Defence Bank
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Compare Defence Bank savings accounts

With Defence Bank you can save for that holiday or deposit you’re going to need a few years from now.

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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.

Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
Defence Bank iSaver
Maximum Variable Rate p.a.
4.75%
Standard Variable Rate p.a.
1.25%
Intro Period
6 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
Defence Bank Max eSaver
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.10%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
Defence Bank Retirement Savings Account
Maximum Variable Rate p.a.
1.70%
Standard Variable Rate p.a.
1.70%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
Defence Bank Kids Club
Maximum Variable Rate p.a.
4.75%
Standard Variable Rate p.a.
4.75%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
Defence Bank Pension Saver
Maximum Variable Rate p.a.
2.65%
Standard Variable Rate p.a.
2.65%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
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Showing 5 of 5 results
Name Monthly fee Govt. Guarantee Own network ATM fee Card type
Defence Bank Everyday Access
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
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Showing 1 of 1 results

Name 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a.
Defence Bank Term Deposit
$1,000 min. deposit$1,000,000 max. deposit
3 Mths p.a.
4.25%
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
4.45%
7 Mths p.a.
-
12 Mths p.a.
4.80%
24 Mths p.a.
4.80%
Defence Bank Business Term Deposit
$2,000 min. deposit$1,000,000 max. deposit
3 Mths p.a.
4.25%
4 Mths p.a.
4.25%
5 Mths p.a.
4.25%
6 Mths p.a.
4.45%
7 Mths p.a.
-
12 Mths p.a.
4.80%
24 Mths p.a.
4.80%
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Showing 2 of 2 results

Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
Bank of Queensland Future Saver Account - 14 to 35 years
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 eligible transactions
Go to siteView details
AMP Saver Account
Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
1.20%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1000 in previous month
Go to siteView details
Rabobank High Interest Savings Account
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.40%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
ING Savings Accelerator ($150,000 - $500,000)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
4.70%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Macquarie Savings Account
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Westpac Life (18-29 year olds only)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
2.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow your balance
  • 5 debit card purchases
Go to siteView details
Newcastle Permanent Online Savings Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.00%
Intro Period
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
ING Savings Maximiser
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
Go to siteView details
St.George Maxi Saver
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
1.10%
Intro Period
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Max Variable Rate includes 0.35% p.a. for 3 months for new customers who apply online
MyState Bank Bonus Saver Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $20
  • 5 debit card purchases
Go to siteView details
IMB Reward Saver Account
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50
  • No withdrawals
Go to siteView details
Bank of Queensland Simple Saver Account
Maximum Variable Rate p.a.
4.85%
Standard Variable Rate p.a.
4.85%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
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Showing 12 of 14 results

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

Image Source: App Store
LoginAccountsSecure Messaging
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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.

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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.
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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.

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