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Defence Bank Term Deposit

Best rate (up to 1 year)
0.90% p.a.1 year
Interest paid to another bank?
yes

Mozo editorial review Defence Bank Term Deposit

Last updated: 12 August 2020.

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What's hot
  • 0.95% p.a. interest rate for an 1 year term
  • Interest can be paid into another account
  • Automatic rollover feature once account reaches maturity.
What's not
  • Early redemption pre-payment fee & interest rate reduction may apply should you wish to withdraw funds before your account reaches maturity.
Mozo snapshot

If you’re a member or supporter of the Australian Defence Force who’s after a solid term deposit to lock your savings away in, then look no further than the Defence Bank Term Deposit! Not only does this account offer competitive variable interest rates that go up to 1.35% p.a. for an 11-month term, but it also comes with a few top features, like the option of having your interest paid into another bank account.

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Key features

With the Defence Bank Term Deposit, you’ll have a range of term options to choose from depending on how long you’re looking to lock your money away for, from as little as 3 months, right up to 2 years. Keep in mind that there are different rate tiers according to each term, so the interest rate you get will depend on which term you choose.

Here are the current interest rates on offer for each term:

• 3 month term: 0.70% p.a. interest rate

• 6 month term: 0.75% p.a. interest rate

• 9 month term: 0.75% p.a. interest rate

• 1 year term: 0.90% p.a. interest rate

• 2 year term: 0.95% p.a. interest rate

With a minimum deposit amount of $1,000 and a maximum deposit amount of $1,000,000, plus, the ability to have the interest you earn deposited into another bank account, this term deposit caters to a broad range of needs.

On top of all this, the account also comes with an automatic rollover feature, so you can automatically roll over your account to another term once it reaches maturity, however, you’ll want to run a quick term deposit comparison before locking into a new term to ensure you’ve still got a competitive deal.

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Who is it good for

From its competitive interest rates and wide range of term options, the Defence Bank Term Deposit could be a great term deposit option for Australian Defence Force members or anyone in the wider community that’s looking to lock away their money for a short period of time.

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Any catches

Be aware that if you want to withdraw funds from your account before it reaches maturity, then you may incur an early redemption pre-payment fee and an interest rate reduction.

Details

Rates and fees information correct as at 13 August 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 0.70% p.a. ($1,000 to $1,000,000)

  • 0.75% p.a. ($1,000 to $1,000,000)

  • 0.75% p.a. ($1,000 to $1,000,000)

  • 0.90% p.a. ($1,000 to $1,000,000)

  • 0.95% p.a. ($1,000 to $1,000,000)

Other financial bits
  • $1,000.00

  • $1,000,000.00

Features
  • direct credit, cheque

  • yes

  • yes

  • Fees may be charged for bank cheque withdrawal of fund.

  • none

*Different interest rates apply to different amounts or different interest payment frequencies.

Customer Reviews

How are Defence Bank term deposits rated by the Mozo community?

Overall customer rating
9.7/10
Price
9.7/10
Features
9.3/10
Customer service
9.7/10
Convenience
9.3/10
Trust
9.7/10
Defence Bank

About Defence Bank

Defence Bank was originally set up to provide financial products and services to members of the Defence force and their families. Now catering to the defence community and general public, Defence Bank offer services in savings and investment accounts, personal loans, home loans, credit cards, debit cards, term deposits and car insurance.

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