As a recruit or cadet who’s just moved out of home, there’s a lot to adjust to—new job, new place, and your first real paycheck. On top of everything else, managing your money on your own for the first time can be overwhelming. With so many banks and accounts to choose from, here’s three key things to consider when selecting an account that best suits you.
1. Pick an everyday account without the additional fees.
An everyday account is the one you use for all your regular deposits and withdrawals such purchases, paying subscriptions (e.g. Netflix, Spotify), and transferring or receiving money. Since you’ll be using this account frequently, it’s important to find one with low or no fees—those small charges can quickly add up. For example, Defence Bank offers an everyday account with no monthly, no overdrawn, no declined, and no dishonour fees. Not all banks offer this, so it’s worth checking.
Here’s a breakdown of some fees to watch out for:
Declined fee.
This happens when a transaction is rejected—usually because of insufficient funds or an expired card. For instance, if you forget to update your Netflix payment details and they try to charge your old card, you might get a declined fee each time.
Dishonour fee.
This is charged when a payment fails due to not having enough money in your account.
Overdrawn fee.
This happens when you withdraw more than what’s in your account, causing your balance to go negative. For example, this is when spend too much over the weekend and on Monday, you have no cash left to meet what is owing.
Account keeping fees.
Some banks charge a monthly account keeping fee which is to maintain and manage your account.
2. Choose a banking app with the works.
You’ll want a secure banking app that lets you manage everything on the go—whether you’re sending money instantly to a mate, activating a new card at the barracks or logging your travel details. The Defence Bank app lets you do all this, plus manage your cards (lock them, change your PIN, report them lost), check transactions, and even open new accounts.
With the added security of two-factor authentication (password + fingerprint or facial recognition) on most devices, it’s everything you need without having to step foot inside a branch.
Don’t forget to… go walletless and add your Defence Bank digital card to your phone or watch. Our cards work with Apple Pay, Google Pay, Garmin Pay, and Samsung Pay—making payments quicker and easier than ever.
3. Easy access to cash.
No one wants to pay extra fees just to take out cash. If you’re buying something off Facebook Marketplace or need cash for a gift, you shouldn’t be hit with an ATM withdrawal fee—which can be as high as $3.50 at some banks.
At Defence Bank, you can withdraw cash from over 9,500 ATMs nationwide without any fee. Just use ATMs from the big 4 banks, Next Payments, atmX machines, or any of our Defence Bank branded ATMs (many of which are on base).
And if you're overseas, no worries—Defence Bank doesn't charge any overseas ATM withdrawal fees when you use our Visa Debit Card.
By focusing on these three things—low fees, a solid app, and access to fee-free cash— you can find the right fit for your new military lifestyle.
We’re here to support you.
We understand that ADF recruits and cadets live a life like no other. If you have any questions, talk to our team by calling our Contact Centre on 1800 033 139 or visit your local branch.
Important note: This information is of a general nature and is not intended to be relied on by you as advice in any particular matter. You should contact us at Defence Bank to discuss how this information may apply to your circumstances.
