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 0.75% p.a. for a 24-month term, but it also comes with a few top features, like the option of having your interest paid into another bank account.
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: 0.50% p.a. interest rate
• 6 month term: 0.65% p.a. interest rate
• 9 month term: 0.65% p.a. interest rate
• 1 year term: 0.70% p.a. interest rate
• 2 year term: 0.75% 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.
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.
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.
Different interest rates apply to different amounts or different interest payment frequencies.