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    AMP Bank GO Term Deposits

    Get our best rate
    on your terms


    Mobile app only

    Made for the savvy saver who likes to review their options and keep in step with the market.

    See all AMP Bank GO Term Deposit rates

    AMP Bank Term Deposits

    A variety of term
    options for you


    Web portal and mobile app

    For those who like variety, choose from short to longer, set-and-forget terms.

    See all AMP Bank Term Deposit rates

      

    Why a Term Deposit?

    • Certainty over guesswork

      With a Term Deposit, your rate stays the same - no market stress, no rate overwhelm. Just predictable returns.

    • More disciplined saving

      With your money locked away, there’s less temptation to dip into your savings for that sneaky trip or impulse buy.  

    • Growth that fits your plans

      Whether you’re planning a trip, setting aside cash for big bills, or doing home repairs, a Term Deposit steadily grows your money - so it’s never sitting idle.

    Do you have a goal to work towards?

    FAQs

    FAQs

    AMP Bank GO Term Deposit FAQs

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

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


    To do this, just go to the Profile section of the app to select 'Open a new Account' and proceed. 

    To open a Term Deposit Account, 

     

    1. Go to your Home Screen and select ‘Open a new account’
    2. In the 'add to an existing account' section, select your personal account
    3. Select 'Term Deposit' as the account type you want to open.

    You can open 5 Term Deposit accounts using your personal Everyday Account.

    Your Term Deposit account will have: 

    • Fixed Term - you agree to lock your money away for a specific period (e.g. 6 months or 12 months)
    • Guaranteed Interest rate - The interest rate is fixed for the entire term, providing certainty about your returns
    • Minimum Deposit - $5,000
    • No Access to funds during term - You generally cannot withdraw funds before maturity without providing at least 31 days notice and a interest adjustment will apply.
    • Interest paid at Maturity
    • Covered under the Financial Claims Scheme.

    You are able to view and download the following statements and documents in the 'Statements and Documents' section of AMP Bank GO:

    • Term Deposit Confirmation 
    • Account Statement

    A Term Deposit Confirmation is a document issued by AMP Bank GO to confirm the details of the 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 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.

    You are paid interest at maturity. 

    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 

    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. 

    AMP Bank Term Deposit FAQs

    Get a guaranteed return on your lump-sum over 3 months to 5 years.

    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' notice1 if you want to access the money earlier than the selected term2. 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.

     

     

    1 Excludes AMP Super Funds.
    2 Interest adjustment applied when accessing funds earlier than the selected term.

     

    We’re currently accepting online applications for Personal and Sole Trader accounts only.


    For all other entities, including Self-Managed Superannuation Funds and Companies, please speak to your Fixed Income Broker.

    If a term deposit is withdrawn early, the interest rate that applies to your account will be reduced by the interest rate adjustments shown in the tables below.

    Early withdrawal for all customers except AMP Super Fund

    Portion of term completed Interest rate adjustment 
    (% reduction to your interest rate)
     Less than 20%  90%
    20% to less than 40% 80%
    40% to less than  60% 60%
    60% to less than 80% 40%
    80% or more 20%



    Early withdrawal for AMP Super Fund

    Portion of term completed   Interest rate adjustment
    (reduction to your interest rate pa)
     Less than 25%  2.75% pa
    25% to 50% 2.25% pa
    50% to 75% 1.75% pa
    75% to 90% 1.25% pa
    90% or more 0.75% pa


    If the original interest rate, before any adjustment is made, is less that or equal to the applicable interest rate adjustment percentage, no interest will be paid.

     

    Full details of the changes are in the Deposit products fees and charges guide and the Deposit products terms and conditions. Please take the time to read the document at amp.com.au/bankterms.


    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
    		 1+ years
    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 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 products fees and charges guide for more 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?

    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.

     

    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.
     

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

    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.

    To change instructions on your Term Deposit:

     

    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: 

                - Reinvest with the same term and interest payment frequency
                - Change the term and/or interest payment frequency
                - Withdraw funds at maturity
                - Add funds at rollover
                - 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 Change Term Deposit maturity instructions and send it back to us. Please see our Terms and Conditions for more information. 

    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.