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    AMP Bank GO Business Term Deposits

    Get our best rate for
    your mini business


    Mobile app only

    Made for business owners who like to review their options and keep in step with the market.

    See all AMP Bank GO Business Term Deposit rates

      

    Why a Term Deposit?

    • Certainty, no matter the market 

      Rates change. Your return won’t, regardless of RBA hikes or cuts. Knowing exactly what your money will do, lets you focus on your business – not your balance. 

    • Less temptation to spend 

      A fixed term removes the urge to dip into “should probably keep that for tax” money. So, you stay on track without thinking about it. 

    • Gives you more control

      Some business owners like that the interest comes at the end of the term, because they can time it to roll into next year’s tax.

    Do you have a goal to work towards?

    FAQs

    AMP Bank GO Business Term Deposit FAQs

    With our 6 and 12-month terms, you can choose a term that fits your plans.

    If you have an Everyday Business Account, you can open a Term Deposit account linked to your Everyday Business account. 

     

    To do this, just go to the Profile section of the app to select 'Open a new Account' and proceed. For companies, any director with Business Everyday Account access can open and operate a Term Deposit account.

    To open a Business Term Deposit Account,
     

    1. Go to your Profile menu
    2. Select 'Open a new Account'
    3. In the 'add to an existing account' section, select your business Account
    4. Select 'Business Term Deposit' as the account type you want to open.

    A Term Deposit Confirmation is a document issued by AMP Bank GO to confirm the details of the Business Term Deposit account you have opened. 

    A Maturity Certificate is a document issued by AMP Bank GO to signify that your Term Deposit has reached its maturity date and provides details of your linked Everyday Business Account and the amount of interest earned over the term.

    An Interest and Tax Summary for a term deposit is a document we give you at the end of the financial year. It shows:

     

    • How much interest you earned on your Term Deposit during the year. 
    • Any tax that was taken out (withholding tax) before the interest was paid to you.
    • Your account details and dates so you can match it to your records.


    This summary helps you when doing your tax return because you need to report the interest you earned. It’s basically a quick snapshot of your earnings and any tax already paid. 

     Interest is paid at maturity and is calculated on your Term Deposit principal amount.

    Interest is calculated based on the following formula: 


    Total Interest at Maturity = Principal Amount x Interest Rate % x (Term Duration (days) / 365) 

    Calculating interest on your Business Term Deposit involves using the initial principal amount, the annual interest rate, and the duration of the deposit. 

     

    • For example, if the  principal amount you deposit into your Business Term Deposit is $10,000
    • Your Business Term Deposit term duration is 180-days 
    • The fixed interest rate applied your Business Term Deposit is 4% p.a. 
    • Your total interest at maturity will be calculated as follows: 

    $10,000  x 0.04 x (180/365) = $197.26 

    Withholding Tax is the tax that is deducted by AMP Bank from the interest earned when a you have not provided us your ABN, TFN or a TFN exemption. 

    At maturity, you can choose to:

    • reinvest your principal and interest for another term of the same length;
    • reinvest your principal only, with interest paid to your linked Everyday Business Account; or
    • have both principal and interest paid to your linked Everyday Business Account.

    Yes. You can view and update your maturity instructions in the AMP Bank GO app at any time up to the day before your Term Deposit matures.

    Other ways to save and manage your money

      

    Learn more about banking with AMP

    Important information

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

    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 here.

    Interest rates subject to change without notice.

    Any application is subject to AMP Bank's approval.

    For accounts with BSB number 939 900, that you access via AMP Bank GO, the Terms and conditions that apply are available here. 

    For accounts with BSB number 939 200, that you access via the My AMP mobile app, the Terms and conditions that apply are available here.