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AMP Bank Term Deposit

Advertiser disclosure
Best rate (up to 1 year)
0.75% p.a.1 year
Minimum deposit
$5,000.00
Interest paid to another bank?
yes
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Mozo editorial review AMP Bank Term Deposit

Last updated: 9 November 2020.

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What's hot
  • Multiple 2020 Mozo Experts Choice Award winner
  • 0.75% interest for 12 month terms (balances from $25,000 to $1,000,000)
  • Interest can be paid to another bank account
What's not
  • 31 days notice is required for customers making early withdrawals
Mozo snapshot

Need a safe place to stash your savings without sacrificing on interest rates? AMP Bank’s Term Deposit might just be your stable savings solution, offering a range of solid interest rates up to 0.75% for 12 months.

Plus the Mozo judges consider it one of the best term deposits around - awarding it 2020 Mozo Experts Choice Awards in two separate categories including for best Short Term Deposit and best SMSF Term Deposit. 

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Key features

Whether you’re saving up for a specific goal or just need a stable place keep your savings stash growing, AMP Bank could give you the interest rate certainty you need with one of its term deposits. And with terms starting from as short as 1 month all the way up to five years, savers will be able to choose the term that fits their saving needs.

When it comes to interest rates, AMP Bank offer a two tier system for most of their Term Deposits (with the exception of 1 and 2 month terms). The first tier is for balances between $5,000 and $24,999, while the second is for balances between $25,000 to $5 million. 

For example, for AMP Bank’s 6 month Term Deposit, savers will receive an interest rate of 0.50% for balances between $5,000 and $24,999 or an interest rate of 0.70% for balances between $25,000 and $1 million. 

If you're growing your retirement savings in AMP's super fund, you could score an additional 0.10% interest on your term deposit (on balances up to $1 million). Just remember, other bonus margins can't be used on this special offer, and you'll need to have your interest paid electronically into a bank account annually or upon maturity (quarterly or half-yearly interest payments aren't an option). 

AMP Bank even gives savers the convenience of being able to have their interest paid into an account from another bank. Just bear in mind that AMP Bank require customers to provide at least 31 days notice for early withdrawal and the account does have automatic rollover, which means savers will need to let them know if they don’t want to keep their term deposit open.

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Who is it good for

AMP Bank’s Term Deposits could be a great option for savers looking for a secure and rewarding place to grow balances over $5,000 or $25,000.

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Any catches

Because term deposits are designed to come to maturity, if you do need to make an early withdrawal AMP Bank will adjust the interest you receive down based on the portion of the term you’ve completed. You’ll also need to give them at least 31 days advance notice if you plan to take your funds out early.

Details

Rates and fees information correct as at 29 November 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 0.40% p.a. ($25,000 to $5,000,000)

  • 0.40% p.a. ($25,000 to $5,000,000)

  • 0.40% p.a. ($5,000 to $24,999)

    0.60% p.a. ($25,000 to $5,000,000)

  • 0.40% p.a. ($5,000 to $24,999)

    0.60% p.a. ($25,000 to $5,000,000)

  • 0.40% p.a. ($5,000 to $24,999)

    0.60% p.a. ($25,000 to $5,000,000)

  • 0.50% p.a. ($5,000 to $24,999)

    0.70% p.a. ($25,000 to $5,000,000)

  • 0.50% p.a. ($5,000 to $24,999)

    0.70% p.a. ($25,000 to $5,000,000)

  • 0.50% p.a. ($5,000 to $24,999)

    0.70% p.a. ($25,000 to $5,000,000)

  • 0.50% p.a. ($5,000 to $24,999)

    0.70% p.a. ($25,000 to $5,000,000)

  • 0.50% p.a. ($5,000 to $24,999)

    0.70% p.a. ($25,000 to $5,000,000)

  • 0.55% p.a. ($5,000 to $24,999)

    0.75% p.a. ($25,000 to $5,000,000)

  • 0.55% p.a. ($5,000 to $24,999)

    0.75% p.a. ($25,000 to $5,000,000)

  • 0.55% p.a. ($5,000 to $24,999)

    0.75% p.a. ($25,000 to $5,000,000)

  • 0.40% p.a. ($5,000 to $24,999)

    0.60% p.a. ($25,000 to $5,000,000)

  • 0.40% p.a. ($5,000 to $24,999)

    0.60% p.a. ($25,000 to $5,000,000)

  • 0.40% p.a. ($5,000 to $24,999)

    0.60% p.a. ($25,000 to $5,000,000)

  • 0.40% p.a. ($5,000 to $24,999)

    0.60% p.a. ($25,000 to $5,000,000)

Other financial bits
  • $5,000.00

  • $5,000,000.00

Features
  • yes

  • yes

  • 31 days notice required if customers want to withdraw their funds before the maturity date.

  • none

Different interest rates apply to different amounts or different interest payment frequencies.

Customer Reviews

This product is not currently reviewed.

AMP Bank

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