In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Compare other term deposit accounts
  • Your reviews
  • Ask a question
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Australian Military Bank Income Plus

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Australian Military Bank Income Plus
Interest rate 4 months interest rate
Up to 5% p.a.
Minimum opening deposit
$1,000
Account keeping fee
$0

Summary

Do you want to open a flexible term deposit that lets you invest your money for varied time periods?

The Australian Military Bank Income Plus is a term deposit that lets you earn competitive interest. The bank lets you choose between renewing your deposit and withdrawing your funds upon maturity. To open this account you have to invest a minimum of $1,000. The bank pays interest every month.

Pros

  • Competitive interest rate
  • Interest calculated daily and paid monthly
  • Low minimum investment

Cons

  • Only available to members

In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Compare other term deposit accounts
  • Your reviews
  • Ask a question

Details

Key details

Product Name Australian Military Bank Income Plus
3 month interest rate 3.50%
4 month interest rate 5.00%
6 month interest rate 4.70%
7 month interest rate 4.70%
9 month interest rate 4.70%
12 month interest rate 4.70%
Minimum Opening Deposit $1,000
Minimum age requirement 18
Government guarantee Yes

Eligibility

Minimum Age Requirement 18
Joint account availability No
Min Deposit $1,000
Available to children Not available for children

Key features

Minimum investment

The least you can invest in an Income Plus term deposit is $1,000.

Interest rates

As per current rates, investing $1,000 for three to five months earns 3.5% p.a. Term deposits of six to 11 months earn 4.7% p.a. If you open a 12 months deposit you'll earn 4.7% p.a. interest.


How to apply

When you open the Income Plus account you agree to become an Australian Military Bank member. To apply, you can walk into any Australian Military Bank branch, you can get started over the phone and you can submit an online application. Make sure you meet the required eligibility criteria.

Eligibility

  • Minimum age. You are at least 18 years of age.
  • Residency requirements. You are an Australian citizen or a permanent resident of Australia.

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