Term Deposit 3.90% p.a. Interest on 1 Year Rate, 4.85% 5 Year (Interest Paid Annually) @ AMP Bank

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Ppuglikesabargain on 19/10/2022 - 18:15 amp.com.au (190 clicks)
Last edited 19/10/2022 - 18:23 by 1 other user

Today, AMP has upped their term deposit rates over a range of timeframes, effective immediately.

Highlights are for deposits over $25,000 up to $5 Million.

Term	Interest rate
1 year	3.90% pa
2 years	4.45% pa
3 years	4.60% pa
4 years	4.75% pa
5 years	4.85% pa

"No account-keeping fees apply to AMP Bank’s Term Deposits. Instead you will earn interest paid at terms you select or on maturity, depending on the term you choose for your term deposit. You may open as many term deposits as you like each with a different term or invested amount. You will receive your interest earnings at the end of the term or, if you would like to be paid more frequently, at a slightly lower rate on terms of one year or more. You can receive those earnings every month, every three months or every six months instead of annually."

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• 

  HeyHi on 19/10/2022 - 18:20

  +2

  Same as with Judo bank

  https://www.judo.bank/personal-term-deposit

• 

  coxymla on 19/10/2022 - 18:34

  +2

  Remember to mentally discount the rates by 0.1% versus savings accounts.

  • 

    theknight27 on 19/10/2022 - 18:47

    +1

    Is that because you miss out on compounding?

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  bfg100k on 19/10/2022 - 18:58

  +1

  5yrs at 4.85% seems attractive given forecast peak cash rate by the big 4 banks top off at 3.6%. https://www.ratecity.com.au/home-loans/mortgage-news/high-wi…

  • 

    pennypincher98 on 19/10/2022 - 19:04

    +2

    Cash rate is currently 2.6%. Considering rates are 4.1% or 4.05% depending on age, if cash rate rises by another 1% we could be looking at 5.1% or 5.05% without needing to lock in a term deposit.

    Do term deposits rise for all accounts if that extra 1% comes to pass, or only new? That would then be more attractive at up to 5.85%.

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  Lunarboogie on 19/10/2022 - 20:37

  +1

  Rates are starting to creep up to the point where they are looking moderately attractive.

  I recall NAB offering 7 per cent for 5 years in 2009 and kicking myself I didn't take it up.

  • 

    [Deactivated] on 19/10/2022 - 21:47

    Hopefully you bought some property or shares and enjoyed the 12-15% pa ROIs instead. No? Hindsight always results in regret. In 2009 banks were going bankrupt from all reports. You made the right decision not to take up the offer at that time knowing that information on hand.

    • 

      Lunarboogie on 19/10/2022 - 23:37

      Hahaha indeed I did. But I also believe in diversification, so this would have been a way to park excess funds in a safe but relatively high yielding option. Will keep my eye out for another opportunity. The way rates are rising I may not have to wait long.