AMP announced that effective 29 November, it will permanently discontinue its one-month and two-month retail term deposits to new customers.
Existing customers of these terms will not be affected, including those with existing maturity instructions to rollover to one-month or two-month terms.
"We continuously review our products periodically and as part of the review we conducted, we decided not to offer one and two months to new customers," an AMP spokesperson told Savings Media Group.
AMP's 30-day and 60-day rates were previously not competitive with rates of less than 1.00% p.a.
In contrast, Goldfields Money has the highest 30-day rate of 2.60% p.a. as well as the highest 60-day rate of 2.95% p.a. according to InfoChoice's product database.
Both have minimum deposit requirements of $5,000.
Where AMP stood out, however, was for longer-term products.
For example, in the one-year space it is in the top-five most competitive for one-year term deposit products.
Its rate is 4.20% p.a. with a $25,000 minimum deposit and interest paid at maturity.
Photo by Eric Titcombe on Wikimedia Commons
