Initially specialised to fill the financial needs of those in the Australian Defence Force, Defence Bank membership is now open to all Australians. From 40 branches all over Australia, you can find financing for a home, take care of your daily banking needs, and save for the future.
Awards that Defence Bank has earned
- Customer Owned Banking Association Innovation Award – 2011 winner for the Defence Bank Super Assured Retirement Savings Account.
Who is Defence Bank?
Concerning savings, Defence Bank covers all the bases. They have designed kid’s accounts to get young Australians started, budgeting products to keep your finances on track and high interest earning accounts to help meet both short and long term goals. Accessible online and through a branch, there is always a way to manage all of your accounts.
What is internet banking like for Defence Bank?
It should come as no surprise that Defence Bank takes defending your online banking very seriously. Using multiple security levels and an innovative password generator that works through your mobile phone, you can bank online with peace of mind.
The extensive security network is protecting a number of features that can be used through your online banking platform. All of which are accessible around the clock to allow you to take care of your financial needs as soon as they come up.
Notable features include:
- View and manage all of your accounts with Defence Bank
- Transfer money to other accounts
- Pay your bills using BPAY
- Find a nearby branch or rediATM
Mobile Banking App
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What transaction accounts are offered by Defence Bank?
- Salary Saver. If you are able to deposit at least $2,000 monthly using direct credit, you can make your everyday transactions through this account for no monthly fee. Choose between a rediCARD or Visa debit card and make unlimited withdrawals and EFTPOS purchases from your account.
- National Access. Enjoy the advantages of an easy to access everyday account without having any terms to meet. Charges may be applied to your account for the use of certain access methods, but you are also given ways to bank every day for free.
What high interest savings accounts are offered by Defence Bank?
- iSaver. Earn more interest by taking your savings online. New customers are able to earn even more with an introductory bonus rate for the first three months. This fee free account is only accessible through online, mobile and phone banking.
- Max eSaver. Designed to help you reach a short term financial goal, this online savings account rewards you with bonus interest each month that you make at least one deposit and no withdrawals.
- Defence Bank Super. This is an investment account that is able to help you with your superannuation funds no matter what stage of life you are at. Use it to get started on building your wealth, as a transition account as you get closer to retirement, or to help with managing your pension funds.
- Defence Bank RSA. Open to all Australians, this retirement savings account gives you the security of a term deposit, flexibility of a transaction account, and savings of a tax free banking product.
- Pensioner Deeming. Staying in compliance with the Australian Government, this account pays interest on your pension or retirement income, but you still have the flexibility of a transaction account.
- Christmas Saver. Give more gifts during the holiday season with less debt by starting to save at the start of the year. You will earn a nominal rate of interest on your total balance, which is paid into the account at the end of October.
- Budget Savings. You can opt for a payroll split and have a portion of your salary credited to this account to be earmarked to take care of one or all of your monthly expenses. This keeps your bill money out of your everyday money, ensuring that you are able to pay them on time.
- Kids Club. Exclusive for children under 12 who can learn the benefits and value of saving with an account that allows for direct credits from family members and friends. Kids stay involved with gifts and cards from Defence Bank for as long as they have the account.
- General Insurance Savings. Insurance premiums are a necessary part of your budget, and if you hold policies with Defence Bank you can allocate a separate account where your obligations can be directly debited from.
What term deposits are offered by Defence Bank?
With Defence Bank term deposits you are able to investment as little as $1,000 for terms starting at one month and going up to two years. There are no fees with the term deposit, and you are permitted to open multiple accounts at varying terms if you have different goals you are trying to reach.
Back to topWhat are the pros and cons of banking with Defence Bank?
Pros
- Bonus interest. Not only are accounts offered that pay bonus interest when certain terms are met, you can boost your savings with introductory bonus rates as well.
- Mobile app. The comprehensive Defence Bank app gives you the same accessibility as their online banking service.
- Security. You can bank online worry free that your accounts are being accessed by an unauthorised party.
- Investment options. Defence Bank gives people interested in building wealth access to easy to use high interest investment products.
Cons
- Minimum balances. With a number of the accounts, you are not able to earn interest until your balance reaches a certain amount.
- Availability. Although membership is open to all Australians, the smaller network of branches may make managing accounts difficult for those who prefer banking face to face.
How do I apply for a Defence Bank account?
You first must become a member of Defence Bank before you are able to access any of their accounts. This can be a part of your online application for a banking product and will require that you pay a one-time fee of $10 for your share. Membership and account operation is limited to Australian residents, although the age requirement will vary depending on the account you choose. Most application forms are available online, but in some instances you will either bring the paperwork to a branch for completion or mail them in.
