Term Deposit FAQs

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.

Term deposit funds can be withdrawn before the end of the term, but you ordinarily need to give 31 days’ notice and an interest rate adjustment is applied. If you’re in hardship and want to break your AMP term deposit, you can fill out the Hardship Assistance Information form. We'll review on a case by case basis and aim to respond to your request within three business days. If approved, you’ll be able to withdraw your funds early, without giving 31 days’ notice. In some cases, the interest rate adjustment may be waived.

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.

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.

You’ll see your term deposit maturity instructions in My AMP. 

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

You can change instructions on your term deposit on My AMP: 

1. Log in to My AMP.  
   
   
2. Select the term deposit you want to manage 
   
   
3. Choose ‘Change or Break my Term Deposit’ on the ‘I want to’ menu 
   
   
4. Select and complete from the following options:       

• Change the term and/or interest payment frequency
• Withdraw funds at maturity
• Early redemption/Break Term Deposit

Your term deposit maturity instructions will be displayed in My AMP.

You can also change your maturity instructions by completing the form Term Deposit reinvestment or change of instructions form and send it back to us. Please see our Terms and Conditions for more information. 

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.