Discover the award-winning term deposit marketplace
Australian Money Market (AMM) is an innovative, fully transactional, online term deposit marketplace
One-stop shop for term deposit investing
Centralised access to interest rates offered by more than 20 Australian banks, building societies and credit unions – all of which are Authorised Deposit-taking Institutions covered by the Australian Government Guarantee Scheme up to $250,000 per entity and institution.
Earn more on your investment
Compare and choose rates and terms from more than 20 Australian financial institutions.
No cost to you
There are no fees to use our service. AMM is paid by the institutions and the rates on offer through the marketplace are what you will earn.
Simplify your life
No more researching rates with individual financial institutions and no more paperwork!
Safe and secure
Funds are always held in the investor’s name and funds move from bank to bank. Ownership of the funds cannot be transferred to anyone else and no monies are held on trust.
Simple switching at maturity
Avoid having your funds automatically re-invested at lower rates with the same institution. We notify you prior to maturity and it’s easy to browse rates and invest with a different institution.
Transact online, anywhere, anytime
Whether you are at home, work, holiday or on the move, you can connect and transact via computer, tablet or smart phone. Your instructions will be processed during our standard dealing times.
Our Term Deposit Options
We partner with over 20 different banks, building societies and credit unions to provide a wide range of investment options for our Direct Investors.
All our partnering institutions are incorporated in Australia and are Approved Deposit Institutions (ADI’s). Deposits with an ADI of up to $250,000 are guaranteed by the Australian Government. To find out more visit: https://www.apra.gov.au/financial-claims-scheme
A term deposit placed through our marketplace will never automatically roll over at maturity – we will notify the investor 7 days prior to maturity and await instructions. If instructions are not received on the date of maturity, the funds will simply return to the associated CMA where they will be available for further investments etc.
These are the questions that we receive most frequently from our Direct Investors. If your query is not answered here, please don’t hesitate to contact us – we are happy to help.
Who is AMM?
Australian Money Market Pty Ltd (AMM) is a private company that was established in 2007 to run an online cash deposit marketplace. AMM provides a brokerage service for our clients and their term deposit requirements.
Is there a fee or cost to use the service?
No fees are charged to our clients to use the services provided by AMM. AMM acts as a broker for term deposit products and other investments, and is paid a brokerage by the bank or financial institution providing the deposit product or investment. This brokerage is typically 0.10% but may differ per institution or deal type. The rates shown by AMM are net of any brokerage paid and therefore the interest rate you see will be the interest rate you will receive.
Are my funds secure?
Yes. AMM do not use trust accounts. The movement of funds between financial institutions is always in your name via your cash management “hub” account. All deposits are held with the deposit taking institutions you have chosen to invest with and remain in the investing entity’s name. At no time are funds held in any trust or custodial structures. If you choose to stop using the services of AMM, or if AMM ceased to offer any services, your funds would be unaffected and remain deposited with your chosen institution(s).
What is the Government Guarantee Scheme or FCS?
The Australian Government's Financial Claims Scheme (FCS) protects people's deposits in the unlikely event that a bank, building society or credit union fails. It only covers banking institutions that are incorporated in Australia and who are Authorised Deposit-taking Institutions (ADI's). The FCS has been known as the Australian Government Guarantee Scheme.
Through the Financial Claims Scheme (FCS), the Australian Government guarantees deposits up to $250,000 and the cap applies per ADI.
For example, if you place $250,000 with one ADI and $250,000 with another, then both of the deposits are guaranteed. If you place more than $250,000 with one ADI, then only up to $250,000 is guaranteed. In the case of joint accounts, each account holder is entitled to an individual guarantee up to $250,000.
Please note the following banks combine to form one Authorised Deposit-taking Institution (ADI)
- BOQ and BOQ Specialist
You can read more about the scheme here: https://www.apra.gov.au/financial-claims-scheme.
Do I get better rates than publicly available?
Generally no - they are usually the same as rates offered directly to the public. There are some Banks that pay AMM’s brokerage on top of the rate publicly available, which means you get the same rate as if you dealt directly with the institution. Banks will also provide us with specials from time to time. The ability to easily switch between institutions upon maturity, allows you to maximize the return on your investment.
Is there a minimum amount required to invest?
For each financial institution, there are different minimum and maximum amounts, dependent on rates and terms. These are specified by provider on the rates table which is accessible once you Register with AMM.
What entities can invest through the AMM online marketplace?
AMM is an online direct investment marketplace for investing in retail term deposits. We accept Accounts in the name of individuals, joint accounts, SMSF’s, and most companies or associations including charities and other trust structures. If you have a question regarding a particular entity type, please contact us.
How do I set up an AMM Account?
Firstly, you will be required to Register – just give us a few details and we will email your own login details. Once you have these details you can then complete our online AMM Account Application form to open up your AMM Account(s) in the legal entity name(s). This can be done via the ”Add New Account +” button on your Dashboard and this will take you through the various steps based on the entity type you are opening (ie individual/joint investor, company, SMSF, charity or trust).
Please note, you can have more than one AMM Account under your AMM Registration which simplifies the management of your term deposits e.g. you may have term deposits under your own/joint name and also for a family trust.
What identification is required to set up an AMM Account?
