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.
What are the features of the AMP Bank Term Deposit?
With a variety of term deposits on the marketplace, it's important to compare their different features. Here are some features of the AMP Bank $25,000 term deposit:
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, so you earn more money if you deposit larger amounts and invest for longer terms.
$25,000 minimum deposit
The minimum deposit required is $25,000, 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 $25,000.
A range of terms for your investment
For investments between $25,000 and $99,999 terms can be anywhere between one month and five years.
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 when interest payments are made more frequently. The best rates are available on interest paid 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.
The term deposit from AMP is available for individuals, sole traders, companies and trust accounts.
- $0 Account keeping fees
- Wide ranges of terms from from 3 months to 5 years
- Minimum investment of $25,000
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 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 $25,000 required in order for AMP to open a term deposit in your name.
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.