AMP Bank Deposit Changes
From 1 July 2026, AMP Bank will be making changes to how deposit products are offered through intermediaries.
From this date, AMP Bank will no longer accept new intermediary‑originated deposit business, including new term deposits, notice accounts and new at‑call deposit accounts (i.e. savings accounts and transaction accounts).
From 16 July 2026, AMP Bank will no longer accept term deposit reinvestments. This means that any term deposit reaching maturity on or after 16 July 2026 will have all funds paid out to their nominated account.
Importantly, existing deposit accounts will continue to be supported, and there are no changes to lending products.
These changes allow AMP Bank to focus on an easier, streamlined offering for customers across its broader product suite, while ensuring existing deposit customers continue to be well supported.
What is changing and when?
From 1 July 2026, AMP Bank will no longer accept new deposit business introduced by intermediaries. This applies to new term deposits, and new at‑call deposit accounts.
From 16 July 2026, AMP Bank will not accept any term deposit reinvestments. This means that any maturing term deposit will be paid out upon maturity.
What happens to existing term deposits?
Existing term deposits will continue until their scheduled maturity date.
If a term deposit matures on or after 16 July 2026, the funds will be paid out to the client’s nominated bank account and cannot be rolled over.
To avoid delays, please ensure clients have up‑to‑date bank account details on file before maturity. If a term deposit matures without current bank account details for the funds to be paid to on maturity the funds may be held in a non-interest bearing account.
What happens to existing at‑call accounts ?
Existing at‑call deposit and notice accounts will continue to operate as normal until further notice. Clients can keep using these accounts as they do today.
Are lending products affected?
No. All lending products, including offset accounts, are not affected.
What do brokers and advisers need to do?
Any intermediary‑originated deposit business that is submitted and accepted before 1 July 2026 can proceed as usual.
If the term deposit matures before 16 July 2026, the funds will be able to reinvest if instructed to do so.
However, if the term deposit matures on or after 16 July 2026, the funds must be paid out at maturity and cannot be rolled over.
What about new term deposits or rollovers submitted before 1 July 2026?
Brokers and advisers should:
- Review term deposits maturing on or after 16 July 2026
- Notify affected clients that funds will be paid out at maturity and will not reinvest
- Ensure clients have a current nominated bank account for payment
- Stop submitting new term deposit or at‑call deposit applications from 1 July 2026
Will AMP Bank continue to support existing deposit accounts?
Yes. AMP Bank will continue to service and support all existing deposit accounts.
Will commissions continue to be paid?
Yes. Commissions will continue to be paid on eligible deposit accounts opened before 1 July 2026 until the account is closed.
Where can I get more information?
For further information, please contact AMP Bank on 1300 300 400 and select option 2.
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Important information
All information on this website is subject to change without notice. It's important your customers consider their particular circumstances and read the relevant Product Disclosure Statement and Target Market Determination or Terms and Conditions before deciding what's right for them.
A target market determination for these products is available at distributor.amp.com.au/tmd
This information hasn't taken their circumstances into account. The credit provider and product issuer is AMP Bank Limited ABN 15 081 596 009, AFSL No 234517, Australian credit licence 234517.