Term Deposits


The secret is out! Term Deposits are here.

To open an account book an appointment with one of our AMP Client Advisers - it's free and there is no obligation to buy.


To celebrate we're offering special Term Deposit rates across all terms (T&Cs apply), offer closes 12 July 2024.

Fixed rates at the terms you choose

Grow your money with a fixed 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. 



No account fees


With no application or account fees, all your savings get used to grow your money for the future



You choose


Get a fixed interest rate based on the term you choose. Terms range from 3 months to 2 years


Invest from $1000


Start investing with $1,000 or more


How it works


A simple way to invest $1,000 or more. A term deposit is a fixed-term investment option that offers a fixed interest rate for a set period, ranging from 3 months to 2 years. Interest rates are calculated daily and paid on maturity or quarterly (for terms between 6 months and 2 years). To learn more about term deposits, check out our simple guide.

Provided by Heartland Bank


AMP offers access to Term Deposits provided by Heartland Bank. Term Deposits money is held by our custodian, AMP Nominees, and on your behalf deposited with 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.  See the Term Deposits terms and conditions to find out more.

Rates & terms

Special offer for a limited time only


To celebrate the launch of Term Deposits we're offering special Term Deposit rates across all terms. See below.
Terms and conditions apply. Offer ends 12 July 2024.

Terms

Interest rates

Interest frequency

3 months

5.20% p.a.

On maturity

6 months

6.35% p.a.

Quarterly or on maturity

9 months

6.35% p.a.

Quarterly or on maturity

12 months

6.30% p.a.

Quarterly or on maturity

2 years

6.00% p.a.

Quarterly or on maturity

Term Deposit rates are subject to change. Minimum investment $1,000. Terms and conditions apply.
At this time, Term Deposits is being offered exclusively through our AMP Client Adviser team. Please book a complimentary appointment for a conversation with an AMP adviser to open an account or call us on 0800 267 263.

Benefits

  • Simple fixed way to invest for a set period of time
  • Start with $1,000 or more
  • Open multiple Term Deposits for different goals and timeframes
  • Have the interest paid quarterly or on maturity (depending on your term)

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




Change of plans? While Term Deposits are being offered exclusively through our AMP Client Adviser team you can update your maturity instructions up to 3 business days before your maturity date by calling us on 0800 267 027 or emailing investments@amp.co.nz. Or contact your AMP adviser directly.

Frequently-asked questions

Is my Term Deposit money with AMP or Heartland Bank?

AMP offers access to Term Deposits provided by Heartland Bank. AMP will manage all applications and queries regarding Term Deposits. Any questions you have about Term Deposits should be directed to AMP.

Term Deposits money is held by our custodian, AMP Nominees, and on your behalf deposited with Heartland Bank. 

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. 

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).
 
 
 
 
 
Who can open a Term Deposit?

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.

Can I access my Term Deposit money early?

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.

How will my Term Deposit be taxed?

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%.

How do I transfer money into my Term Deposit account?

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.

If you are new to AMP, in order to transfer money, you 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.

Can I view my Term Deposit online?

While our Term Deposit offer is available exclusively through our AMP client adviser team it’s possible to only view active Term Deposit accounts in MyAMP.

The ability to open, view and manage a Term Deposit account alongside existing AMP accounts online via MyAMP is coming soon!

What are the terms and conditions?

More about term deposits

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AMP Wealth Management New Zealand (AMP) provides access to Term Deposits provided by Heartland Bank Limited (Term Deposits). Visit the Term Deposit terms and conditions to learn more. Term Deposit rates are subject to change. Minimum investment $1,000, maximum investment $5,000,000.