Summary

Open an AMP term deposit with deposits from $25,000 and get a fixed rate of 4.95% for 12 months.

With competitive fixed interest rates offered in a variety of different term lengths, the AMP term deposit could be ideal for both short and long term saving goals if you have a deposit of $25,000 or more.

Pros

$0 Account keeping fees
Wide ranges of terms from from 3 months to 5 years

Cons

Minimum investment of $25,000

Details

Key details

Product Name	AMP Term Deposit $25,000+
3 month interest rate	4.70%
4 month interest rate	4.80%
6 month interest rate	4.90%
7 month interest rate	4.65%
9 month interest rate	4.80%
12 month interest rate	4.95%
24 month interest rate	4.20%
36 month interest rate	3.00%
48 month interest rate	3.00%
60 month interest rate	3.00%
Minimum Opening Deposit	$25,000
Minimum age requirement	18
Government guarantee	Yes

Eligibility

Minimum Age Requirement	18
Joint account availability	Yes
Min Deposit	$25,000
Available to children	Not available for children

Key features

No monthly fees

AMP offers their term deposit with no monthly maintenance fee.

Earn more interest as your balance grows

The competitive interest rates are tiered, so you earn more money if you deposit larger amounts and invest for longer terms.

NOTE: Other bonus margins cannot be applied to the rates displayed above.

$25,000 minimum deposit

The minimum deposit required is $25,000, and the maximum deposit for this account is $5,000,000.

A range of terms for your investment

For investments between $25,000 and $5,000,000 terms can be anywhere between one month 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 when interest payments are made more frequently. The best rates are available on interest paid 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.

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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 an Australian resident with a verifiable Australian residential address in order for your application to be considered.

Depository requirements. There is a minimum of $25,000 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.

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