Defence Bank ISaver
Bonus rate
An introductory bonus rate on new accounts for the first six months up to $250,000.
5.75%
a year, with bonus, up to
- Base rate up to
- 0.50%
- Introductory rate
- None
- Maximum balance
- $250,000
Rates by balance
| Balance | Base rate | Bonus | Total |
|---|---|---|---|
| Any balance | 0.50% | +5.25% | 5.75% |
How to earn the bonus
Interest is calculated daily on the closing balance and credited on the last day of each month.
Who can open it
- Age to open
- Any
- Maximum balance
- $250,000
Limits and conditions
- One iSaver per member, including Joint accounts. New accounts do not include funds previously invested with Defence Bank.
How it compares
Against the other savings accounts we compare. Typical means the middle half of them.
Most it pays
5.75%
At its best balance, with any bonus. Typical is 3.65%.
Base rate
0.50%
What it pays without a bonus. Typical is 2.40%.
Pros and cons
Pros
- A higher rate. Up to 5.75%, above the typical 3.65%. On $10,000 that's about $575 a year.
Cons
- Conditions for the bonus. Interest is calculated daily on the closing balance and credited on the last day of each month. Miss them in a month and you earn the base rate.
- A balance cap. Interest is paid on up to $250,000, so it suits smaller balances.
Similar savings accounts
Savings accounts from other banks that pay a similar rate at their best.
- Most it pays
- 5.75%
- Bonus conditions
- None
- Most it pays
- 5.75%
- Bonus conditions
- Yes
- Most it pays
- 5.65%
- Bonus conditions
- None
