AMP offers super members added term deposit option

Friday 24 September 2010

Article by Mozo

AMP has confirmed that members of its super products will be able to add term deposits to their investment portfolios.

Announcing the extension of the offering this week, AMP director of wealth management products Andrew Hobert suggested the company had seen a growing number of requests from customers looking to compare term deposits.

"Our existing term deposits have proved popular and now we want to meet increased customer demand for longer term deposits in an uncertain market," he told SuperReview.

Mr Hobert also stated that the three or five year-AMP Term Deposit investment option was designed for customers who were concerned about possible interest rate fluctuations during those timeframes.

The news comes after the latest Mercer Superannuation Sentiment Index, which was based on a survey of 1,000 people in June, found that general sentiment towards superannuation funds had improved for the first time since the onset of the global financial crisis in 2008, with the index rising three points to 40 out of a possible 100.

However, despite the slight rise, the research found that a majority of people still lack faith in super, with only 49 per cent describing their main super fund as trustworthy.

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