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.
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