Choose the right term deposit
For instance, we currently offer:
|0.10% pa||for deposits over $25,000 for a term of 3 months|
|0.20% pa||for deposits over $25,000 for a term of 6 months|
|0.30% pa||for deposits over $25,000 for a term of 12 months|
Rates effective 22 March 2021. Please check out the full range of term deposits and interest rates.
Start saving in 3 easy steps
Applying online is easy and will take you about 10 minutes to complete.
Download from the Apple or Google Play app stores to track your savings.
We'll be in contact with you near the end
of the period to confirm your instruction.
How term deposits work
Saving for something big? Have you received a lump sum of money that you're keen to put away? A term deposit can be an ideal way to save for a specific goal, as it's enables you to invest and get a guaranteed return, which will be based on the amount you invest and the interest rate on the day you open your term deposit.
Instead of leaving your money in a transaction account earning little or no interest (and where you may be tempted to use it), why not put your funds away for a period of time that you get to choose and which will earn you a return at the end? This could help you achieve your goals faster, whether it’s putting a deposit on a new home, buying a car or planning a holiday.
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 term. Talk to a financial adviser to see what kind of saving strategy works best for you.
Frequently asked questions
What is a fixed term deposit?
Term deposits are a type of savings account where you commit your money for a fixed period. At the end of that period, you receive interest at the rate that you agreed at the start.
How do term deposits work?
With a term deposit, you lock away your money for a given amount of time, with a fixed rate of return. You can choose the term you want to deposit your money, the amount you want to deposit (minimums may apply), and look for an attractive interest rate that meets your needs.
What’s the difference between term deposits and other accounts?
Term deposits often offer a higher rate of return, to compensate for your money being out of reach for a given amount of time. That also means if interest rates fall during that time, you’re likely to do relatively well with a locked-in rate. If rates rise, you’ll do relatively less well.
Can the interest change after I open a term deposit?
No, your interest rate is fixed at the outset.
How is interest calculated and paid?
Interest is set at the outset and paid at the end of the term, however interim interest payments are available on some term deposits. In most cases, you earn less interest if you cash out your money early.
What happens if I need to access my money before the end of the term?
Your money is locked away for the full term, so if you need to access it before that time you may have to give notice in advance, and you may need to pay a withdrawal fee or earn less interest.
Are term deposits covered by the Australian government guarantee?
Yes. The Australian Government provides a guarantee of combined deposit balances with an authorised deposit taking institution up to $250,000 per customer.
Documents & downloads
Terms and conditions
Manage your Term Deposit
Monday to Friday 8am – 8pm
Saturday and Sunday 9am – 5pm (AEST)
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.
Information including interest rates is correct as at 19 March 2021 and is subject to change without notice.