The Investment Plus account offered by the Australian Military Bank is a term deposit where your money earns competitive interest through a tiered system. 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.
What are the features of the Australian Military Bank Investment Plus account?
- Minimum investment. You can open an Investment Plus term deposit with a minimum amount of $1,000.
- Interest rates. The bank offers interest on Investment Plus term deposits in a tiered manner. As of now, if you invest $1,000 to $49,999 for three to five months, you earn 2.45% p.a. interest. For six to eight months or nine to 11 months you earn 2.60% p.a.. A term deposit of 12 months earns 2.65% p.a.. Interest increases to 2.80% p.a. for deposits from 13 to 15 months and 16 to 18 months. For deposits from 19 to 24 months, the bank offers 2.80% p.a.. If you invest $50,000 or more you can get slightly better interest rates.
- 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.
- Withdrawal Restrictions. 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.
- Automatic renewal. 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.
- Guaranteed return on investment
- Standard minimum investment amount
- Interest paid at maturity and annually
- Only available for members
How do I apply for the Australian Military Bank Investment Plus term deposit?
Opening 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, simply click on the ‘Go to Site’ button. 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.
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.