AMP Bank Term Deposit Account better rates than some savings accounts

Tuesday July 7, 2009

AMP Bank has a reputation as one of the leading wealth management companies across both Australia and New Zealand with status as the largest retail and corporate superannuation provider in Australia. In addition to this status, AMP banks currently have over 3.4 million customers who use the banks services ranging from superannuation, banking, insurance, investments, retirement savings and income, and financial planning.

Within these banks services available are AMP's selection of savings accounts and term deposit account, which has proven highly popular with many customers due to its high interest rates that are even higher than some savings accounts on several of the terms attached to the accounts. What's more, the AMP banks term deposit accounts are waived of any banks fees, which allows for even greater interest accrued, and making it even more attractive as an alternative to a savings accounts with its higher rates of interest.

A term deposit is when a customer puts a significant amount of their money, such as $5000, into an account with an arrangement to leave the funds to accrue interest for a set amount of time. When it comes to the AMP banks term deposit account, the true benefits come from the AMP banks customers' choice of how much they can put into an account and just how long they would like to leave the funds with different level of interest attached to different time lengths.

With AMP banks, it is broken down into anywhere from 3 months to 5 years with the interest awarded as follows:

• 4.30% pa for 3 months
• 4.50% pa for 6 months
• 6.00% pa for 5 years
• a minimum opening amount for a new term deposit account with a term between 30 and 89 days is $25,000
• if terms selected that are longer than one year, then customers can receive regular income by choosing how to have their interest paid either monthly, quarterly, half yearly and yearly

The AMP banks term deposit accounts can be adapted to suit the customer's needs with choices between how the interest is paid and how funds are accessed, making it more adaptable than most savings accounts.

The AMP banks term deposit bank accounts are ideal for those who wish to earn a competitive rate of return and a regular income stream on their savings, to learn more please visit our AMP Term Deposit and compare accounts page

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