News

Australian Military Bank Interest Rate Announcement

Following the announcement by the RBA on 7 November 2023 to lift the cash rate, Australian Military Bank will be making changes to a number of loan and deposit products.

Variable home and investment loan interest rates (including DHOAS) will be increased by 0.25% p.a. effective 21 November 2023, with repayments to change from 19 December 2023. This will apply to all new and existing variable rate loans. Members with a change to their repayments will receive communication confirming their new repayments.

We will also be increasing the rates on selected savings accounts. New and existing account holders will be able to earn up to 4.50%* with our Online Saver and 4.15% with our DIY Super Saver. These changes will be effective by 1 December 2023 and 17 November respectively. We’ve also recently increased our term deposit rates, with members now able to earn 5.05% for 10-12 month terms.

We understand that successive increases to interest rates will impact our members with variable rate home loans. We encourage our members who may be experiencing difficulty in meeting their repayments to contact us on 1300 13 23 28 to discuss how we can assist.

* Online Saver accounts earn a base rate of 0.10% each month for balances between $0 and $500,000, with a bonus 4.40% earned if you don’t make any withdrawals during the month.

Australian Military Bank announces Alan Bardwell as new Chair of Board

Group Captain John Brooks (Retd) has made the decision to retire as the Chair of the Australian Military Bank Board effective 1 July 2023. The Australian Military Bank is pleased to announce that the Board has appointed Alan Bardwell as the new Chair.

Read media release here

 

Update to Terms and Conditions

We have updated our Terms and Conditions for Accounts and Access Facilities effective 13 June 2023.  The key updates include changes to how we may verify your identity, how we perform account monitoring, and how you may use cheques. We have also updated the Recruit Salary Saver account product on the account eligibility and the minimum opening balance required.

Australian Military Bank Interest Rate Announcement

Following the announcement by the RBA on 6 June 2023 to lift the cash rate, Australian Military Bank will be making changes to a number of loan and deposit products.

Variable home and investment loan interest rates (including DHOAS) will be increased by 0.25% p.a. effective 20 June 2023, with repayments to change from 18 July 2023. This will apply to all new and existing variable rate loans. Members with a change to repayments will receive communication confirming their new repayments.

We are also increasing the bonus rate by 0.25% on our Online Saver to a maximum rate of 4.25% (effective 1 July 2023), and our DIY Super Saver to a new rate of 3.90% (effective 15 June 2023), which will be passed on to our existing members. New Term Deposit specials of 4.90% for 12 – 17 month Term Deposits will be available from 15 June 2023.

We understand that successive increases to interest rates will impact our members with variable rate home loans. We encourage our members who may be experiencing difficulty in meeting their repayments to contact us on 1300 13 23 28 to discuss how we can assist.

Urgent scam warning for our members

AMB is aware of scam calls to our members where scammers pretend to be calling from the AMB Fraud Team and inform members that their account has been compromised. The scammers are also known to ask members for their account information, card details and one-time passwords. Please note this is a scam.

AMB will never ask a member for their account details or one-time passwords. The one-time passwords sent to a member’s registered mobile phone or emails must never be shared, even with AMB.

Please visit our Blog for more details on how to protect yourself.

Australian Military Bank Interest Rate Announcement

Following the announcement by the RBA on 2 May 2023 to lift the cash rate, Australian Military Bank will be making changes to a number of loan and deposit products. 

Interest rates for 2, 3 and 5 year fixed rate home and investment loans will be reduced by 0.55% p.a, 0.40% p.a and 0.20% p.a respectively, effective 9 May. This will apply to all new fixed rate home and investment loans. 

We are also increasing the bonus rate by 0.25% on our Online Saver to a maximum rate of 4.00% (effective 1 June), our DIY Super Saver to a new rate of 3.65% (effective 9 May) which will be passed on to our existing members. New Term Deposit specials of 4.50% for 5 to 9 month Term Deposits will be available from 9 May.  

Variable home and investment loan interest rates (including DHOAS) will be increasing by 0.25% p.a. effective 16 May, with repayments to change from 14 June. This will apply to all new and existing variable rate loans. Members with a change to repayments will receive communication confirming their new repayments. 

We understand that successive increases to interest rates will impact our members with variable rate home loans. We encourage our members who may be experiencing difficulty in meeting their repayments to contact us on 1300 13 23 28 to discuss how we can assist. 

Update to Fees and Charges

We are pleased to announce the following changes to our Fees and Charges; Removal of all Bank@Post fees (cash & cheque deposits, cash withdrawals); Reduction of Direct Debit Dishonour fee from $20 to $10.

Update to OSKO (Real time) limits in Mobile and Internet Banking

There are updates to the OSKO (Real time) limits in Mobile and Internet Banking.  The previous limit of $1,000 per transfer up to a maximum daily limit of $10,000, has now been increased to a new maximum limit per transfer of $10,000 up to maximum daily limit of $10,000.

This change means that members can organise faster transactions, with funds arriving at the destination account instantly if the transfer meets the new criteria.

You can manage your daily maximum limit through the App or Internet Banking by going to Menu > Settings > Manage Limits

Update to our Terms & Conditions of Use

We’ve updated our Account & Access Facility Terms & Conditions of Use effective 1 April 2023.

To help you understand the changes that may affect you, we’ve provided a summary of the key changes below. By continuing to operate your accounts with us, you agree to be bound by these Terms & Conditions of Use.

Changes to Joint Accounts

We have made some changes to the way that Joint Accounts will be set-up upon account opening, how account holders can make changes to the account, as well as actions the Bank may take in the case of a dispute between the account holders.

Cheques

We have included new information on how cheques operate, including timeframes for clearance, how to lodge stop payments, why a cheque may not be honoured and suggestions on how you can prevent your cheques being used by the wrong people.

Cancelling Accounts and Access Facilities

We may suspend or close your facility (including delaying not processing transactions), in order to protect you from potential harm (eg. Scams), or where we must do so to comply with our legal or regulatory obligations.

Account Statements

We are reducing our reliance on paper statements, and we will by default send account statements electronically, unless you otherwise direct us not to do so.

Complaints and Feedback

We have provided additional information on how we handle complaints and feedback, as well as where you can refer your complaints, including escalation points if you are not satisfied with the way we have resolved your complaint.

Terms of Use

We have incorporated and updated the following Terms for:

• Digital Wallets
• EFTPOS Secure and Visa Secure
• PayTo
• Term Deposits

We have provided instructions on how you can withdraw the whole or part of your term deposit early, as well as information about how this may impact on the interest that you earn.

What do I need to do now?

There is nothing you need to do – however, we encourage you to read the updated document on our website here.

Australian Military Bank Interest Rate Announcement

Following the announcement by the RBA on 7 March 2023 to lift the cash rate, Australian Military Bank will be making changes to a number of loan and deposit products. 

Variable home and investment loan interest rates (including DHOAS) will be increasing by 0.25% p.a. effective 23 March 2023, with repayments to change from 25 April 2023. This will apply to all new and existing variable rate loans. Members with a change to repayments will receive communication confirming their new repayments. 

We are also increasing the bonus rate by 0.25% on our Online Saver to a maximum rate of 3.75% (effective 1 April 2023), our DIY Super Saver to a new rate of 3.40% (effective 14 March 2023) which will be passed on to our existing members. New Term Deposit specials of 4.25% for 6 and 12 month will be available from 23 March 2023.  

We understand that successive increases to interest rates will impact our members with home loans. We encourage our members who may be experiencing difficulty in meeting their repayments to contact us on 1300 13 23 28 to discuss how we can assist.