- Key details
- Eligibility
Details
Key details
| Product Name | AMP Term Deposit $5000+ |
| 3 month interest rate | 4.65% |
| 4 month interest rate | 4.55% |
| 6 month interest rate | 4.75% |
| 7 month interest rate | 4.85% |
| 9 month interest rate | 4.75% |
| 12 month interest rate | 4.70% |
| 24 month interest rate | 4.20% |
| 36 month interest rate | 3.25% |
| 48 month interest rate | 3.25% |
| 60 month interest rate | 3.25% |
| Minimum Opening Deposit | $5,000 |
| Minimum age requirement | 18 |
| Government guarantee | Yes |
Eligibility
| Minimum Age Requirement | 18 |
| Joint account availability | Yes |
| Min Deposit | $5,000 |
| Available to children | Not available for children |
Key features
No monthly fees
AMP offers this term deposit account with no monthly maintenance fee.
Earn more interest as your term length increases
Earn more money when you make larger deposits and keep your money in the account for longer term lengths.
NOTE: Other bonus margins cannot be applied to the rates displayed above.
$5,000 minimum deposit
The minimum deposit required is $5,000, starting with a three month term. If you wish to only invest for one or two months, you must have an amount of at least $5,000. To find out the interest rates you would receive for larger deposits amounts, read our reviews of the AMP Bank's $25,000+ and $100,000+ term deposits.
A range of terms for your investment
For investments between $5,000 and $24,999 terms can be anywhere between three months and five years.
Interest payment
You can choose how often the interest is paid into your account, including every one, three or six months. In some circumstances special conditions or reduced rates will apply with interest payments made more frequently. For the full interest rate, you will wait for the payment to be made at maturity.
Keep track of your savings online or through the app
You can track your savings growth through online banking or from your android or iPhone mobile device by downloading AMP's free app.
Account availability
The term deposit from AMP is available for individuals, sole traders, companies and trust accounts.
How to apply
If the terms of AMP's account meet your savings style, visit the AMP website to complete an online application form. You can also talk directly with a financial adviser if you have any questions about the term deposit and how it can help with your future financial goals.
Eligibility
Before getting started, you should be aware of the eligibility requirements for this account:
- Minimum age. Applicants should be at least 18 years of age.
- Residency requirements. You must be a permanent Australian resident with a verifiable Australian residential address in order for your application to be considered.
- Depository requirements. There is a minimum of $5,000 required in order for AMP to open a term deposit in your name.
Documentation needed
Additionally you will need to be able to provide the following documentation when sending your application to AMP Bank:
- Tax file number. Providing AMP with your tax file number (TFN) or TFN exemption code is not mandatory, but it will help in ensuring that your withholding tax on interest earned is at the correct rate.
- Identification. By Australian law, AMP is required to verify your identity prior to opening an account in your name. This can be done using your Australian driver's licence or passport.
- Initial deposit. You can either send a check along with your application for the initial deposit, or provide AMP with an account number from which they can make an electronic withdrawal. If you are choosing direct debit you will have to send in a copy of an account statement that is not more than six months old and which contains the BSB, account number and account name.
What happens after I submit my application?
If you are an individual or sole trader, you can still complete the application process online. Once it has been received by AMP Bank the account will be opened after they have verified the identification documents you submitted and your initial deposit has cleared.
Compare other savings accounts
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To ask a question simply log in via your email or create an account. Ask a question Alison Finder Editor Hi there, looking for more information? Ask us a question.- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
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If you have various different term deposits of $250,000 each does the government guarantee them all.
Sarah Megginson Finder
September 04, 2023
According to APRA, deposits are protected up to a limit of $250,000 per account holder, per ADI (Authorised deposit-taking institution). To get the full benefit of the government guarantee, you could place your funds in different bank accounts with different banks, ensuring no more than $250k in each account.
Can a SMSF invest money in the 12 month fixed term with AMP
Alison Banney Finder
Hi Terry, AMP is currently only accepting online term deposit applications from personal customer and sole traders, not SMSFs. You can speak with the bank directly about opening an account for your SMSF.
Can temporary resident apply for term deposit?
Alison Banney Finder
Hi Sam, as stated in the ‘How to apply’ section on this page you need to be a permanent Australian resident with an Australian residential address.
October 10, 2022
Is it safe to transfer a large deposit into the term deposit online
Alison Banney Finder
November 22, 2022
Term deposits are one of the safest investment options available. Your deposit of up to $250,000 in a term deposit with an Australian bank is protected by the government’s bank guarantee scheme.
I want a monthly payout on a 24month term.
what is the interest rate.
what conditions, eg how much notice do you need if I have to access money
Alison Banney Finder
For a 24-month term deposit with a balance between $5k-$25k the current interest rate offered by AMP is 3.60% (as of 8 June 2022). For balances between $25k-$100k, the rate is 3.65%. Please note that these rates do change frequently.
You can choose to receive interest payments in months instead of at maturity however, the interest rate will be reduced by 0.20%.
You must provide 31 days’ notice if you wish to access your money before the term matures, and an internal rate adjustment will be applied by AMP.
Show more commentsAlison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile
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