AMP adds term deposits

AMP Wealth Management NZ is the first of New Zealand’s large, non-bank KiwiSaver provider to offer term deposits.

Friday, June 21st 2024, 3:32PM

AMP has teamed up with Heartland Bank to provide term deposits to its offering. It says TDs are a natural accompaniment to KiwiSaver, providing members with an additional option for managing their investments.

AMP Wealth Management managing director Jeff Ruscoe says although many of AMPs members are choosing to continue with KiwiSaver after turning 65 in order to maintain those returns, they can now also choose to place their funds in term deposits to further protect their money and benefit from a fixed return for a set period.

“The introduction of terms deposits to our product offering represents our commitment to deliver great retirement outcomes to our customers, many of whom are extending their financial journey with us well beyond retirement age. Term deposits add another key option for our customers to manage their savings and investments with AMP. It’s also about us putting what our customers need and are asking for at the heart of what we do.”

Heartland Bank general manager, retail, Keira Billot, says 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.

“We’re pleased to support AMP in providing an award-winning solution to help meet the investment demand for people entering retirement age. More than two thirds of Heartland Bank’s retail deposit funding is made up of term deposits. We’ve seen an 11.8% increase in term deposits since 2023, and more than 70% of those existing term deposit holders are over the age of 65. We’re confident Heartland Bank’s attractive term deposit rates are well placed to ensure AMP customers’ funds will be working hard for them.

AMP says the partnership marks a significant milestone, representing its first new product launch of this kind, and it anticipates further opportunities for collaboration with Heartland Bank as it continues to expand its range of customer solutions.

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