Term Deposits
Enjoy peace of mind knowing exactly how much you'll earn. Lock in your Term Deposit rate from as short as 3 months to as long as 2 years.
Special Term Deposit rate of 3.90% pa. for 6 months available. T&Cs apply
Term deposit rates
Grow your money with a competitive interest rate for a set period of time with our Term Deposits provided by Heartland Bank. Choose a term that fits your goals, from 3 months to 2 years and enjoy peace of mind knowing exactly how much you'll earn.
Terms |
Interest rates |
Interest frequency |
|---|---|---|
|
3 months |
3.45% p.a. |
On maturity |
|
6 months |
3.90% p.a. |
Quarterly or on maturity |
|
9 months |
3.90% p.a. |
Quarterly or on maturity |
|
12 months |
3.85% p.a. |
Quarterly or on maturity |
|
24 months |
4.00% p.a. |
Quarterly or on maturity |
...........
Invest in a Term Deposit account and be in to win $5,000!
Every $1,000 invested in Term Deposits entitles you to one entry into the draw.
Deal closes 2 December 2025 - T&Cs apply.
Key features and benefits
No account fees
With no application or account fees, all your savings get used to grow your money for the future.
Your interest rate is locked in
Enjoy peace of mind knowing exactly what your return will be on your investment.
Choose how long you want to invest for
Invest in a term that suits your needs, from 3 months to 2 years.
Choose when you receive interest
For terms of 6 months or more, have interest paid quarterly or on maturity.
Term deposit calculator
Return on investment:
Provided by Heartland Bank
AMP offers access to Term Deposits provided by Heartland Bank. Heartland Bank is a New Zealand registered bank, RBNZ regulated, investment grade credit rated bank. An 'investment grade' bank means the bank has a credit rating of BBB or above.
Is my term deposit money with AMP or Heartland Bank? Term Deposits money is held by our custodian, AMP Nominees, and on your behalf deposited with Heartland Bank. AMP will manage all applications and queries regarding Term Deposits. Any questions you have about Term Deposits should be directed to AMP. Heartland Bank is the issuer of Term Deposits. Heartland Bank is, at all times, responsible for investing, applying and paying all applicable interest in respect of your Term Deposit(s).
See the Term Deposits terms and conditions to find out more.
How it works
Term deposits are a fixed-term investment option that offers a fixed interest rate for a set period (ranging from 3 months to 2 years). You shouldn’t expect to access your money before the maturity date with a term deposit. To learn more about term deposits, check out our simple guide.
Choose your term
Think about your investment goals and timeframes. This'll help guide you on the term that best suits your needs.
Your interest
Calculated daily, interest rates are paid on maturity or quarterly for terms from 6 months or more (3 month terms only offer interest paid on maturity).
Options at maturity
The end of your fixed term is known as maturity. Before maturity we'll send you a reminder letting you know that your term deposit is due to mature soon. Here are some options to consider when your term deposit reaches maturity.
Renew: Reinvest all or some of your maturing term deposit and keep your savings growing
Withdraw: Withdraw all or some of your term deposit money on maturity. Withdrawing your money before maturity may incur a penalty which is outlined in our terms and conditions.
Transfer: Explore transferring your term deposit to another account with us, such as a managed fund or another term deposit with a different term or interest rate.
Early withdrawal
What happens when you break a term deposit? A term deposit is a fixed term investment. We understand, however, that people's circumstances do change. AMP may, and following consultation from Heartland Bank, accept written requests for early repayment in certain circumstances such as unforeseen financial hardship (but are not required to do so). If we do agree to an early repayment, the interest rate payable in respect of your Term Deposit will be reduced and certain break fees and other charges will apply.
If you wish to terminate a Term Deposit and have it repaid early, you will need to contact us on 0800 267 027 or investments@amp.co.nz. Or contact your AMP adviser.
Frequently-asked questions
Why Heartland Bank?
AMP is proud to become the first of New Zealand's large, non-bank KiwiSaver providers to offer term deposits and has selected Heartland Bank as our Term Deposits provider.
Heartland Bank’s 150 year history in New Zealand alongside their strong customer focus and digital approach aligns well with AMP’s goals and values. This makes Heartland Bank the ideal partner for AMP and its customers who will be able to invest their funds with Canstar's Bank of the Year – Savings for six consecutive years (2018-2023).
How much tax do you pay on term deposit?
Interest earned and distributions made in respect of Term Deposits or funds held on your behalf may be subject to taxes. Such taxes will be deducted from interest earned.
The amount of tax you pay is based on your Resident Withholding Tax (RWT) rate. In order to ensure the correct amount of tax is deducted you must keep us informed as to your correct tax rate. Note that if you do not provide us with your IRD number then resident withholding tax will be deducted at the non-declaration rate of 45%.
To open a Term Deposit, you must be over 18 years of age, be a New Zealand tax resident and live in New Zealand.
We currently only offer Term Deposits to individual investors, meaning you cannot open an account with your partner, child or family trust.
For term deposits longer than three months, you can choose to have interest paid either quarterly or at the end of the term (maturity). Shorter three-month terms only offer interest paid on maturity.
The end of your fixed term is known as maturity. It's important to keep track of your Term Deposit so you have time to make a plan before it matures.
When your term ends, you can choose to reinvest your money for another term, withdraw your money, or transfer your money to a different account. You have the ability to change what happens to your money up to 3 business days before maturity by updating your maturity instructions.
You can do this by logging into MyAMP, calling 0800 267 027, emailing investments@amp.co.nz or contacting your AMP adviser directly.
If you are an existing AMP member you may be able to transfer funds from one of your existing AMP products to a Term Deposit by informing us at the time of your withdrawal. A transfer from an existing AMP product will need to be made in accordance with any withdrawal rules for that product.
In order to transfer money to your Term Deposit you will need to use the unique reference details we provide to you at the time you open an account. If you do not use your unique reference details this may result in delays in establishing and accessing Term Deposits.
You can open, view and manage a Term Deposit alongside existing AMP accounts online via MyAMP.
Depositor Compensation Scheme FAQs
• From 1 July 2025, the Reserve Bank of New Zealand (RBNZ) will implement the new Depositor Compensation Scheme (DCS and the Scheme). • The Scheme will provide protection on up to $100,000 of deposited funds per customer in DCS-protected accounts like Term Deposits, provided by Heartland Bank. • The Scheme has been introduced under the Deposit Takers Act 2023 and brings New Zealand in line with other parts of the world offering similar protection to depositors. • The Scheme will be funded and set up by banks and other deposit takers and if the Scheme is activated, it will be administered by the RBNZ.
You don’t need to take any action for your Term Deposit, provided by Heartland Bank to qualify for protection – protection applies automatically from 1 July 2025 when the Scheme takes effect. However, updating your contact information with AMP would be helpful.
Individuals and organisations (such as companies, partnerships and trusts) who hold, or have their money held in DCS-protected accounts (described further below), qualify for protection under the DCS.
Up to $100,000 per customer across savings, transactional, and term deposit accounts is covered by the DCS. If you have other products with Heartland Bank they will collectively be covered up to $100,000 per customer.
Your protection under the DCS is based on your total funds with Heartland Bank. This means you are protected up to a maximum of $100,000, regardless of how many accounts or deposits you have with us.
The DCS covers various account types, including transactional accounts, savings accounts, notice saver accounts and term deposits.
Heartland will have a full list of products that are covered by the Scheme available on their website from 1 July 2025.
Investment products such as KiwiSaver, managed funds, and bonds are not covered.
The Scheme will be activated in the unlikely event that a bank or deposit taker fails, for example, by going into receivership. Rest assured banks are heavily regulated and have significant controls in place to prevent this from happening.
In 2017 the Government commenced a review of financial services law and as part of that work recommended the Deposit Takers Act, which establishes the Scheme. While New Zealand banks have strong buffers to shield customers from sudden financial or economic shifts, the DCS is designed to provide an additional layer of protection for Kiwis.
You can explore scenarios and learn more about the DCS on the Reserve Bank's website.
