Australian Military Bank Investment Plus
A term deposit that provides a higher interest rate with a higher balance.
The Investment Plus account offered by the Australian Military Bank is a term deposit where your money earns competitive interest. Depending on the term of your deposit the bank pays interest annually or on maturity. When your deposit matures you can choose to renew it or withdraw your money.
|Product Name||Australian Military Bank Investment Plus|
|3 month interest rate||0.40%|
|4 month interest rate||0.40%|
|6 month interest rate||0.50%|
|7 month interest rate||0.50%|
|9 month interest rate||0.50%|
|12 month interest rate||0.75%|
|24 month interest rate||1.10%|
|36 month interest rate||1.10%|
|Minimum Opening Deposit||$1,000|
|Minimum Age Requirement||18|
|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.|
You can open an Investment Plus term deposit with a minimum amount of $1,000.
Investing $1,000 for three to five months earns 0.4% p.a. Term deposits of six to 11 months earn 0.5% p.a. If you open a 12 months deposit you'll earn 0.75% p.a. interest.
Calculation and payment of interest
The bank calculates interest on an everyday basis. For terms up to and including 12 months the banks pays interest on maturity. For terms in excess of 12 months the bank pays interest annually.
Increasing deposit amount
You can increase the amount of your deposit only upon maturity, by renewing your deposit. You may not get the same interest rate at that time.
By opening an Investment Plus term deposit you acknowledge that you are not meant to withdraw funds from your account before maturity. You might request an early redemption before the term comes to an end. If the bank grants your request it will pay interest at a reduced rate, as per its discretion.
Options at maturity
You have the option of renewing your term deposit upon maturity. You can get the money transferred to a nominated bank account and you can also choose to collect a cheque before the deposit matures. The bank tries to contact you one week before the maturity date to confirm you instructions.
If you don't provide any instructions regarding what to do with your term deposit before its maturity date, the bank might renew it. In this case the interest rate along with the terms and conditions that apply may not be the same as that of the original deposit. If the bank renews your deposit without your instructions it sends of a confirmation of the new deposit. You then get seven days to issue instructions in case you choose otherwise.
How to applyOpening this term deposit requires that you become a member of the Australian Military Bank. You can open an Investment Plus term deposit by visiting any Australian Military Bank branch and you can apply online. To complete and submit an online application, visit the Australian Military Bank website. Before you do, make sure you meet these eligibility criteria.
- Minimum age. You are over 18
- Residency requirements. You are an Australian citizen or a permanent Australian resident.
- Depository requirements. You can open this term deposit with a minimum of $1,000.
To complete the application successfully keep this information handy:
- Identification. If you're not an Australian Military Bank member you'll have to complete a legally required identity verification process. To do this you can use your Australian driver's license, passport or Medicare card.
- Tax file number. While providing your tax file number is not mandatory doing so ensures that you don't end up paying withholding tax.
- Other information. This includes your name, date of birth, residential address, email address and phone number.
What happens after I submit my application?
If you don't have any of the required information you can save your online application and retrieve it later. Once you submit your application you get a reference number, which you can use to track it at any time.