Features

Competitive market rates

Be sure of the interest you’ll earn and lock in a great rate. The minimum deposit required to open an AMP Bank Term Deposit is $5,000.

Flexible and fee-free

Choose from terms between 30 days to five years and multiple interest payment options. No monthly fees, and it’s simple to roll over.

Government guarantee

The Australian Government guarantee protects combined deposits up to $250,000 per customer if a financial institution fails.

Product inclusions

What the product includes

  • A competitive fixed interest rate
  • The requirement to invest a minimum of $5,000
  • Locking your savings away for a set time
  • The ability to view your balance online or via the My AMP app

What the product doesn't include

  • The option to invest less than $5,000
  • Easy access to your savings
  • The option to change the timeframe your savings are locked away for
  • A Visa Debit card, Bank@Post, or use of digital wallets

How term deposits work

If you’ve received a lump sum of money you’re keen to put away, or you’re saving for something big, a term deposit might be suitable for you.

It can be an ideal way to save for a specific goal, as it enables you get a guaranteed return based on the amount you invest and the interest rate on the day you open your term deposit.

Leaving your money in a transaction account generally earns you little or no interest. You may also be tempted to spend it. Instead, consider putting those funds away for a set period of your choice that pays you a guaranteed return at the end.

Whether you want to put down a deposit on a new home, buy a car or start a family, a term deposit could help you achieve your goals faster.

It's important to think carefully when choosing your term duration as you need to provide 31 days' notice if you want to access the money earlier than the selected term1 . If you choose to continue your term deposit at maturity (rolling-over), the interest rate on the day the roll-over occurs will apply, this may be different to the interest rate for your initial term. Talk to a financial adviser to see what kind of saving strategy works best for you.

Choose the right term deposit

For instance, we currently offer:

0.85% pa  for deposits over $25,000 for a term of 3 months
1.00% pa  for deposits over $25,000 for a term of 6 months
1.10% pa  for deposits over $25,000 for a term of 12 months

Rates effective 10 December 2021. Please check out the full range of term deposits and interest rates. 

Boost your savings with certainty

Apply for an AMP Term Deposit now
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Access your accounts online with My AMP
My AMP is an easy, convenient and secure way to do your banking online and manage your savings. With My AMP you can access and manage all your accounts from one place, whenever and wherever it suits you – using desktop or the My AMP app.

FAQs

What are the fees?

There are no ongoing account management fees, including for regular deposits. If you want to access your money before the end of your term, fees may apply. Read our Deposit product fees and charges guide for more information.
 

What do I need to apply?

Applying online will take you between 10-15 minutes to complete. You’ll need valid forms of identification and your bank account details for the initial deposit.

Are my savings secure?

The Australian Government guarantee protects combined deposits up to $250,000 per customer.

Can I set up a direct debit?

Direct debits are not permitted on term deposits. Read our Account Access and Operating Terms and Conditions for more information.

Contact us

Mon - Fri: 8am – 8pm (AEST)
Sat & Sun 9am – 5pm (AEST)

Lost / Stolen Cards: 24 hours / 7 days a week

Important information

The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517.

It’s important to consider your circumstances and read the relevant Product Disclosure Statement or Terms and Conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account. Information including interest rates is subject to change without notice.

Any application is subject to AMP Bank’s approval. Terms and conditions apply and are available at amp.com.au/bankterms or 13 30 30. Fees and charges may be payable.

This information is provided by AMP Bank Limited. Read our Financial Services Guide available at amp.com.au/fsg for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.

AMP Bank is a member of the Australian Banking Association (ABA) and is committed to the standards in the Banking Code of Practice

A target market determination for these products is available on our TMD page.

Information including interest rates is correct as at 09 December 2021 and is subject to change without notice.

1 Costs apply when accessing funds earlier than the selected term