Defence Bank Salute Account
Bonus rate
Our Salute savings account rewards Australian Defence Force members who have been deployed, have reached 15 and 25 years of service or have transitioned with bonus interest for 12 months.
5.75%
a year, with bonus, up to
- Base rate up to
- 4.00%
- Introductory rate
- None
- Maximum balance
- None published
Rates by balance
| Balance | Base rate | Bonus | Total |
|---|---|---|---|
| Any balance | 4.00% | +1.75% | 5.75% |
How to earn the bonus
Bonus rate is the total rate payable for the first 12 months.
Who can open it
- Age to open
- Any
- Maximum balance
- None published
Who it's for
- Available to ADF members who are within 12 Months either side of milestones.
- Product available only for members who meet a recognised ADF milestone.
- $1500 per month into your Everyday Access account.
- Our Salute account rewards those who have been deployed, have reached 15 and 25 years of service or have transitioned out with bonus interest for 12 months.
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
4.00%
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. Bonus rate is the total rate payable for the first 12 months. Miss them in a month and you earn the base rate.
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
