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AMP Term Deposits

Name: AMP Term Deposits
Creator: Savvy
Published: 2022-09-01T14:44:18+09:30

Explore AMP's term deposit offers and interest rates to help you compare your options with Savvy.

Written by , updated on September 11th, 2023

AMP started life in 1849 as the Australian Mutual Provident Society offering life insurance. It went public in 1998, and by 2022 had more than 4,900 employees and 1.5 million customers.

Based in Sydney, AMP now offers a range of financial services including financial planning and advice, life insurance, superannuation, managed funds, asset and infrastructure management and banking products including term deposits.

You can compare AMP with a range of other deposit offers right here with Savvy. Find out what term deposits are available and what their interest rates are so you can find the very best place to park your savings.

*Please note that Savvy does not represent AMP for their term deposit products.

AMP term deposits explained

What term deposits does AMP offer?

AMP offers a wide range of term deposits from one month up to five years. They offer highly competitive interest rates, evidenced by the fact that they won Money Magazine’s ‘Best Term Deposit’ (Long-Term) Award in 2022 and RateCity’s Gold Award for ‘Best Term Deposit of 12 Months 50k’.

Their interest rates are scaled depending on how large the deposit is. In general, larger deposits attract slightly higher interest rates. For example, for a term deposit of six months under $25,000, the interest rate available is 2.60% p.a. If you have more than $25,000 to deposit, the interest rate is 0.05% p.a. higher at 2.65% p.a.

AMP: common term deposit interest rates

Term length	$5,000 to $24,999	$25,000 to $5 million
1 month	N/A	0.10% p.a.
3 months	0.30% p.a.	0.35% p.a.
6 months	2.75% p.a.	2.80% p.a.
9 months	2.95% p.a.	3.00% p.a.
12 to 18 months	3.55% p.a.	3.60% p.a.
2 years	3.95% p.a.	4.00% p.a.
3 years	4.10% p.a.	4.15% p.a.
5 years	4.35% p.a.	4.40% p.a.

(Effective 1 September 2022)

These rates assume interest is paid either at maturity or annually. If you wish to receive your interest payments monthly, the interest you’ll receive is reduced by 0.20% p.a. from the rates above. There’s a reduction of 0.10% p.a. to have interest paid quarterly and a 0.05% p.a. reduction to have it paid half-yearly.

The minimum term deposit available with AMP is $5,000 and its maximum is $5 million. There are no fees to open a term deposit and no ongoing account fees. If you wish to end your term deposit early and there are at least 31 days remaining on your original term, you’ll have to give 31 days’ notice to withdraw your money and interest penalties will apply. The interest penalties consist of an adjustment in the rate you’ll earn and are calculated as follows:

Less than 25% of term completed: 2.75% p.a. reduction
25% to less than 50% of term completed: 2.25% p.a. reduction
50% to less than 75% of term completed: 1.75% p.a. reduction
75% to less than 90% of term completed: 1.25% p.a. reduction
90% or more of term completed: 0.75% p.a. reduction

If your term deposit's rate is equal to (or less than) the set adjustment when withdrawing your funds, you won't receive any interest for your deposit.

AMP also offers term deposits for self-managed super funds and businesses. The interest rates offered for business term deposits are identical to those offered for deposits of $25,000 or over as detailed in the chart above.

How do I open an AMP term deposit?

You can either open an AMP term deposit online or on their mobile phone app. It will generally take between ten and 15 minutes to open a term deposit account.

If you aren’t an existing AMP customer, you’ll first need to go through the standard bank identity verification process, which includes providing 100 points of ID (including two forms of photo ID). Suitable ID documents include:

driver’s licence
passport
either a citizenship certificate, Medicare card or birth certificate

You’ll also need to provide your full name, address, mobile number and email address, plus show one document which confirms your current address. Once you’ve done this, your account can be opened and you can transfer your funds into your new term deposit.

If you’re already an AMP customer, the process to open a term deposit will be quicker than if you’re a brand-new customer opening an account for the first time. Joint term deposits are also available for two people wishing to open a term deposit together.

What are the requirements for opening an AMP term deposit?

To open an AMP term deposit, you’ll need to:

be aged over 18 years
an Australian citizen, permanent resident or resident for tax purposes
provide your tax file number
have details of the account you are going to use to open your deposit

The pros and cons of AMP term deposits

PROS

Highly competitive interest rates

The term deposit interest rates offered by AMP are amongst the highest rates available in Australia. AMP rates are up to four times higher than some of the big banks, helping you get a higher return on your investment.

Interest can be paid to other institutions

AMP allows the interest due on your term deposit to be paid to other nominated institutions, meaning you can have it paid into your regular bank account.

Alert prior to deposit maturity

You’ll be sent an email two weeks before your deposit is due to expire to ask you to confirm what you wish to do with your deposit at maturity.

CONS

31 days’ notice required to withdraw funds

If you need to withdraw your funds early, you’re required to give 31 days’ notice of your intention to break your contract

Minimum deposit of $5,000

There’s a minimum deposit limit of $5,000 for all term deposits, which is in contrast to some other institutions which allow deposits as low as $1,000