Members of AMP’s super products will be able to add term deposits to their investment options.
AMP director of Wealth Management Products, Andrew Hobert announced the extension of the offering this week saying they reflected increased customer demand.
“Our existing term deposits have proved popular and now we want to meet increased customer demand for longer term deposits in an uncertain market,” he said.
Hobert said the three or five year AMP Term Deposit investment option was designed for customers who were concerned about potentially fluctuating interest rates during that timeframe.
Australia’s largest super funds have deepened private markets exposure, scaled internal investment capability, and balanced liquidity as competition and consolidation intensify.
The ATO has revealed nearly $19 billion in lost and unclaimed super, urging over 7 million Australians to reclaim their savings.
The industry super fund has launched a new digital experience designed to make retirement preparation simpler and more personalised for its members.
A hold in the cash rate during the upcoming November monetary policy meeting appears to now be a certainty off the back of skyrocketing inflation during the September quarter.