AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Gross rate: is the contractual rate of interest payable before deduction of income tax at the rate specified by law.

for accounts where the term is 12 months or more, pay the entire balance of the account to the servicing account.for accounts where the term is less than 12 months, reinvest the entire balance of the account in a new Fixed Term Deposit account with a term that is the same and at the new rate of interest that applies on the date of reinvestment.We will take your circumstances into account and may make an exception in a special cases. You can't withdraw your money before the end of the fixed term.The interest rates advertised are not fixed until receipt of your deposit and any supporting documentation required to open your Fixed Term Deposit.Withdraw your money at the end of the term.We will open a fee-free servicing account (Money Market Call Account) to allow you to.Our term deposits are part of the Government Deposit Guarantee (Financial Claims Scheme). For larger amounts please contact us to discuss your options. If the same term is no longer available, then the re-investment will be for the standard term closest to the original term.Īll term deposit rates are for amounts up to $1 million. Unless advised otherwise, the interest earned on your term deposit will be re-invested with your principal deposit. Interest payable in respect of the last 12 months or part thereof is added to the balance at maturity.

Where terms exceed 12 months, interest is capitalised annually. Interest is paid on the date of maturity. Interest is calculated on the daily balance. Gross rate of interest before deduction of government earnings tax. Interest rates and terms on offer may change at any time without notice. Defence Bank offers standard (available at all times) and premium (an occasionally offered special rate on non-standard period) terms.

Banking term deposit rates