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.

No reviews yet. Write a review
Defence Bank

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.

Product Finder Score Maximum Variable Rate p.a. Base interest rate Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
Defence Bank logo
Finder score
Defence Bank iSaver
Finder score
Maximum Variable Rate p.a.
4.65%
Standard Variable Rate p.a.
0.75%
Intro/Ongoing
6 months
Government Guarantee
Monthly Max Rate Conditions
  • Balance up to $250,000.
Max rate available on balances up to $250,000 .
More info
Compare product selection
Defence Bank logo
Finder score
Defence Bank Max eSaver
Finder score
Maximum Variable Rate p.a.
4.65%
Standard Variable Rate p.a.
0.10%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Make a deposit
  • No withdrawals each month
  • Balance up to $1000,000
Max rate available on balances up to $1000,000.
More info
Compare product selection
Defence Bank logo
Finder score
Defence Bank Retirement Savings Account
Finder score
Maximum Variable Rate p.a.
1.15%
Standard Variable Rate p.a.
1.15%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Max rate available on balances $10,000 and up.
More info
Compare product selection
Defence Bank logo
Finder score
Defence Bank Kids Club
Finder score
Maximum Variable Rate p.a.
4.50%
Standard Variable Rate p.a.
4.50%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Available to Defence Bank kids aged 0 to 11 years.
More info
Compare product selection
loading
Showing 4 of 4 results

How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full Finder Score breakdown

Product Finder Score Monthly fee Govt. Guarantee Own network ATM fee Card type
Defence Bank logo
Finder score
Defence Bank Everyday Access
Apple Pay Google Pay Samsung Pay Garmin Pay
Finder score
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
More info
Compare product selection
loading
Showing 1 of 1 results

Finder Score for bank accounts

We assess multiple product features for transaction accounts from over 100 providers and assign each product a score out of 10.

Read the full Finder Score methodology

Product Finder Score 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 11 Mths p.a. 12 Mths p.a. 24 Mths p.a.
Defence Bank logo
Finder Score
Defence Bank Term Deposit
$1,000 min. deposit
$1,000,000 max. deposit
Finder Score
3 Mths p.a.
3.60%
4 Mths p.a.
3.60%
5 Mths p.a.
3.70%
6 Mths p.a.
3.75%
7 Mths p.a.
-
11 Mths p.a.
3.85%
12 Mths p.a.
3.85%
24 Mths p.a.
3.45%
More info
Compare product selection
Defence Bank logo
Finder Score
Defence Bank Business Term Deposit
$2,000 min. deposit
$1,000,000 max. deposit
Finder Score
3 Mths p.a.
3.60%
4 Mths p.a.
3.60%
5 Mths p.a.
3.70%
6 Mths p.a.
3.75%
7 Mths p.a.
-
11 Mths p.a.
-
12 Mths p.a.
3.85%
24 Mths p.a.
3.45%
More info
Compare product selection
Defence Bank logo
Finder Score
Defence Bank RSA Term Deposit
$10,000 min. deposit
Finder Score
3 Mths p.a.
-
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
3.75%
7 Mths p.a.
-
11 Mths p.a.
-
12 Mths p.a.
3.85%
24 Mths p.a.
3.45%
More info
Compare product selection
loading
Showing 3 of 3 results

Finder Score for term deposits

Finder Score assigns Term Deposit products a score out of 10, comparing interest rates and features, to make comparison easier. We assess over 150 products from more than 90 providers, assessing products across different terms to determine an average score per product.

Read the full Finder Score methodology

Product Finder Score Maximum Variable Rate p.a. Base interest rate Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
Rabobank logo
Finder score
Finder score
Maximum Variable Rate p.a.
5.15%
Standard Variable Rate p.a.
3.70%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Earn a high interest rate of 5.15% for the first 4 months and then 3.7% thereafter, with $0 account keeping fees and no monthly balance requirements.
Go to site More info
Compare product selection
Macquarie Bank logo
Finder score
Finder score
Maximum Variable Rate p.a.
4.85%
Standard Variable Rate p.a.
4.50%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Earn a welcome variable rate of 4.85% p.a. for the first 4 months on balances up to $250k, then 4.5% p.a. ongoing variable rate on balances up to $1m. There are no monthly requirements to earn interest.
Go to site More info
Compare product selection
Suncorp Bank logo
Finder score
Finder score
Maximum Variable Rate p.a.
4.55%
Standard Variable Rate p.a.
0.15%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance by $200 each month (excl. interest)
  • Only 1 withdrawal
  • No balance limit on earning interest
Get a solid interest rate on your entire balance, with minimal conditions in order to get the max rate. This account doesn’t offer card access but you can make 1 withdrawal per month & grow your net balance by $200 (excl. interest) to earn the max rate.
Go to site More info
Compare product selection
Ubank logo
Finder score
Ubank Save Account
Finder AwardExclusive
Finder score
Maximum Variable Rate p.a.
4.85%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $500
  • Savings up to $100,000

