Australian Military Bank Teen Plus term deposit

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Updated
Australian Military Bank Teen Plus Term Deposit
Interest rate 6 months interest rate
Up to 4.65% p.a.
Minimum opening deposit
$500
Account keeping fee
$0

Summary

A term deposit for teenagers that lets you earn competitive interest.

The Australian Military Bank Teen Plus term deposit, as the name suggests, is meant especially for those less than 17 years of age. You earn interest annually or at maturity, depending on it’s term. Upon maturity of your deposit you have the options of renewing it and withdrawing your money.

Pros

  • Wide range of term options
  • High interest rates
  • Auto renewal

In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

Details

Key details

Product Name Australian Military Bank Teen Plus Term Deposit
3 month interest rate 3.50%
4 month interest rate 4.30%
6 month interest rate 4.65%
7 month interest rate 4.50%
9 month interest rate 4.50%
12 month interest rate 4.45%
24 month interest rate 3.80%
36 month interest rate 3.80%
Minimum Opening Deposit $500
Government guarantee Yes

Eligibility

Joint account availability No
Min Deposit $500
Available to children No minimum age

Key features

Minimum amount

The least you require to open an Australian Military Bank Teen Plus term deposit is $500.

Interest rates

The interest you earn depends on the amount of money you invest as well as the term of the deposit. The interest the bank offers remains subject to change. Once you open a term deposit, the interest remains the same through the course of the term. The rates shown above are for balances $500.

How to apply

You can apply for the Teen Plus term deposit by visiting any Australian Military Bank branch, over the phone and online. Before you apply establish if you meet the required eligibility criteria:

Eligibility

  • Maximum age. You are less than 17 years old.
  • Residency requirements. You are an Australian citizen or a permanent resident of Australia.

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The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full Finder Score breakdown

Sources
  1. Australian Military Bank Teen Plus Term Deposit information page
  2. Australian Military Bank Teen Plus Term Deposit TMD

Your reviews

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Alison Finder

Editorial Manager, Money

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Avatar

Ian

June 13, 2023

do you do a monthly return


Avatar

Sarah Megginson Finder

July 13, 2023

Hi Ian,


The minimum term deposit period is 3 months, at the moment this bank doesn’t offer a monthly return.


You can search and compare a range of term deposits here, and filter the options to “1 month” if you’d like an option for monthly returns:

https://www.finder.com.au/term-deposits


Hope this helps!


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Alison Banney

Editorial Manager, Money

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

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