AMP lifts short-term deposit rates

AMP has lifted its interest rates on 1, 2 and 3-month term deposits to 5.5 per cent on balances of $25,000 and over. Infochoice market analysis shows the AMP rates compare favourably to those offered on similar terms and balances by other deposit-takers, especially the major banks. A number of the smaller banks and non-bank providers are offering significantly higher rates than the major banks around the 4.75 to 5.20 per cent mark. Earlier this year, AMP lifted its rates for 12-month term deposits over $25,000 to 6 per cent. The AMP term deposit rates come with have no monthly account keeping fees and customers are able to nominate the maturity date for terms above 30 days.

To view a comparison table of term deposit rates ordered from highest to lowest interest rates for 90-day terms, just click here.