AMP Term Deposit

1.80% p.a.6 months

yes

AMP Term Deposit

1.80% p.a.6 months

yes

Mozo Review   AMP Term Deposit Review

Last updated: 6 December 2019.

What's hot:
  • Triple 2019 Mozo Experts Choice Award winner

  • 1.80% interest for 6 month terms (balances over $25,000)

  • 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’s Term Deposit might just be your stable savings solution, offering a range of solid interest rates up to 1.80% for 6 months.

Plus the Mozo judges consider it one of the best term deposits around - awarding it a 2019 Mozo Experts Choice Award winner in three seperate categories including for best Term Deposit, best Small Business Term Deposit and best SMSF Term Deposit. 

Key features:

Whether you’re saving up for a specific goal or just need a stable place keep your savings stash growing, AMP 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 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’s 6 month Term Deposit, savers will receive an interest rate of 1.60% for balances between $5,000 and $24,999 or an interest rate of 1.80% for balances between $25,000 and $1 million). 

AMP 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 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.

Who it's good for:

AMP’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.

Any catches?

Because term deposits are designed to come to maturity, if you do need to make an early withdrawal AMP 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 11 December 2019. 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
  • 1.15% p.a. ($25,000 to $5,000,000)

  • 1.25% p.a. ($25,000 to $5,000,000)

  • 1.55% p.a. ($5,000 to $24,999)

    1.75% p.a. ($25,000 to $5,000,000)

  • 1.40% p.a. ($5,000 to $24,999)

    1.60% p.a. ($25,000 to $5,000,000)

  • 1.40% p.a. ($5,000 to $24,999)

    1.60% p.a. ($25,000 to $5,000,000)

  • 1.60% p.a. ($5,000 to $24,999)

    1.80% p.a. ($25,000 to $5,000,000)

  • 1.40% p.a. ($5,000 to $24,999)

    1.60% p.a. ($25,000 to $5,000,000)

  • 1.40% p.a. ($5,000 to $24,999)

    1.60% p.a. ($25,000 to $5,000,000)

  • 1.50% p.a. ($5,000 to $24,999)

    1.70% p.a. ($25,000 to $5,000,000)

  • 1.40% p.a. ($5,000 to $24,999)

    1.60% p.a. ($25,000 to $5,000,000)

  • 1.40% p.a. ($5,000 to $24,999)

    1.60% p.a. ($25,000 to $5,000,000)

  • 1.50% p.a. ($5,000 to $24,999)

    1.70% p.a. ($25,000 to $5,000,000)

  • 1.40% p.a. ($5,000 to $24,999)

    1.60% p.a. ($25,000 to $5,000,000)

  • 1.20% p.a. ($5,000 to $24,999)

    1.40% p.a. ($25,000 to $5,000,000)

  • 1.20% p.a. ($5,000 to $24,999)

    1.40% p.a. ($25,000 to $5,000,000)

  • 1.20% p.a. ($5,000 to $24,999)

    1.40% p.a. ($25,000 to $5,000,000)

  • 1.20% p.a. ($5,000 to $24,999)

    1.40% p.a. ($25,000 to $5,000,000)

Other financial bits
  • $5,000.00

  • $5,000,000.00

Features
  • direct credit, cheque

  • 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

How are AMP term deposits rated by the Mozo community?

Overall customer rating
5.7/10
Price
5.1/10
Features
5.4/10
Customer service
6.4/10
Convenience
5.3/10
Trust
5.8/10

Latest reviews of AMP Term Deposit

  • Overall
    10/10
    good

    Good

    Good

    Price
    9/10
    Features
    8/10
    Customer service
    8/10
    Convenience
    10/10
    Trust
    9/10

    Swag |

    reviewed almost 5 years ago

  • Overall
    5/10
    Top shelf company

    This company has my super and they are doing a good job under difficult circumstances.

    This company has my super and they are doing a good job under difficult circumstances.

    Price
    1/10
    Features
    2/10
    Customer service
    8/10
    Convenience
    4/10
    Trust
    5/10

    Name not supplied | New South Wales

    reviewed over 6 years ago

AMP

About AMP

AMP is a leading wealth management company operating in Australia and New Zealand, with a rich evolving history spanning 150 years. Its growing banking business in Australia now includes a range of retail products such as home loans, credit cards, savings and accounts and term deposits. Also AMP's range of vehicle insurances are designed to give you more choice and flexibility while providing cover for a comprehensive range of accidents, damage and events.

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