Australian Military Bank Teen Plus Term Deposit Review + Rates | Finder

Australian Military Bank Teen Plus term deposit

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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. The money in your term deposit earns interest in a tiered manner. 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.

Up to 0.7% p.a.

Interest rate

12 months interest rate

$500

Minimum opening deposit

$0

Account keeping fee

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Details

Product NameAustralian Military Bank Teen Plus Term Deposit ($1,000 - $49,000)
3 month interest rate0.45%
4 month interest rate0.45%
6 month interest rate0.55%
7 month interest rate0.55%
9 month interest rate0.55%
12 month interest rate0.70%
24 month interest rate0.70%
36 month interest rate0.70%
Minimum Opening Deposit$500
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.

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 between $500 to $49,999. Slightly higher interest rates are offered for balances above $50,000.


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.

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