Interest rate 6 months interest rate: Up to 4.45% p.a.
Minimum opening deposit: $500
Account keeping fee: $0

Summary

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.

Pros

Wide range of term options
High interest rates
Auto renewal

Details

Key details

Product Name	Australian Military Bank Teen Plus Term Deposit
3 month interest rate	3.15%
4 month interest rate	3.85%
6 month interest rate	4.45%
7 month interest rate	3.85%
9 month interest rate	3.85%
12 month interest rate	3.85%
24 month interest rate	3.55%
36 month interest rate	3.55%
Minimum Opening Deposit	$500
Government guarantee	Yes

Eligibility

Joint account availability	No
Min Deposit	$500
Available to children	No minimum age

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.

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1. Australian Military Bank Teen Plus Term Deposit information page
2. Australian Military Bank Teen Plus Term Deposit TMD

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Alison Finder

Editorial Manager, Money

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Ian

June 13, 2023

do you do a monthly return

Sarah Megginson Finder

July 13, 2023

Hi Ian,

The minimum term deposit period is 3 months, at the moment this bank doesn’t offer a monthly return.

You can search and compare a range of term deposits here, and filter the options to “1 month” if you’d like an option for monthly returns:

https://www.finder.com.au/term-deposits

Hope this helps!

Show more Show less

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Australian Military Bank Teen Plus term deposit

Pros

Key features

Minimum amount

Interest rates

Calculating and paying interest

Increasing amount of deposit

Restrictions

Maturity options

Automatic renewal

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Compare other savings accounts

How the Finder Score helps you find a better savings account

Sources

Your reviews

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