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Term Deposit 4.10% p.a. Interest on 1 Year Rate, 4.95% 5 Year (Interest Paid Annually) @ AMP Bank

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Term Deposit 4.10% p.a. Interest on 1 Year Rate, 4.95% 5 Year (Interest Paid Annually) @ AMP Bank
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Ppuglikesabargain on 26/10/2022 - 13:26 amp.com.au (462 clicks)
Last edited 04/11/2022 - 17:17 by 1 other user

Today, AMP has once again upped their term deposit rates over a range of timeframes, effective immediately. The last increase was only seven days ago.

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

Term Interest rate
1 year 4.10% pa
2 years 4.55% pa
3 years 4.70% pa
4 years 4.85% pa
5 years 4.95% 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."

UPDATE: AMP TERM DEPOSIT RATES HAVE BEEN REVIEWED AGAIN, EFFECTIVE 7 NOVEMBER 2022 - no changes to the rates above.

Financial Term Deposit

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closed Comments

  • xiaozaocha on 26/10/2022 - 13:38
    +8

    signal for another cash rate increase next week?

    • puglikesabargain on 26/10/2022 - 13:41
      +1

      Yes, the CBA and ANZ have just announced they anticipate a further 25 basis point rate increase at the RBA’s December meeting (taking the cash rate to 3.1 per cent), following stronger-than-expected inflation data released this morning. Both banks have retained their forecast of another 25 basis points next month (November).

    • ruprectaus on 26/10/2022 - 13:42
      +3

      I think every economist in Australia presumes there will be an increase, the amount is curiosity.

    • M00Cow on 26/10/2022 - 16:37
      +1

      Predicting rate increases every month for the rest of the year.

  • OzyBe on 26/10/2022 - 13:42
    +7

    I think anyone investing their money for either of these term periods with AMP would have investors remorse in a short period of time.

    • oldrocker on 26/10/2022 - 19:41

      Agree it's going to go Up Up and away, in the near term at least!

  • TanedaR on 26/10/2022 - 13:50
    +7

    for a 5 year term deposit, the real challenge is: Will AMP stand strong in the coming finical crisis?

    Good luck.

    • OzyBe on 26/10/2022 - 13:55
      +2

      No one is really saying we will have another GFC, but with current unprecedented conditions, who knows what may happen.

    • craving on 26/10/2022 - 13:56

      This

    • payless69 on 26/10/2022 - 15:46

      Investing with AMP is like a bit of dabbling with our lovely Gerry. AMP= no way!

    • puglikesabargain on 26/10/2022 - 20:05

      The Federal Government guarantee applies to AMP deposits up to $250,000.

      • rogsamsy on 27/10/2022 - 18:43

        Only if they trigger it. Bail ins are more likely to happen before that especially with a lightweight like AMP.

  • tranmerlance on 26/10/2022 - 14:11
    +5

    ING 4.05% at call

    • Jacko1235 on 26/10/2022 - 14:26
      +4

      Agreed. An extra 0.9% interest is definitely not worth the term risk. Not a bargain.

      • Pcoder on 26/10/2022 - 14:38
        +2

        Interest rates are likely to rise, so being locked in is not a benefit as inflation is still out of control and savings accounts will be going up accordingly.

        • Techie4066 on 26/10/2022 - 14:41

          Not until interest rates start decreasing (already projected). You want to lock in a long TD at the top of the curve.

          • mrtee on 26/10/2022 - 14:44
            +2

            @Techie4066: Who's doing they'll decrease?

            • Techie4066 on 26/10/2022 - 14:45

              @mrtee: You think they'll stay high forever? lol googling is helpful
              https://www.ratecity.com.au/home-loans/mortgage-news/when-wi…

              • bloopzorm9 on 26/10/2022 - 14:54

                @Techie4066: If you think these rates are high, boy, maybe you should google

                • Techie4066 on 26/10/2022 - 14:55

                  @bloopzorm9: High is relative. What have the rates been for the past decade, boy?

