A term deposit for teenagers that lets you earn competitive interest.
The Australian Military Bank Teen Plus term deposit, as the name suggests, is meant especially for those less than 17 years of age. You earn interest annually or at maturity, depending on it’s term. Upon maturity of your deposit you have the options of renewing it and withdrawing your money.
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.
Joint account availability
No
Min Deposit
$500
Available to children
No minimum age
Pros
Wide range of term options
High interest rates
Auto renewal
Cons
false
Key features
Minimum amount
The least you require to open an Australian Military Bank Teen Plus term deposit is $500.
Interest rates
The interest you earn depends on the amount of money you invest as well as the term of the deposit. The interest the bank offers remains subject to change. Once you open a term deposit, the interest remains the same through the course of the term. The rates shown above are for balances $500.
Calculating and paying interest
Calculation of interest happens on an everyday basis. If the term of your deposit is up to or equal to 12 months the bank pays interest when the deposit matures. You'll get interest payouts annually if the term of your deposit exceeds 12 months.
Increasing amount of deposit
You cannot increase the amount of your deposit before maturity. Once your deposit matures you can add funds and renew your deposit.
Restrictions
If you open a Teen Plus term deposit you agree that you are not allowed to withdraw money from the account before expiry of the term. You may request to redeem your deposit ahead of time. In case the bank approves your request the interest you receive will be lower than previously agreed upon.
Maturity options
The bank lets you collect a cheque before your deposit matures. You can get the bank to transfer the funds to a nominated bank account. Renewing your term deposit is also an option. One week before the deposit matures the bank tries contacting you to verify your instructions.
Automatic renewal
The bank might renew your term deposit if it does not receive any instructions from you. Upon renewal, the new term deposit may have a different interest rate and the terms and conditions might also differ. If the bank renews a term deposit in this manner it sends a verification of the new deposit by mail. It then gives you seven days to issue instructions to the contrary.
How to apply
You can apply for the Teen Plus term deposit by visiting any Australian Military Bank branch, over the phone and online. Before you apply establish if you meet the required eligibility criteria:
Eligibility
Maximum age. You are less than 17 years old.
Residency requirements. You are an Australian citizen or a permanent resident of Australia.
Depository requirements. The minimum amount required to open this term deposit is $500.
Documentation needed
Completing the application requires you to provide different types of information:
Identification. You can verify your identity online using your Medicare card or your driver's license.
Tax file number. Provide your tax file number if you don't want the bank to deduct withholding tax from the interest you earn.
Other information. The application requires your date of birth, residential address, phone number and email address.
What happens after I submit my application?
The bank lets you save your online application and return to it later. After you submit your application you get a reference number. You can use this to track the status of your application. If you're not an existing Australian Military Bank member, you'll have to become one first. You'll also have to open the Junior Saver Account.
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.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money here.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.