Australian Military Bank Term Deposits

About Australian Military Bank

If you’re looking for a way to invest money for a set period at a fixed interest rate, then you might be interested in learning more about Australian Military Bank’s term deposits.

What term deposits does Australian Military Bank offer?

Australian Military Bank offers three term deposit products: its Income Plus, Investment Plus, and Teen Plus term deposits.

The former two have a minimum investment of $1,000, whereas the Teen Plus only requires $500. They all have their interest calculated daily, and depending on the product, offer the choice of interest being paid either monthly, annually, or at maturity.

Click below to compare term deposits on our database, with terms, deposit amounts and interest paid options tailored to your preferences.

Compare Term Deposits

What terms are available on Australian Military Bank term deposits?

According to Australian Military Bank, it offers term deposits with terms (the length of time your money is deposited) typically ranging from a minimum of three month to a maximum of 36 months (three years).

You can use Canstar’s term deposit calculator to help you work out what term length might be suitable for you. One factor to consider is that longer terms typically come with higher interest rates, but you would have to wait longer to benefit from the higher interest rate that can come with reaching the maturity date.

When deciding on a term deposit, it’s a good idea to carefully consider the length of the investment term, as some products may charge a fee and require a certain notice period if you need to access your money early.

When is interest paid on Australian Military Bank term deposits?

Depending on which Australian Military Bank term deposit product you choose, your interest will be paid either monthly, annually, or at maturity.

It’s worth remembering that the option you select may have an impact on the rate of interest you earn.

Canstar’s term deposit calculator can help you decide how you can maximise the interest paid on your term deposit.

Does Australian Military Bank have a notice period and charge an early withdrawal fee for withdrawals?

At the time of writing, Australian Military Bank does not require you to provide notice if you wish to access your money early. However, it says that any early withdrawals will be at its discretion.

Australian Military Bank charges an interest rate adjustment if you withdraw your money prior to the maturity of your term deposit. It advises that the interest paid on a prematurely withdrawn term deposit will be the current interest rate on its Access account, which can be changed by Australian Military Bank at its discretion at any time.

Australian Military Bank’s website and Product Disclosure Statement provide more information on any interest adjustments or other early withdrawal penalties that may apply.

Does Australian Military Bank charge any other fees for term deposits?

At the time of writing, no fees were listed by Australian Military Bank in relation to its term deposits. However, general fees – for example, if you request an additional copy of a statement – may be charged.

For current information on fees and how they apply, please check the Product Disclosure Statement or contact Australian Military Bank.

How to apply for a Australian Military Bank term deposit

Before applying for a Australian Military Bank term deposit, aim to first compare it against other term deposits on the market to ensure it is the right one for you.

Compare Term Deposits

If applying, consider Australian Military Bank’s eligibility criteria (below) and what you might need to have on hand, such as:

  • either your driver’s license, Medicare card, or passport details
  • your tax file number

If you’re applying for a term deposit on behalf of a business, self-managed super fund or other type of entity or organisation, you may need to supply different documents to those listed above. The terms and conditions that apply to your term deposit may be slightly different.

To see if you can apply online for an Australian Military Bank term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit Australian Military Bank’s website.

Eligibility criteria

According to Australian Military Bank, when applying for a term deposit, you will need to meet the following eligibility criteria:

  • You must be at least 18 years old
  • You must be a citizen or permanent resident of Australian
  • You must be investing a minimum deposit of $500, or $1,000 for some products
  • You must be willing to invest for a time frame within the minimum and maximum terms specified (see above)

You will also need to be either a member of the Australian Defence Force, a contractor employed by the Australian Defence Force, or a family member of one of the former two.

What happens to a Australian Military Bank term deposit when it reaches maturity?

According to Australian Military Bank, when a term deposit reaches the end of its term you will be able to choose between having it rolled over into a new term deposit, or having it paid out into a transaction account of your choice.

Australian Military Bank will attempt to contact you before the maturity date to ask what you want done with your term deposit, but if it cannot contact you it will roll over your funds into a new deposit with the same term and interest rate.

About Australian Military Bank

Australian Military Bank was established in 1959 as the Navy (Civil Staff) Co-op, to help Australian Royal Navy staff look after their money. 1983 saw a merger with the Army Defence (NSW) Credit Union.

With a membership exceeding 50,000 in 2015, a vote was passed to rename to organisation as the Australian Military Bank.

Today, the Australian Military Bank has over 30 branches and manages assets of more than $1.1 billion.

Written by: Nina Tovey | Last updated: April 26, 2019