                  • bloopzorm9 on 26/10/2022 - 14:58
                    +2

                    @Techie4066: With the exception of the pandemic, very similar to what they are now. so yes, relatively not high.

                    Also, I was not calling you "boy". It is, in fact, an expression.

                  • [Deactivated] on 26/10/2022 - 20:48
                    -1

                    @Techie4066: calling someone a 'boy' these days can be offensive and discriminatory.

                    • Techie4066 on 26/10/2022 - 20:50
                      -1

                      @[Deactivated]: And online comments with no intonation are subject to interpretation, how about that?

                      If you think these rates are high, boy, maybe you should google

                      FYI I was not aware of any other common usage of "boy" with demeaning intent besides having a crack at someone's lack of knowledge because of their youth.

                      • [Deactivated] on 26/10/2022 - 20:55
                        -1

                        @Techie4066: those 'boy' calling days are long gone. now comes the era of fluidness, neutralist, binaries, etc…

                        I wished we were still in those old days era, but alas…

                        • Techie4066 on 26/10/2022 - 21:11
                          -1

                          @[Deactivated]: So long gone that I wasn't aware of the usage you're referring to. I hope you don't mean you wish you could be racist with no repercussions.

                • mrtee on 26/10/2022 - 14:58

                  @bloopzorm9: Yeah I think they have the potential to.go above 5.5-6%. They've been 8-12% in the past.

                  • Jacko1235 on 26/10/2022 - 15:04
                    +1

                    @mrtee: Also forgot to mention there's an inliquidity premium. You can't touch this money for 5 years but you can get a 5 year US Bond for 4.26% So you need to be rewarded for both a term risk and a liquidity premium and I wouldn't do that for 0.9%

                  • M00Cow on 26/10/2022 - 16:41

                    @mrtee:

                    They've been 8-12% in the past.

                    They're got to 17.5% under Keating.

              • Ghost47 on 26/10/2022 - 15:35
                +4

                @Techie4066: Forecasts are forecasts.

                Today’s CPI is probably higher than expected so that link is already old news, the RBA needs to hike more and the rate has to hover around 3-4% for at least a few years to bring inflation down, or go higher for a shorter amount of time to drive it down quick and avoid a stagflation scenario. They were at 0.1% for far too long.

                Me, I hope rates go to 5%, at least. Then we’ll see who’s been swimming naked.

              • Thunderdownunder on 26/10/2022 - 19:17

                @Techie4066: With todays Australian CPI increasing above estimates at 7.3% (the highest in 32 years) and the Reserve Bank estimating even higher by December at 7.75% I think they are completely at odds with facts.

              • sandman121 on 27/10/2022 - 07:37
                +1

                @Techie4066: You always need to look for the motivation behind "news". In the case of the linked site it is focussed on home loans

                "If you’re looking for the light at the end of the home loan rate hike tunnel, don’t fear. Experts from the big banks have put forward their calculated predictions as to when the cash rate could fall again and, in turn, decrease home loan interest rates."

                It is almost blatant in the appeal for people not to worry about rising rates and to take out a loan. Ask the RBA about how good rate forecasts are, with all of their highly paid analysts they still screwed up.

                The answer is, if banks are offering 4.95% for 5 years, they think that will be close to the mark, and possibly on the low side so the odds are in their favour. I don't see anyone saying a 3 year term deposit will be at 2% because rates will drop quickly next year.

          • dcep on 27/10/2022 - 18:10

            @Techie4066: you mean like how RBA projected interest rates only set to rise in 2024 ?

            • Techie4066 on 27/10/2022 - 18:10

              @dcep: No. If you bothered to look at the article timestamp you'd find it was after aggressive rate rises (which will end some month down the track prior to loosening).

  • Techie4066 on 26/10/2022 - 14:40
    +1

    Judo beat AMP to it a week ago.

  • [Deactivated] on 26/10/2022 - 14:47
    +1

    5% is for plebs, rich people club earning 10-20% on their investment yearly…

    • shoppe on 26/10/2022 - 15:49

      How?

