Features

Competitive interest rates

Be sure of the interest you’ll earn and lock in a great rate. Invest from $5,000 to $5,000,000.

Flexible

Choose from 30 days to five year terms and multiple interest payment options to suit your needs, and it’s simple to roll over.

No monthly fees

Every dollar you put into your account will help your savings grow.

Award winning

We’re an award winning bank in the term deposit category, so you can enjoy peace of mind knowing AMP Bank term deposits work harder for your savings.

Stay connected

Apply online and watch your savings grow via My AMP on desktop or app.

Safe and secure

Your deposits are safe with us. You are protected under the Australian Government guarantee for 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:

2.65% pa  for deposits over $25,000 for a term of 6 months
3.50% pa  for deposits over $25,000 for a term of 12 months
4.40% pa  for deposits over $25,000 for a term of 5 years

Rates effective 29 July 2022. Please check out the full range of term deposits and interest rates. 

Documents & downloads 

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

Applying for a term deposit 

What do I need to apply?

Applying online will take you between 10-15 minutes. You can open a term deposit online under a personal or joint account name. To do so, you need:

  • To be 18 years or over
  • To be an Australian permanent resident with an Australian residential address
  • A minimum deposit of $5,000
  • 2 forms of ID which can include your passport, Australian driver licence or Medicare card
  • Your Tax File Number (TFN) or TFN exemption handy. You don’t have to provide your TFN or exemption to your Term Deposit but, by law, we have to withhold tax if you choose not to
  • Your bank account details for the initial deposit

Short term and long term deposits explained

   Short Term  Long Term  
Term Interest Rate

Less than 1 year Lower interest rate is offered

1+ years Higher interest rate is offered
Interest Payment Options 
Paid at maturity

NOTE: in some cases it is possible to receive interest more frequently. Please see T&Cs for more information

  • Monthly*
  • Quarterly*
  • Semi-annually*
  • Annually
  • At maturity

*The interest rate is reduced, if one of these interest payment options is selected.Suitable for

Suitable for Easier access to funds Long term savings goals

How can I choose when my term deposit matures?

You can provide AMP with maturity instructions while applying for your term deposit. We may also write to you before your term deposit matures to confirm your instructions. The length of the term can vary from one month to five years. The interest rate will change depending on factors including how much you are depositing, the term you select and how often you choose to have interest paid. Please check out the full range of term deposits and interest rates.

What are the fees

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

Account Information 

How do I access my account information after applying for a term deposit?

Your term deposit investment certificate will be issued on the day the account is opened. It contains your term deposit details including your term deposit account number and rate and should be received in standard postal times. 

Once your Term Deposit has been established, you will be sent a letter by standard post which contains your account information. If you have also opted to receive electronic communications, you will also receive an email with partial account information when your Term Deposit is established. This email does not include your full account number.

How can I change my maturity instructions or reinvest my term deposit?

You can fill out the Term Deposit reinvestment or change of instructions form and send it back to us. Please see our Terms and Conditions for more information. 

What if I am in hardship and need to break my term deposit?

If you are in hardship, you can fill out the Hardship Assistance Information form and we will review on a case by case basis. If we approve the request, you do not have to provide us with 31 days’ notice of early withdrawal and we will not apply an Interest Rate Adjustment.

I have just opened a term deposit, why can’t I register for internet banking?

After registering for a term deposit, an account number will be generated and provided to you separately in the mail by post. You can then use that account number and your mobile number to register for internet banking.

Can I open a joint bank account?

Yes. Joint accounts can be set up during the application process. Joint account holders can individually or jointly transact and make changes to the account.

Can I withdraw funds from my term deposit account?

Funds may be withdrawn on maturity and will be electronically paid to the nominated bank account. If no instructions are received by the maturity date, your term deposit will automatically roll over for the same term at the applicable interest rate offered on that maturity date.

Interest Payments 

When will I receive interest payments from my term deposit?

Depending on the term, interest payment frequency can be monthly, quarterly, semi-annually, annually or at maturity. 

Debits 

How do I make deposits to my term deposit account?

For term deposits, you may deposit funds into your account only at the time your account is opened, or when you elect to roll your term deposit over at the maturity date. Other than at these times, you cannot make any additional deposits to a term deposit. Read our Deposit products terms and conditions for more information.

When is my external account debited after opening my term deposit?

The day you receive your confirmation email is the day we attempt to pull funds from your external account. Please make sure that there are sufficient funds for the transaction to be successful.

What if my account doesn’t have the funds available when you attempt to direct debit?

The transaction will be dishonoured, at which point the funds are returned and your term deposit account is closed. Please make sure that there are sufficient funds for the transaction to be successful. If it is not successful, the interest rate may change.

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 28 July 2022 and is subject to change without notice.

1 Interest adjustment applied when accessing funds earlier than the selected term.