership.
Different accounts may have different fee structures depending on how you use them. You can find our full fees and charges schedule below.
If an account has no member-initiated transactions for 12 months it will be made dormant.
You can activate your account from dormant to active by contacting our Contact Centre on 1800 033 139, your local branch, sending us a Secure Message or using the Contact Us form. A dormant account can be avoided by transferring as little as five (5) cents either in or out of the account within a 12 month period.
For personal accounts, our minimum term deposit is $1,000, and there is no maximum amount you can get started with.
Learn more about our term deposits.
For business accounts, our minimum term deposit is $2,000, and there is no maximum amount you can get started with.
While it’s not possible to add funds during the term, you can add any funds at maturity for the next term. We’ll send you the form via email, up to a month before the maturity date to ask you what you’d like to do, and you can note on the form that you’d like to add funds, and send it back to us.
While interest rates for new term deposits may change during your term, this will never affect a deposit that is part way through its term. That rate is locked in for the agreed amount of months.
Funds can be withdrawn early from a term deposit at any time during the term for a $30 fee, and an interest rate reduction may also apply. Simply get in touch so we can send you the form to fill out.
Contact us now.
Currently only an individual account holder (an account in the name of one person only) can make changes to term deposit renewal instructions via online banking.
Joint account holders cannot change the account to redeem in online banking, however, they can view the renewal information.
A signatory to the account can view the account in online banking, but cannot see the renewal instructions nor make changes in online banking.
Power of Attorney (POA) holders can view the renewal information, but, cannot make any changes in online banking.
When you sign into online banking with your individual membership number, you are a signatory to your business account and so cannot make changes to your business term deposit renewal instructions in online banking.
This is the same for Retirement Savings Account (RSA) account holders, you will not be able to see the renewal instructions nor make changes in online banking for an RSA term deposit.
When you sign into online banking with your individual membership number, you are a signatory to your child's accounts and so cannot make changes to your childs term deposit renewal instructions in online banking.
Prior to the maturity date, if you are the sole account owner, you can elect to redeem to a Defence Bank savings account in your name at maturity.
Prior to the maturity date, if you are the sole account owner, you can elect to renew your term deposit for the same term at the rate available on the day of maturity.
Note: at the maturity date or the ‘grace period’, you are unable to change your instructions to redeem via online banking for this maturity. Any instructions loaded in online banking during the grace period will be processed at the next maturity.
If you are the sole owner of the account (not a signatory or joint account holder) and would like to redeem all of your term deposit to a Defence Bank savings account, you can do so via online banking:
- Select renewal details, (found by selecting the three dots beside the relevant term deposit).
- Select 'No' when asked if you want to renew.
- Select your nominated deposit account to receive the funds by selecting the drop-down box beside the visible savings accounts.
- Select save changes.
Your new instructions will now show as having been updated.
These instructions can be revoked or amended at any time prior to the maturity of the term deposit.
Currently the term deposit self-serve option is only available in online banking.
We hope to have it deployed to the Defence Bank App at a future date.
You will need to provide your signed instructions in writing to Defence Bank.
HINT: If you wish to avoid the paperwork, go to online banking, and set your renewal to pay straight to your Defence Bank everyday account or savings account and transfer external online on the day or shortly after.
No - To add funds to a Defence Bank term deposit, funds need to be in a Defence Bank account on the day of maturity/commencement.
Requests to add funds can be submitted via a DocuSign form, secure mail, email or over the phone if the from account is a 'may sign alone account'. Your request will then be actioned on the day of maturity (or the next business day).
Hint: If you wish to avoid the paperwork you can elect to redeem your term deposit at maturity to your Defence Bank Savings account then at maturity you can open a new term deposit with the additional funds.
No - To change the term of your term deposit, a request can be submitted via a DocuSign form, secure mail, email or over the phone if the term deposit is a 'may sign alone account'. Your request will then be actioned on the day of maturity (or the next business day).
If the account is a two to sign account, the request will need to be completed in writing signed by the required number of signatories.
Hint: If you wish to avoid the paperwork, go to online banking, and set your renewal to pay straight to your Defence Bank everyday account or savings account and and then set up a new term deposit for the new term on the day or shortly after.
If you do not have a Defence Bank Savings account, you will not be able to redeem your term deposit online.
The savings accounts available for selection must meet the following criteria:
- be active.
- be a Defence Bank account.
- be owned by the term deposit holder (joint accounts are acceptable).
No - All instructions need to be received prior to maturity, if it is already the day of maturity you will need to submit your request in writing for our team to process on your behalf.
No, all online instructions need to be received prior to maturity, If the maturity date has passed you will need to submit your request in writing for our team to process on your behalf.
When interest is set to capitalilse, the balance shown on the renewal instruction page is a combination of the current term deposit balance and the expected interest at the time of maturity.
If changes are made to the term deposit during the term, this will change the renewal balance.