      • [Deactivated] on 26/10/2022 - 16:13
        +1

        first you need to be rich, $1m cash at least.

        2nd you need to get into the club, by other richie rich referrals.

      • M00Cow on 26/10/2022 - 16:44
        +2

        Stock market!

        BHP Group Ltd (ASX: BHP) dividend yield 11.22%
        Rio Tinto Limited (ASX: RIO) dividend yield 11.13%
        Fortescue Metals Group Limited (ASX: FMG) dividend yield 12.02%

        https://www.fool.com.au/2022/10/20/why-investors-were-lookin…

        • greatlamp on 26/10/2022 - 19:43
          +1

          Dividends look good however there's always the risk the company will cut them.

          Remember the reason why the divided yield is high - because the stock price has tanked.

          The best dividend paying shares are mining companies and banks. The exact same companies that will choke in a recession.

          • M00Cow on 26/10/2022 - 20:49
            +2

            @greatlamp: Yeah yeah, mining & banks will keep profiting. China will do as they do and spend their way out of any downturn via infrastructure projects. Banks are now a protected species.

            I can't see a recession actually happening. Unemployment is historically low, there's so many vacant positions around. The average punter is spending money like it's going out of fashion.

            But anyway I was just pointing out where people get their 10% returns.

          • sandman121 on 27/10/2022 - 07:41
            +1

            @greatlamp: Banks will just increase interest rates to cover their cost of deposits, they will not tank because with the new push on visas there will be plenty of cashed up immigrants willing to buy houses off the banks when they foreclose on Aussies who lose their jobs amid rising rates (they will not lose a cent) - remember companies also have managed to get the Govt to speed up the temporary worker visas so they can undercut local Aussies wages which will cause employment to drop during the coming recession

        • [Deactivated] on 26/10/2022 - 20:49

          not stock market, its the rich club, guaranteed return each year.

      • dcep on 27/10/2022 - 18:20

        1 bed unit in Brisbane CBD $300k

        rental income $500 per week

        • shoppe on 27/10/2022 - 18:29
          -1

          What's the address?

  • Froot Loops on 26/10/2022 - 16:11
    +1

    Rates are likely going to keep increasing (ING is at 4.05%), so I think (I'm an investor, but not licenced) this would be a very stupid idea and you should think twice before entering any term deposits at the moment.

    • Stopback on 26/10/2022 - 17:01
      +2

      For five years this is a good low risk investment.

      • Techie4066 on 26/10/2022 - 19:19
        +1

        Unless you're thinking of opening multiple I'd wait until closer to the peak cash rate.

      • puglikesabargain on 26/10/2022 - 20:04

        I agree - The Federal Government guarantee applies to deposits up to $250,000. AMP are also helpful in arranging an easy early withdrawal, if necessary (such as increases in rates). The early withdrawal adjustment is up to 2.75 percent unless cancelled with the grace period of 7 days from date of the term deposit opening (no fee is charged and full interest is paid).

  • USER DC on 26/10/2022 - 21:31

    not only you are locking money now at time when rates are likely only to go up in near future.

    But you are also not getting interest paid more often. Aka you can compare a lower interest rate bank that pays interest more frequently like monthly etc might be a better often than this one.

    I would strongly argue that 0.05% worth of difference as compared to ING paid monthly is actually better than this 4.10% paid annually (given you are not near that 100,000 limit)

  • Nedkellyinthebush on 26/10/2022 - 22:31

    Macquarie is also doing 4.10% 1 year

    • Froot Loops on 27/10/2022 - 00:18

      4.05% with ING and that will increase again shortly. Also, Mac Bank are a bitch to deal with. They refused to return my funds after 31 days' notice. I'm glad AFRA sorted it out and it was resolved 2 days ago. They also paid me closed to $2.5k in compensation. I strongly suggest avoiding them at all costs, especially since 4.10% is a junk rate for 1 year

  • love2buy on 29/10/2022 - 13:37

    Should I wait another week? Also would interest paid monthly be the best option?

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