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.
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.
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.
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.
Different interest rates apply to different amounts or different interest payment frequencies.
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This company has my super and they are doing a good job under difficult circumstances.