Product details
If you're looking to earn a competitive interest rate on deposits between $100,000 to $499,999, the AMP Bank term deposit could be an ideal option for you. With a variety of flexible term lengths ranging from 1 month to 5 years, this account allows you to enjoy fixed and reliable returns.
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 $100,000+
- 1 month interest rate
- 1.85%
- 3 month interest rate
- 2.65%
- 4 month interest rate
- 2.65%
- 6 month interest rate
- 2.80%
- 9 month interest rate
- 2.80%
- 12 month interest rate
- 2.75%
- 24 month interest rate
- 2.75%
- 36 month interest rate
- 2.75%
- 48 month interest rate
- 2.90%
- 60 month interest rate
- 3.00%
- Min Deposit
- $100,000
- Minimum Age Requirement
- 13
What are the features of the AMP Bank Term Deposit?
Competitive interest rates up to 3.00% p.a.
This account offers a fixed interest rate of up to 3.00% p.a. for a 5 year term deposit.
Earn more interest on longer term lengths
Generally, as your term length increases, so do your earnings with this account. While a 6 month term will earn you a rate of 2.80% p.a., longer terms such as 12 months will allow you to earn a fixed rate of 2.75% p.a. There are notable exceptions to this rule, including the 9, 10, 11, 13 and 18-month terms which will yield you a slightly reduced rate of 2.80% p.a.
No monthly fees
AMP offers their term deposit with no monthly maintenance fee.
$100,000 minimum deposit
The minimum deposit required to access these rates is $100,000. If you're looking to deposit a smaller amount, AMP also offers term deposits with minimum deposits ranging from $5,000 to $99,999. To find out how much interest you could earn on these smaller deposits, read our reviews of the AMP $5,000+ and $25,000+ term deposits.
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.
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 $100,000
How do I apply for the AMP Bank Term Deposit online?
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 to apply online
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 $25,000 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, 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.
What is the best term deposit interest rate and which one should I invest in?
Hi Nathan,
Thanks for getting in touch with Finder. I hope all is well with you. :)
The best term deposit interest rate and the best term deposit account would depend on your needs, preference, and budget. Since we are a comparison website and I don’t know your complete financial situation, I’m only limited to providing general information.
If you are considering AMP Bank term deposit, this account offers a fixed interest rate of up to 3.00% p.a. for a 5-year term deposit.
If you are considering other options, please go to this page where you can see a list of term deposit accounts.
On that page, you will see a table that allows you to conveniently compare your term deposit accounts. You can compare term deposit rates, interest earned, and minimum deposits using our table. Once you found the right one for you, click on the “Go to site” green button to learn more or initiate your application.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua