Home News AMP Bank reveals market leading term deposit rates

AMP Bank reveals market leading term deposit rates

AMP Bank has began 2025 with a bang with its latest term deposit rates, with new market leading returns for three and six months.

By Harry O'Sullivan

First published on 08 Jan 2025

Fact Checked

AMP Bank reveals market leading term deposit rates

The highest TD rate at AMP is now 5.15% p.a. for six month terms with a deposit of $25,000 or above.

That's the highest six month return on market, and equal to Heartland Bank's nine month TD as the overall top rate in Australia.

For three months, the new AMP rate of 5.00% p.a. beats out Judo Bank and the aforementioned Heartland, both of which currently offer 4.95% p.a. for three month terms.

Nine, 10 and 13 month terms saw rates reduced, but otherwise movement was all upward, returns boosted by up to 0.30%.

RBA tea leaves for 2025

While plenty of Australians will be pleased with these stronger fixed term investment options, many more are likely more concerned about whether this points towards a longer delay to RBA cash rate cuts.

The term deposit market started to drop off at the back end of 2024 - just as expectations shifted towards an earlier start for easing monetary policy.

As of 7 January, the ASX RBA rate tracker suggested markets are ascribing a 73% chance the RBA will cut rates to 4.10% at the first meeting of the year in February.

However many economists have pencilled in May 2025 as the first cutting month, citing strong labour force figures and other economic data released at the end of 2024, despite tempering inflation.

For mortgage holders worried higher deposit returns could suggest less chance of those elusive cuts, it's worth remembering there's more to banks' rate strategy than simply trying to anticipate the RBA.

As Chief Retail Banking Officer at Bank of Sydney, Huw Bough, told the Savings Tip Jar podcast last year, this time of year often sees increased interest in term deposits.

"The better periods of time [are] around...the post Christmas period, that's when we're able to attract even more deposits," he told the podcast.

Accordingly this would suggest banks are more likely to launch competitive rates to take advantage of increased demand, so a February rate cut remains a strong possibility.

Without an RBA board meeting in January though, the Australian public are largely flying blind as they awake from their Christmas slumber.

AMP Bank new term deposit rates

Term length (LVR)	Deposit size	Payment frequency	Interest rate
Three months	$5,000 - $24,999.99	End of term	4.95% p.a. (+0.10)
Six months	$5,000 - $24,999.99	End of term	5.10% p.a. (+0.15)
Nine months	$5,000 - $24,999.99	End of term	5.00% p.a. (-0.05)
Ten months	$5,000 - $24,999.99	End of term	4.75% p.a. (-0.10)
Twelve months	$5,000 - $24,999.99	End of term	4.90% p.a. (-0.05)
Three months	$25,000 - $10,000,000	End of term	5.00% p.a. (+0.10)
Six months	$25,000 - $10,000,000	End of term	5.15% p.a. (+0.15)
Nine months	$25,000 - $10,000,000	End of term	5.05% p.a. (-0.05)
Ten months	$25,000 - $10,000,000	End of term	4.80% p.a. (-0.10)
Twelve months	$25,000 - $10,000,000	End of term	4.95% p.a. (-0.05)
Thirteen months	$5,000 - $24,999.99	Annually	4.35% p.a. (-0.05)
Two years	$5,000 - $24,999.99	Annually	4.45% p.a. (+0.30)
Two years	$25,000 - $10,000,000	Annually	4.50% p.a. (+0.30)

More frequent interest payments are available in exchange for a slight rate discount.

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Looking for a fixed income investment? Check out some of the top term deposits in Australia

Deposit amount

Compare

Provider	Interest rate	Interest frequency	Term	Automatic Rollover	Maturity Alert	Early Withdrawal Available	Minimum Deposit	Joint Application	Online Application	as ofJanuary 8, 2025

	5.05^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000	$product[$field["value"]]	$product[$field["value"]]	More details
	SMSF Term Deposit - 6 months
SMSF Term Deposit - 6 months More details
	5.09^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	25000	$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit - 6 months
Term Deposit - 6 months More details
	5.05^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000	$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposits - 6 months
Term Deposits - 6 months More details
	5.15^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	25000	$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit ($25,000+) - 6 months
Term Deposit ($25,000+) - 6 months More details
	5.00^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	5000	$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit - 6 months
Term Deposit - 6 months More details
	4.75^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	5000	$product[$field["value"]]	$product[$field["value"]]	More details
	Macquarie Bank Term Deposit (<$1,000,000) - 6 months
Macquarie Bank Term Deposit (<$1,000,000) - 6 months More details

Personal Term Deposits - 6 months

Product Features

Competitive interest rates on all term lengths
Deposits covered up to $250,000 under Government's Finance Claims Scheme
Loyalty bonus at renewal

Minimum deposit$1,000

5.05%Interest rate p.a.

6Term

More details

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Harry O'Sullivan

Harry joined Savings in November 2022. With a degree in economics from the University of Queensland, Harry is interested in topics such as inflation and GDP, and is passionate about keeping Australians informed on the external factors that impact their personal finances.

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AMP Bank reveals market leading term deposit rates

RBA tea leaves for 2025

AMP Bank new term deposit rates

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Term Deposit ($25,000+) - 6 months

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Harry O'Sullivan