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.
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
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.
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.
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.
What 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.
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.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs. See full bio
Get an everyday transaction account for over 50s with no monthly fees, no ATM withdrawal fees in Australia and with Apple Pay, Google Pay and Samsung Pay available.
Manage your finances right from your smartphone with a mobile banking app. Review the mobile banking offerings of the major banks and leave a review of your own.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We are committed to our readers and stands by our editorial principles
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.