AMP Announces Partnership With Heartland Bank To Offer Term Deposits

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

Term deposits are a natural accompaniment to KiwiSaver, providing New Zealanders with an additional option for managing their investments. As more and more people approach 65 years of age, they are looking for the increased convenience, flexibility and predictability with their investments that term deposits can provide.

Jeff Ruscoe, Managing Director for AMP Wealth Management NZ, says although many of their customers are choosing to continue with KiwiSaver after turning 65 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 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. 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 is proud to select Heartland Bank as its Term Deposits provider. Heartland Bank’s GM of Retail Keira Billot says Heartland Bank’s 150-year history in New Zealand, alongside its 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.

“This partnership provides attractive term deposit rates for AMP’s customers, who will benefit from investing their funds with New Zealand’s Savings Bank of the Year,” said Keira.

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.

AMP’s Term Deposit offer, provided by Heartland Bank, will be available to its existing customers from June - with the ability to manage their AMP KiwiSaver Scheme, Managed Funds and Term Deposits via the MyAMP app and online portal – and then available to all New Zealanders from July.

To celebrate this launch, Jeff says a special rate will be offered across the five terms that are offered through AMP, for a limited time only. This includes 6.35% for the 6- and 9-month terms. Full details are available on AMP’s website.*

*AMP Wealth Management New Zealand (AMP) provides access to Term Deposits provided by Heartland Bank Limited. Visit the Term Deposit terms and conditions to learn more. Term Deposit rates are subject to change. Minimum investment $1,000, maximum investment $5,000,000.

About Heartland Bank

Heartland Bank has been awarded Canstar’s Bank of Year Savings for six consecutive years (2018-2023), is recognised as a winner of the Canstar Outstanding Value Home Lender Award in the Residential Home Lender category for the past two years and is the leading provider of reverse mortgages in New Zealand.

Heartland’s point of differentiation is its “best or only” strategy – where it focuses on providing products which are the best or only of their kind through scalable digital platforms. Heartland is committed to delivering financial solutions through speed and simplicity, particularly via digital platforms which reduce the cost of onboarding and make it easier for customers to open accounts or apply for funds when they need it.

With roots stretching back to 1875, Heartland Bank is part of Heartland Group, which is listed on the New Zealand and Australian stock exchanges (NZX/ASX:HGH).

More about Heartland Bank: heartland.co.nz

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