Product details
With high interest rates offered in a variety of different terms, the AMP term deposit could be ideal for both short and long term saving goals. As a wealth management company, AMP has a range high interest savings products that can help Australians meet their financial plans for the future. Its term deposit is structured like any other, with a fee free way of managing your savings for the short or long term.
If you receive a lump sum, whether its through a work bonus, tax refund or inheritance, think about putting it out of temptation's way.
- Product Name
- AMP Term Deposit
- 3 month interest rate
- 2.25%
- 4 month interest rate
- 2.05%
- 6 month interest rate
- 2.30%
- 9 month interest rate
- 2.40%
- 12 month interest rate
- 2.40%
- 24 month interest rate
- 2.35%
- 36 month interest rate
- 2.35%
- 48 month interest rate
- 2.55%
- 60 month interest rate
- 2.60%
- Min Deposit
- $5,000
- Max Deposit
- $5,000,000
- Joint Application
- Yes
- Minimum Age Requirement
- 18
- Covered by Government Guarantee
- Yes (Up to $250,000 per person, per institution)
What are the features of the AMP Bank Term Deposit?
A number of Australian banks are offering term deposit accounts to qualifying applicants. Make sure that you compare the different features of those with the ones that are a part of AMP Banks:
No monthly fees
AMP offers their term deposit with no monthly maintenance fee.
Earn more interest as your balance grows
The competitive interest rates are tiered, where you are earning more money with larger deposits and longer terms.
$5,000 minimum deposit
The minimum deposit required is $5,000, starting with a three month term. If you wish to only invest for one or two months, you must have an amount of at least $5,000.
A range of terms for your investment
For investments between $5,000 and $5,000,000 terms can be anywhere between three months and five years.
Interest payment
You can choose how often the interest is paid into your account, including every one, three or six months. In some circumstances special conditions or reduced rates will apply with interest payments made more frequently. For the full interest rate, you will wait for the payment to be made at maturity.
Keep track of your savings online or through the app
You can track your savings growth through online banking or from your android or iPhone mobile device by downloading AMP’s free app.
Account availability
The term deposit from AMP is available for individuals, sole traders, companies and trust accounts.
Pros
- $0 Account keeping fees
- Wide ranges of terms from from 3 months to 5 years
Cons
- Minimum investment of $5,000
How do I apply for the AMP Bank Term Deposit online?
If the terms of AMP’s account meet your savings style, visit their website to retrieve their application form. You can also talk directly with a financial adviser if you have any questions about the term deposit and how it can help with your future financial goals.
Eligibility to apply online
Before getting started, you should be aware of the eligibility requirements for this account:
- Minimum age. Applicants should be at least 18 years of age.
- Residency requirements. You must be an Australian resident with a verifiable Australian residential address in order for your application to be considered.
- Depository requirements. There is a minimum of $5,000 required in order for AMP to open a term deposit in your name.
Documentation required
Additionally you will need to be able to provide the following documentation when sending your application to AMP Bank:
- Tax file number. Providing AMP with your tax file number (TFN) or TFN exemption code is not mandatory, but it will help in ensuring that your withholding tax on interest earned is at the correct rate.
- Identification. By Australian law, AMP is required to verify your identity prior to opening an account in your name. This can be done using your Australian driver’s licence or passport.
- Initial deposit. You can either send a check along with your application for the initial deposit, or provide AMP with an account number from which they can make an electronic withdrawal. If you are choosing direct debit you will have to send in a copy of an account statement that is not more than six months old and which contains the BSB, account number and account name.
What happens after I submit my application?
If you are an individual or sole trader, make sure that you download the correct forms before completing your application. Once it has been received by AMP Bank the account will be opened after they have verified the identification documents you submitted and your initial deposit has cleared.
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Is $99,900.00 the maximum I can invest in a 12 month term deposit at 3%
Hi Charlie,
Thanks for your question.
The maximum you can invest in a 12 month term deposit with AMP is $5,000,000 at 2.60% p.a – AMP have recently updated their term deposit rates and we have now updated the page to reflect this. Please note, term deposit rates are tiered. 2.60% pa is based on a 12 month term deposit balance of between $1,000,000-$5,000,000.
Regards,
Clarizza
Where can I lodge my money if I live in Coffs Harbour
Hi Bladel,
Thanks for your question. You can lodge your money electronically or via mail.
You can either send a check along with your application for the initial deposit, or provide AMP with an account number from which they can make an electronic withdrawal. If you are choosing direct debit you will have to send in a copy of an account statement that is not more than six months old and which contains the BSB, account number and account name.
Regards,
Clarizza