Growing numbers of Kiwis approaching their retirement years are opting for the convenience and flexibility of term deposits. Many are choosing this option alongside their KiwiSaver funds when they reach the 65-year-old milestone to further protect their money and benefit from a fixed return for a set period.
Recognising and responding to the trend, AMP Wealth Management New Zealand has announced a unique partnership with Heartland Bank, becoming the first of New Zealand’s large non-bank KiwiSaver providers to offer term deposits to its customers.
“The introduction of term 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,” says AMP Managing Director Jeff Ruscoe.
“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.”
AMP selected Heartland Bank as its Term Deposit provider. The heritage institution, whose strong customer focus and digital approach aligns with AMP’s goals and values, was founded in 1875. It’s New Zealand-owned and operated, and has been named New Zealand’s Savings Bank of the Year.
“We’re pleased to support AMP in providing an award-winning solution to help meet the investment demand for people entering retirement age,” says Heartland Bank’s GM of Retail Keira Billot.
The new partnership marks a significant milestone for AMP and is the first new product launch of this kind in New Zealand.
The Term Deposit offer is available to existing AMP customers from June, providing the ability to manage their AMP KiwiSaver Scheme, Managed Funds and Term Deposits through the MyAMP app and online portal.
The offer will be extended to all New Zealanders from July.
6.35% for six and nine-month terms. For a limited time. For full details, see amp.co.nz
Special introductory rate
*AMP Wealth Management New Zealand (AMP) provides access to Term Deposits provided by Heartland Bank Limited (Term Deposits). Visit the Term Deposit terms and conditions to learn more.
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