AMP Bank term deposit $5000+

Open an AMP term deposit from $5,000 and choose from terms ranging from 3 months to 5 years.

Earn a competitive interest rate of up to 0.95% p.a. on deposits over $5,000 for a 5 year term deposit. With no monthly fees and flexible payment of interest, this account could be an ideal way to manage your savings and meet your financial goals for the future.

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Shirley Liu

Last Updated Dec 30, 2020

Up to 0.95% p.a.

Interest rate

36 months interest rate

$5,000

Minimum opening deposit

Account keeping fee

$24,999

Maximum deposit

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Details

Product Name	AMP Term Deposit $5000+
3 month interest rate	0.25%
4 month interest rate	0.45%
6 month interest rate	0.60%
7 month interest rate	0.60%
9 month interest rate	0.70%
12 month interest rate	0.75%
24 month interest rate	0.75%
36 month interest rate	0.95%
48 month interest rate	0.95%
60 month interest rate	0.95%
Minimum Opening Deposit	$5,000
Minimum Age Requirement	13

The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.

Minimum Age Requirement	13
Joint account availability	Yes
Min Deposit	$5,000
Available to children	Not available for children under 13 years of age

Pros

$0 Account keeping fees
Wide ranges of terms from from 3 months to 5 years

Cons

Minimum investment of $5,000

Shirley Liu

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Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Key features

No monthly fees

AMP offers this term deposit account with no monthly maintenance fee.

Earn more interest as your term length increases

Earn more money when you make larger deposits and keep your money in the account for longer term lengths.

NOTE: Other bonus margins cannot be applied to the rates displayed above.

$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. To find out the interest rates you would receive for larger deposits amounts, read our reviews of the AMP Bank's $25,000+ and $100,000+ term deposits.

A range of terms for your investment

For investments between $5,000 and $24,999 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.

Compare more AMP banking products

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How to apply

If the terms of AMP's account meet your savings style, visit the AMP website to complete an online 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

Before getting started, you should be aware of the eligibility requirements for this account:

Minimum age. Applicants should be at least 13 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 needed

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, you can still complete the application process online. 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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4 Comments

charlie
November 14, 2016

Is $99,900.00 the maximum I can invest in a 12 month term deposit at 3%

finder Customer Care

Clarizza
November 15, 2016

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

BLADEN
October 8, 2016

Where can I lodge my money if I live in Coffs Harbour

finder Customer Care

Clarizza
October 10, 2016

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

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AMP Bank term deposit $5000+