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Summary

A term deposit that provides a higher interest rate with a higher balance.

The Investment Plus account offered by the Australian Military Bank is a term deposit where your money earns competitive interest. Depending on the term of your deposit the bank pays interest annually or on maturity. When your deposit matures you can choose to renew it or withdraw your money.

Pros

Guaranteed return on investment
Standard minimum investment amount
Interest paid at maturity and annually

Cons

Only available for members

Details

Key details

Product Name	Australian Military Bank Investment Plus
3 month interest rate	3.50%
4 month interest rate	5.10%
6 month interest rate	4.80%
7 month interest rate	4.80%
9 month interest rate	4.80%
12 month interest rate	4.80%
24 month interest rate	3.95%
36 month interest rate	3.95%
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

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Congratulations, Australian Military Bank!

Australian Military Bank Investment Plus received the highly commended award for 'Term Deposit (12 months)' in the 2024 Banking Product Awards.

Full list of 2024 winners

Key features

Minimum investment

You can open an Investment Plus term deposit with a minimum amount of $1,000.

Interest rates

Investing $1,000 for three to four months earns 3.5% p.a. Term deposits of six to eight months earns 4.8% p.a. If you open a 12 months deposit you'll earn 4.8% p.a. interest.

Calculation and payment of interest

The bank calculates interest on an everyday basis. For terms up to and including 12 months the banks pays interest on maturity. For terms in excess of 12 months the bank pays interest annually.

Increasing deposit amount

You can increase the amount of your deposit only upon maturity, by renewing your deposit. You may not get the same interest rate at that time.

Withdrawal Restrictions

By opening an Investment Plus term deposit you acknowledge that you are not meant to withdraw funds from your account before maturity. You might request an early redemption before the term comes to an end. If the bank grants your request it will pay interest at a reduced rate, as per its discretion.

Options at maturity

You have the option of renewing your term deposit upon maturity. You can get the money transferred to a nominated bank account and you can also choose to collect a cheque before the deposit matures. The bank tries to contact you one week before the maturity date to confirm you instructions.

Automatic renewal

If you don't provide any instructions regarding what to do with your term deposit before its maturity date, the bank might renew it. In this case the interest rate along with the terms and conditions that apply may not be the same as that of the original deposit. If the bank renews your deposit without your instructions it sends of a confirmation of the new deposit. You then get seven days to issue instructions in case you choose otherwise.

How to apply

Opening this term deposit requires that you become a member of the Australian Military Bank. You can open an Investment Plus term deposit by visiting any Australian Military Bank branch and you can apply online. To complete and submit an online application, visit the Australian Military Bank website. Before you do, make sure you meet these eligibility criteria.

Eligibility

Minimum age. You are over 18
Residency requirements. You are an Australian citizen or a permanent Australian resident.

Depository requirements. You can open this term deposit with a minimum of $1,000.

Documentation needed

To complete the application successfully keep this information handy:

Identification. If you're not an Australian Military Bank member you'll have to complete a legally required identity verification process. To do this you can use your Australian driver's license, passport or Medicare card.
Tax file number. While providing your tax file number is not mandatory doing so ensures that you don't end up paying withholding tax.
Other information. This includes your name, date of birth, residential address, email address and phone number.

What happens after I submit my application?

If you don't have any of the required information you can save your online application and retrieve it later. Once you submit your application you get a reference number, which you can use to track it at any time.

Sources

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EARLY WITHDRAWAL OF TERM DEPOSIT & FEES

January 28, 2024

What are the penalties of an early withdrawal and fees associated with a 6 month term deposit.

Sarah Megginson Finder

March 25, 2024

Hi June,

We have reviewed the PDS, which states: You may request an early redemption of your deposit before the term has ended but if granted, interest will be paid at a reduced rate from the date of deposit to the day prior to withdrawal. The reduced rate will be as decided by us from time to time and is currently the S1 Access account interest rate.

Hope this helps!

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Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

Australian Military Bank Investment Plus

Pros

Cons

Congratulations, Australian Military Bank!

Key features

Minimum investment

Interest rates

Calculation and payment of interest

Increasing deposit amount

Withdrawal Restrictions

Options at maturity

Automatic renewal

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

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