Defence Bank logo

Defence Bank Term Deposit

Advertiser disclosure
The details shown below are for the Term Deposit
The details shown below are for the Premium Term Deposit

Choose the version of this product that suits you best

Name
Term Deposit
Premium Term Deposit
  • Term Deposit
  • Premium Term Deposit
Best rate (up to 1 year)
4.80% p.a.1 year ($1,000 to $1,000,000)
Minimum Deposit
$1,000.00
Interest paid to another bank?
yes
Best rate (up to 1 year)
5.15% p.a.7 months ($1,000 to $1,000,000)
Minimum Deposit
$1,000.00
Interest paid to another bank?
yes

Mozo editorial review Defence Bank Term Deposit - last updated: 20 February 2024

binocular icon
What's hot
  • 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 5.15% p.a. for a 7-month term, but it also comes with a few top features, like the option of having your interest paid into another bank account.

key icon
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. For example, for a 6 month period, you will earn 4.45% p.a. interest and for a 7 month period, you will earn 5.15% p.a. 

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.

snapshot
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.

question icon
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 28 March 2024. 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

4.25% p.a. ($1,000 to $1,000,000)

4.45% p.a. ($1,000 to $1,000,000)

4.50% p.a. ($1,000 to $1,000,000)

4.80% p.a. ($1,000 to $1,000,000)

4.80% p.a. ($1,000 to $1,000,000)

Other financial bits

$1,000.00

$1,000,000.00

Features

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.

Details

Rates and fees information correct as at 28 March 2024. 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

5.15% p.a. ($1,000 to $1,000,000)

Other financial bits

$1,000.00

$1,000,000.00

Features

yes

yes

Available for deposits new to Defence Bank

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
Price
Features
Customer service
Convenience
Trust

About Defence Bank

Thumbnail icon for Rabobank
Rabobank

Term Deposit

4.75% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Judo Bank
Judo Bank

Term Deposit

5.10% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for MyState Bank
MyState Bank

Term Deposit

4.80% p.a.

$5,000.00

Yes up to $250,000

Thumbnail icon for Rabobank
Rabobank

Term Deposit

4.75% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Rabobank
Rabobank

Term Deposit

4.75% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for MyState Bank
MyState Bank

Term Deposit

4.80% p.a.

$5,000.00

Yes up to $250,000

Thumbnail icon for Rabobank
Rabobank

Term Deposit

4.75% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for MyState Bank
MyState Bank

Term Deposit

4.80% p.a.

$5,000.00

Yes up to $250,000

Thumbnail icon for Rabobank
Rabobank

Term Deposit

4.75% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for MyState Bank
MyState Bank

Term Deposit

4.80% p.a.

$5,000.00

Yes up to $250,000

Thumbnail icon for Rabobank
Rabobank

Term Deposit

4.75% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for MyState Bank
MyState Bank

Term Deposit

4.80% p.a.

$5,000.00

Yes up to $250,000

Compare other term deposits