A joint banking venture between the Returned and Services League of Australia and the Australian Defence Credit Union, to be known as RSL Money, was announced yesterday. The first two products are a low rate credit card and a deeming account, and are open to all RSL Sub Branch members and their partners. RSL National will receive a share of the annual credit card fees and a percentage of the interest on deeming account balances.John Ford, chief executive officer of ADCU, said membership of his credit union was skewed towards a younger demographic of serving Defence Force personnel, and was "a relatively fast growing ADI". Its mortgage book grew at an annualized rate of almost 10 per cent in the year to December 2013. "To support this growth we needed to diversify our retail funding base and attract long term sticky funds. A key aspect of the RSL Money initiative is that the savings attracted will be mostly directed to serving Defence personnel in the form of home, car and personal loans," Ford said.