Term deposit

Term deposits are designed to be held for the full term. Early withdrawal may be allowed and subject to a notice period of 31 days, but interest may be reduced.

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 Account; or

• have both principal and interest paid to your linked Everyday Account.

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

If a Term Deposit is withdrawn early, the interest that applies to the Term Deposit will be reduced in accordance with the table below:

Full details are available in Account Limits, Fees and Charges.

Example

• Your Term Deposit of $20,000 is opened on 1 October 2025 for a 6-month period.
• The interest rate applicable to your Term Deposit is 4.00% p.a.
• You decide to request an early withdrawal on the 31st of December 2025

The interest paid to your account on the withdrawal date inclusive of the 31 days’ notice period will be calculated as follows:

Daily accrued interest = $20,000 x 4.00 % 365 = $2.19

Total days of interest accrued (from 1 Oct 2025 to 31 Dec 2025  PLUS  31 days notice) = 122 days

Total accrued interest = $2.19 x 122 days = $267.40

Interest adjustment = 60 days x $2.19 (daily accrued interest) = $131.51 

Total interest paid out 31 days after notification to withdraw early = $267.40 - $131.51 = $135.89

The example above is indicative only and uses rates and figures we have selected to demonstrate how an Interest Rate Adjustment operates. Actual interest rates vary from time to time.

Yes. An AMP Bank GO Everyday Account is required to open and manage a term deposit.

Interest is paid at the end of the term when your deposit matures.

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

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 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 Term Deposit is $10,000

• Your Term Deposit term duration is 180-days 

• The fixed interest rate applied your Term Deposit is 4.00% p.a. 

• Your total interest at maturity will be calculated as follows: $10,000  x 0.04 x (180/365) = $197.26