Use code FINDER20 to score $20 after 5 card purchases in your first 30 days. See terms link on the app store.

Earn an ongoing bonus rate of 4.85% p.a. by simply depositing $500 per month. You can make withdrawals and still earn bonus interest.

Go to site More info
Compare product selection
ING logo
Finder score
Finder score
Maximum Variable Rate p.a.
4.95%
Standard Variable Rate p.a.
4.20%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Ideal for higher balances, savers can earn up to 4.95% for the first 4 months and up to 4.2% thereafter. There are no conditions and $0 account-keeping fees.
Go to site More info
Compare product selection
Newcastle Permanent logo
Finder score
Finder score
Maximum Variable Rate p.a.
4.00%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance
  • No more than 2 withdrawals
Go to site More info
Compare product selection
BCU Bank logo
Finder score
Finder score
Maximum Variable Rate p.a.
4.90%
Standard Variable Rate p.a.
0.45%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $500
  • 5 Access Account debit card purchases
  • Balance under $100,000
Earn an ongoing 4.9% p.a. when you deposit $500 per month and make 5+ card payments from your BCU Bank Access Account each month. You can make withdrawals and still earn bonus interest.
Go to site More info
Compare product selection
P&N Bank logo
Finder score
Finder score
Maximum Variable Rate p.a.
4.90%
Standard Variable Rate p.a.
0.45%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $500
  • 5 Access Account debit card purchases
  • Balance under $100,000
Get 4.9% p.a. ongoing when you deposit $500 and make 5 debit card purchases per month. Make withdrawals and still earn bonus interest.
Go to site More info
Compare product selection
ING logo
Finder score
Finder score
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
Go to site More info
Compare product selection
BCU Bank logo
Finder score
Finder score
Maximum Variable Rate p.a.
4.50%
Standard Variable Rate p.a.
0.20%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to site More info
Compare product selection
Westpac logo
Finder score
Finder score
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.40%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Make a deposit
  • Grow your balance
  • 5 debit card purchases
  • Balances up to $30,000
Go to site More info
Compare product selection
P&N Bank logo
Finder score
Finder score
Maximum Variable Rate p.a.
4.50%
Standard Variable Rate p.a.
0.20%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to site More info
Compare product selection
loading
Showing 12 of 12 results

How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full Finder Score breakdown

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
Back to top

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.

Back to top

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.
Back to top

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.

Compare other products from Defence Bank

Shirley Liu's headshot
Written by

Publisher

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

Ask a question

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

More guides on Finder

  • Thriday Business Bank Account

    Thriday offers a business bank account and Visa Debit card with no monthly account keeping fees.

  • Kit: Money app for kids

    Kit offers a prepaid Visa card and app for kids aged - so they can learn how to manage their pocket money and develop good money habits.

  • How to open an international bank account

    International bank accounts combine a lot of different benefits into one package, so read on to see if opening an international account is right for you.

  • How to switch bank accounts

    Let your new bank help you switch bank accounts.

  • Compare Police Bank savings accounts

    Take care of all your financial needs through one institution that has the best interest of Australian police officers in mind.

  • Best bank accounts in Australia

    The best bank account will help you manage your everyday spending with low fees and easy access to your money. Check out our Top Picks curated by experts.

  • Compare debit cards

    When used wisely, a debit card provides you with great flexibility when it comes to handling your everyday financial needs.

  • ME Bank savings and bank accounts

    ME Bank is an online bank that offers a high interest savings account and fee-free everyday bank account. See ME's accounts and latest rates here.

  • BankSA Complete Freedom Account

    This is a good account to consider if you like the freedom of always being able to access your money, but not a list of fees for doing so.

  • Tap and go: How to make contactless payments

    How do contactless payments work, are contactless payments safe and which banks offer tap-and-go technology? Find out in this guide.

Go to site