Summary

Do you want to open a flexible term deposit that lets you invest your money for varied time periods?

The Australian Military Bank Income Plus is a term deposit that lets you earn competitive interest. The bank lets you choose between renewing your deposit and withdrawing your funds upon maturity. To open this account you have to invest a minimum of $1,000. The bank pays interest every month.

Pros

Competitive interest rate
Interest calculated daily and paid monthly
Low minimum investment

Cons

Only available to members

Details

Key details

Product Name	Australian Military Bank Income Plus
3 month interest rate	3.40%
4 month interest rate	4.75%
6 month interest rate	4.60%
7 month interest rate	4.50%
9 month interest rate	4.50%
12 month interest rate	4.65%
Minimum Opening Deposit	$1,000
Minimum age requirement	18
Government guarantee	Yes

Eligibility

Minimum Age Requirement	18
Joint account availability	No
Min Deposit	$1,000
Available to children	Not available for children

Key features

Minimum investment

The least you can invest in an Income Plus term deposit is $1,000.

Interest rates

As per current rates, investing $1,000 for three to five months earns 3.4% p.a. Term deposits of six to 11 months earn 4.6% p.a. If you open a 12 months deposit you'll earn 4.65% p.a. interest.

Calculating and paying interest

The bank calculates interest on the daily closing balance. It pays interest every month irrespective of the term you choose.

Increasing deposit amount

The only time you can add extra funds to your deposit is when it matures, which you'll have to do by renewing it. The bank holds the right to offer revised rates at this point.

Withdrawal restrictions

When you open this term deposit you understand that withdrawing funds before your deposit matures is not a feasible option. While you may request for an early redemption, granting your request is up to the bank's discretion. If the bank honours your request it may pay interest at a lower rate.

Options at maturity

When your term deposit matures you can ask the bank to transfer the money to a nominated bank account. The bank lets you collect a cheque, which you should do before your deposit matures. You can also renew your deposit when it matures. One week before your deposit matures the bank tries contacting you to verify your instructions.

Automatic renewal

The bank may renew your term deposit in case you don't provide specific instructions surrounding what to do after the term expires. If this happens then the original deposit's terms and conditions and interest rates may not apply. If the renewal takes place without your instructions the bank sends you a confirmation about the new deposit. It gives you seven days to issue instructions if you don't want to proceed with the new deposit.

How to apply

When you open the Income Plus account you agree to become an Australian Military Bank member. To apply, you can walk into any Australian Military Bank branch, you can get started over the phone and you can submit an online application. Make sure you meet the required eligibility criteria.

Eligibility

Minimum age. You are at least 18 years of age.
Residency requirements. You are an Australian citizen or a permanent resident of Australia.

Depository requirements. The least you can invest in this account is $1,000.

Documentation needed

Completing the application requires that you provide different types of information.

Identification. Non Australian Military Bank members have to go through an identity verification process, as required by the law. You can complete this process online by using your Australian driver's license or Medicare card.
Tax file number. If you provide your tax file number you can be sure that the bank will not deduct withholding tax from the interest you earn.
Other information. The application also requires your name, residential address, email address and phone number.

What happens after I submit my application?

The bank lets you save your online application and get back to it later, which can be useful if you don't have all the required information close at hand. Upon submitting your application you get a reference number. This comes in handy when tracking your application's status.

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Australian Military Bank Income Plus

Pros

Cons

Key features

Minimum investment

Interest rates

Calculating and paying interest

Increasing deposit amount

Withdrawal restrictions

Options at maturity

Automatic renewal

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Compare other term deposit accounts

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