Eligibility and Application

To open a term deposit with AMP, applicants must:

  • Be at least 18 years old.

  • Be Australian residents.

  • Have an Australian residential address.

  • Provide two forms of ID and potentially a Tax File Number (TFN).

Applications can typically be completed online, making the process convenient and straightforward for most customers.

Term lengths and interest rates

AMP Bank has one of the widest ranges of term deposit products available in Australia. Term lengths can be any interval from one to 13 months. There are also products with 18 month terms, as well as any annual interval up to five years.

Different interest rates apply depending on the deposit size with higher rates generally offered on larger deposits. There are currently two deposit size categories

  • $25,000-$10,000,000.

  • $5,000-$24,999. As of April 2024, there is a 5 basis point discount for deposits under $25,000.

Account Features

  • Interest Payment Frequency: Interest can be paid monthly, quarterly, semi-annually, or annually. As of April 2024, annual rates have the highest interest rates. There are 5, 10 and 20 basis point discounts to the rates on products with semi annual, quarterly and monthly interest payments respectively.

  • Rollover Options: Automatic rollover is available, meaning the deposit can automatically renew under similar terms unless instructed otherwise.

  • Access and Management: Depositors can manage their accounts online or through the AMP app accessing account information and the ability to adjust instructions for rollovers or withdrawals.

  • TD as security: Some borrowers can use term deposits as security for loans. To do so, you’ll need to contact AMP.

Fees and Access

There are no monthly account keeping fees on AMP term deposits. As with most TD providers, if you intend to withdraw your money early, you will usually need to give at least 31 days' notice before you do so.

The usual penalties for early withdrawals apply:

% of term elapsed

Prepayment adjustment (% of interest rate)

0% to 20%


20% to less than 40%


40% to less than 60%


60% to less than 80%


80% to less than 100%