What is the history of Australian Military Bank and RSL Money?

Jasmine Shillington Updated by Jasmine Shillington

Australian Military Bank is Australia’s longest serving Defence financial institution, established in 1959 as Navy (Civil Staff) Co-op. Ltd.

We’ve been helping Australian Defence personnel and their families make the most of their money for over 65 years. As a mutual organisation, we are run for the benefit of our members who are also our shareholders. 

Our history

  • 1959: Founded as the Navy (Civil Staff) Co-op (NSW), exclusively serving Navy personnel. 
  • 1971: Membership extended to civilian employees of the Army and RAAF in NSW
  • 1983: We merged with Army Defence (NSW) Credit Union and rebrand as Australian Defence Credit Union (ADCU)
  • 2000: By 2000, the Bank had a national presence among all branches of the military. 
  • 2008: Selected by Department of Defence as one of three DHOAS home loan providers
  • 2014: Launched its RSL Money brand, supporting the RSL through white labelled products 
  • 2015: Australian Defence Credit Union was renamed ‘Australian Military Bank,’ maintaining the member-ownership model while appealing to a wider contingent of Australians. 
  • 2018: Launched our 24/7 digital banking offerings and core banking system upgrade as part of our digital transformation journey. 
  • 2019: Awarded Baa1 Stable rating from leading global independent agency Moody’s
  • 2020: Achieved $200,000 of charity donations via our Military Rewards Account
  • 2023: Relocated our head office to the new premium sustainable building at 1 Bligh Street, Sydney. 
  • 2024: Celebrated our 65 year anniversary supporting the Defence community including being named in Forbes World’s Best Banks and Canstar’s Customer Owned Bank of the Year – Everyday Banking
  • 2025: Named Canstar’s Customer Owned Bank of the Year – Everyday Banking for the second year in a row.

How did we do?

Can anyone join RSL Money?

Is Australian Military Bank an authorised bank?

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