Defence Bank launches superannuation account
Defence Bank has expanded its product range, with the launch this week of a superannuation account.The bank, which has 90,000 members and A$1.5 billion of assets, is primarily a home lender but its strategy is to provide a full product set.Defence Bank Super has been designed for members in the accumulation phase or retirement. The bank has worked with fund administrator Financial Synergy to develop the product.Defence Bank's chief executive, Jon Linehan, said the superannuation account was a relatively simple offering, with a small range of five investment choices, as well as access to life, total and permanent disability and income protection insurance.Although Defence Bank is not a bonded mutual, most of its members are in the Australian Defence Forces. They have access to superannuation provided by the Australian government.Linehan said he expected that members would review their super when they left the ADF and Defence Bank Super would give them an alternative. Defence Bank already offers a retirement savings account, offering a range of term deposits, which it claims is the biggest RSA in the mutual sector.