- AMP Bank lifts 6- and 12-month GO term deposit rates by 0.15%
- The bank now offers up to 5.55% p.a. on its 12-month term deposit
- The rate hike comes amid intensifying competition for savers' funds
AMP Bank on Thursday increased rates on its 6- and 12-month GO term deposits by 15 basis points.
The latest adjustment has lifted the 6-month rate to 5.30% p.a. and the 12-month rate to 5.55% p.a., applicable for savers with a deposit of at least $5,000.
See AMP Bank GO term deposit rates below:
Term | Rate | Deposit size | Interest paid |
6 months | 5.30% p.a. | $5,000 - $10m | End of term |
12 months | 5.55% p.a. | $5,000 - $10m | End of term |
GO term deposits are available for balances up to $10 million, with no monthly fees.
Customers are required to hold an AMP Bank GO Everyday Account to open the product.
Current top rates for 6- and 12-month term deposits
The new rates position AMP among the more competitive options in the popular six and 12 month market for term deposits.
Community First Bank currently offers the highest advertised 12-month term deposit rate that pays interest at maturity at 5.60% p.a., 5 basis points above AMP's new rate.
For more frequent payments, Judo Bank's 5.45% p.a. leads the pack.
Meanwhile, AMP Bank's 6-month term deposit is 15 basis points below the current top rate of 5.45% p.a. available through Heartland Bank.
See the top term deposit rates for:
Comparing AMP Bank and big four term deposit rates
Compared with Australia's four largest banks, AMP's rates remain above their equivalent offerings.
See below the current term deposit rates of big four for deposits at least $5,000 with interest earnings paid at maturity.
Bank | 6-month term deposit rate | 12-month term deposit rate |
CBA | 3.45% p.a. | 5.30% p.a.* |
Westpac | 3.50% p.a.* | 5.30% p.a.* |
NAB | 3.50% p.a. | 5.30% p.a. |
ANZ | 3.50% p.a. | 5.30% p.a. |
*Certain conditions apply
CBA, Westpac, NAB, and ANZ have all supercharged select term deposit rates in the past month as the market braced for further cash rate increases.
Banks vie for savers' dollars
Term deposit providers have been on a hiking streak recently as banks continue to vie for savers' funds.
Judo Bank earlier increased rates across its one- to five-year term deposits, including lifting its five-year rate to 5.60% p.a.
This has placed Judo at the top of the market for longer-term deposits.
The repricing comes as markets assess the likelihood of further interest rate increases after the Reserve Bank lifted the cash rate by 25 basis points in September.
Australia's official cash rate currently sits at 4.60%.
Westpac and ANZ are expecting another hike in November, which could prompt banks to further increase savings and term deposit rates.
See also: Which banks are lifting savings account rates after RBA September hike
Meanwhile, CBA and NAB bank economists are forecasting rates will remain on hold.
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Want to earn a fixed interest rate on your cash? The table below features term deposits with some of the highest interest rates on the market for a six-month term.
| Bank | Term Deposit | Interest Rate | Interest Frequency | Term | Automatic Rollover | Maturity Alert | Early Withdrawal Available | Minimum Deposit | Maximum Deposit | Notice Period to Withdraw | Account Keeping Fee | Online Application | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.35% p.a. | At Maturity | 6 months | $1,000 | $1,000,000 | – | – | |||||||||||||
5.25% p.a. | At Maturity | 6 months | $5,000 | $19,999 | – | – | |||||||||||||
5.20% p.a. | At Maturity | 6 months | $10,000 | $5,000,000 | – | – |
