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.
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
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:
| 1.90% pa | for deposits over $25,000 for a term of 6 months |
| 2.90% pa | for deposits over $25,000 for a term of 12 months |
| 4.15% pa | for deposits over $25,000 for a term of 5 years |
Rates effective 30 May 2022. Please check out the full range of term deposits and interest rates.
Documents & downloads
Manage your Term Deposit
Boost your savings with certainty
Apply for an AMP Term Deposit now
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
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.
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.
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
Can I setup a direct debit?
Direct debits are not permitted on term deposits. Read our Account Access and Operating Terms and Conditions for more information.
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.
What happens to my term deposit at maturity?
We will contact you in writing before your term deposit’s maturity date. When your term deposit matures you can reinvest for a new term with existing or additional funds, or you can transfer your funds to your nominated account.
Can I withdraw my savings before the term deposit maturity date?
If you wish to withdraw funds prior to maturity you must provide us with 31 days’ notice. If you close your account prior to maturity, we will apply an interest rate adjustment. Read our Deposit products terms and conditions for more information.
How do 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.
Are my savings 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.
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.
* For more information about these awards please visit Mozo Experts Choice Awards and Money magazine website.
Information including interest rates is correct as at 7 June 2022 and is subject to change without notice.
1 Interest adjustment applied when accessing funds earlier than the selected term.