Term Deposit FAQs

How do term deposits work?

If you’ve received a lump sum of money you’re keen to put away, or you’re saving for something big, a term deposit might be suitable for you.

It can be an ideal way to save for a specific goal, as it enables you get a guaranteed return based on the amount you invest and the interest rate on the day you open your term deposit.

Leaving your money in a transaction account generally earns you little or no interest. You may also be tempted to spend it. Instead, consider putting those funds away for a set period of your choice that pays you a guaranteed return at the end.

Whether you want to put down a deposit on a new home, buy a car or start a family, a term deposit could help you achieve your goals faster.

It's important to think carefully when choosing your term duration as you need to provide 31 days' notice if you want to access the money earlier than the selected term1 . If you choose to continue your term deposit at maturity (rolling-over), the interest rate on the day the roll-over occurs will apply, this may be different to the interest rate for your initial term. Talk to a financial adviser to see what kind of saving strategy works best for you.

Can I open a joint bank account?

Yes. Joint accounts can be set up during the application process. Joint account holders can individually or jointly transact and make changes to the account.

Can I withdraw funds from my term deposit account?

Funds may be withdrawn on maturity and will be electronically paid to the nominated bank account. If no instructions are received by the maturity date, your term deposit will automatically roll over for the same term at the applicable interest rate offered on that maturity date.

What if I am in hardship and need to break my term deposit?

If you are in hardship, you can fill out the Hardship Assistance Information form and we will review on a case by case basis. If we approve the request, you do not have to provide us with 31 days’ notice of early withdrawal and we will not apply an Interest Rate Adjustment.

How can I choose when my term deposit matures?

You can provide AMP with maturity instructions while applying for your term deposit. We may also write to you before your term deposit matures to confirm your instructions. The length of the term can vary from one month to five years. The interest rate will change depending on factors including how much you are depositing, the term you select and how often you choose to have interest paid. Please check out the full range of term deposits and interest rates.

I have just opened a term deposit, why can’t I register for internet banking?

After registering for a term deposit, an account number will be generated and provided to you separately in the mail by post. You can then use that account number and your mobile number to register for internet banking.

How do I access my account information after applying for a term deposit?

Your term deposit investment certificate will be issued on the day the account is opened. It contains your term deposit details including your term deposit account number and rate and should be received in standard postal times. 

Once your Term Deposit has been established, you will be sent a letter by standard post which contains your account information. If you have also opted to receive electronic communications, you will also receive an email with partial account information when your term deposit is established. This email does not include your full account number.

You’ll see your term deposit maturity instructions in My AMP. 

When will I receive interest payments from my term deposit?

Depending on the term, interest payment frequency can be monthly, quarterly, semi-annually, annually or at maturity.

How can I change my maturity instructions or reinvest my term deposit?

You can change instructions on your term deposit on My AMP: 

1. Log in to My AMP.  
2. Select the term deposit you want to manage 
3. Choose ‘Change or Break my Term Deposit’ on the ‘I want to’ menu 
4. Select and complete from the following options:       

• Reinvest with the same term and interest payment frequency
• Change the term and/or interest payment frequency
• Withdraw funds at maturity
• Add funds at rollover
• Early redemption/Break Term Deposit

Your term deposit maturity instructions will be displayed in My AMP.

You can also change your maturity instructions by completing the form Term Deposit reinvestment or change of instructions form and send it back to us. Please see our Terms and Conditions for more information. 

How do I make deposits to my term deposit account?

For term deposits, you may deposit funds into your account only at the time your account is opened, or when you elect to roll your term deposit over at the maturity date. Other than at these times, you cannot make any additional deposits to a term deposit. Read our Deposit products terms and conditions for more information.

When is my external account debited after opening my term deposit?

The day you receive your confirmation email is the day we attempt to pull funds from your external account. Please make sure that there are sufficient funds for the transaction to be successful.

What if my account doesn’t have the funds available when you attempt to direct debit?

The transaction will be dishonoured, at which point the funds are returned and your term deposit account is closed. Please make sure that there are sufficient funds for the transaction to be successful. If it is not successful, the interest rate may change.

What are my Term Deposit maturity instructions?

These are instructions you select either as part of your original term deposit application or after and determine how your funds and interest are to be dealt with at maturity. My AMP maturity instructions are summarised below:  

• Reinvest principal & interest 
• Withdraw principal & interest 
• Withdraw interest & reinvest principal 
• Withdraw fixed amount & reinvest remaining balance 
• Withdraw fixed amount & interest. 
• Reinvest remaining balance 
• Early withdrawal (Partial): {Break date} 
• Early withdrawal (Full): {Break date}   
  

I have a term deposit under company name. Will I be able to see my Term Deposit instructions on My AMP? 

Yes, Term Deposit maturity instructions are visible for all customer (entity) types. If you can currently access term deposit account information today such as interest rates, term etc. then you will be able to see the maturity instructions as well. Please note, that you will only be able to see these Term Deposit maturity instructions on your non-individual profile in My AMP.  

What do I need to apply?

Applying online will take you between 10-15 minutes. You can open a term deposit online under a personal or joint account name. To do so, you need:

• To be 18 years or over
• To be an Australian permanent resident with an Australian residential address
• A minimum deposit of $5,000
• 2 forms of ID which can include your passport, Australian driver licence or Medicare card
• Your Tax File Number (TFN) or TFN exemption handy. You don’t have to provide your TFN or exemption to your Term Deposit but, by law, we have to withhold tax if you choose not to
• Your bank account details for the initial deposit

Short term and long term deposits explained

What are the fees?

There are no ongoing account management fees. If you want to access your money before the end of your term, interest rate adjustment may apply. Read our Deposit product fees and charges guide for more information.