AMM will require you to provide identification documents relating to the particular investor type that you are i.e. individual, group of individuals, SMSF, Trust or Company. Original copies of the identification documents will need to be certified with a date of less than 6 months ago and posted to AMM, along with your signed Account Application Form. (Please note, the copies must be clear and all characters legible).
For a guideline to the Certified ID Requirements and Personal Details required by financial institutions, please click here.
Who is Authorised to Certify ID?
For a list of persons authorised to certify copies of identification (ID) please click here. Unless it is specified that the Authorised Person may be overseas, an Authorised Person must be either an Australian Citizen or Permanent Resident of Australia.
How is ID Certified?
To certify a document, an "authorised person" must clearly write:
"I hereby certify this document is a true copy of the original document shown to me" And then add the following information:
- Full Name (printed)
- Phone Number
- Registeration Number
Contact details of the “authorised person” can be either work or residential.
Individuals certifying documents need to certify every page of the document. If they only wish to write on the first page, they must clearly state that they are certifying the entire document (i.e. all pages).
Please note, authorised certifier persons must be Australian Citizens and cannot be a relative of the account holder, sign on behalf of themselves (if they are an authorised document certifier) or a member of the Defence Force. [Click here to download further Certifying Identification details]
What is a Cash Management Account (CMA) or “hub” account and why do I need one?
In order for AMM to send the funds to your chosen institution, they need to be available in an account that AMM is authorized to debit from which is a Cash Management Account (CMA) or “hub account”. Upon your instruction, we move the funds out of your CMA and directly to the chosen institution for your selected investment.
For further details, please click here to find out ‘How it works’
What if I already have an existing Cash Management Account(CMA)?
We can link an existing Cash Management Account held by you with one of our listed financial providers. When you complete the online AMM Account Application form, there is an option for existing CMA Accounts where you can provide us with the details.
For a list of our CMA Providers, please click here. If your existing CMA Account is not with one of our listed providers, we will require you to open a new CMA Account with a provider from our list.
Do I earn interest on my funds in the Cash Management Account?
Yes. The interest rate is dependent on the financial institution who you hold your Cash Management with.
How does AMM transfer the funds on my behalf?
Once you place a Term Deposit deal through your AMM Account, AMM instructs your Cash Management Account provider to transfer the relevant funds directly to your chosen financial institution. Please note, the movement of funds between financial institutions is always in your name.
When can I place Term Deposit deals?
AMM has standard trading hours from approximately 10.45am until 1.30pm, (Sydney time), Monday to Friday. The 10.45am opening time allows the banks to publish their rates to AMM, which can change daily. The 1.30pm closing time allows AMM the time to process the deal same day and remit the funds to the chosen institution.
Your AMM Account provides you with the flexibility to place Term Deposit deals 24/7 in your own time however please be aware that rates outside of our standard trading hours may not be available the next day when AMM is processing your deal during the standard trading hours.
Any Term Deposit deal that you place outside of our standard trading hours will be marked as “Pending – rate to confirm”. This means your deal will be placed in a holding pattern until approximately 10.45am the next business day when the rate you placed your deal at will be compared to the current rate issued by the bank.
At the time the Pending Deal is processed:
- should the rate remain the same, the deal will go ahead as originally requested and you will receive a Contract Note to confirm
- should the rate increase, the deal will go ahead at the new higher rate and your Contract Note updated to confirm the new rate
- should the rate decrease, the deal will not go ahead and will remain pending. AMM will contact you via email to either confirm the lower rate, or change your instructions. IF we do not receive a reply from you, the deal will be cancelled at 1.30pm and the funds will remain in your Cash Management Account.
Will I receive confirmations directly from the banks?
Yes. You will receive Bank Confirmation(s) from your chosen institution(s) along with their Product Disclosure Statement (PDS) via an email from AMM. Typically this can take up to two weeks from the deal start date due to the processing time within the chosen financial institution. AMM maintains processes to ensure that any deposits that have not received a Bank Confirmation within 2 weeks of the start date are followed up.
How often is interest paid on my term deposit(s)?
For term deposit deals of one year or less, interest is paid at maturity. For terms greater than one year, interest is paid annually.
Do I get notified about term deposit maturities prior to maturity date?
Yes – an email is sent to you 7 days prior and 1 day prior to the date your term deposit will mature.
Can I provide Reinvestment instructions before my investment matures?
Within 7 days of the term deposit maturing you will be able to provide us with reinvestment or redemption instructions, via your online AMM Client Account. You will see a Redeem and Reinvest button within the relevant term deposit summary. Please note than any reinvestment instruction prior to maturity will be classified as ‘Pending’ until we know what the rates are on the given maturity date.
What happens if the rate is different on the date of maturity to my Pending instruction?
When your Pending Deal is processed on the next business day:
- should the rate increase, the deal will go ahead at the new rate and your Contract Note updated to confirm the new rate.
- should the rate decrease, the deal will not go ahead and AMM will contact you to receive further instructions. If we can't reach you by 1.30pm (AEST), the deal will be cancelled.
- should the rate remain the same, the deal will go ahead as requested.
What happens if I don’t provide any instructions before maturity?
If you don’t action our email reminders (sent 7 days and 1 day prior to maturity) and choose to Redeem or Reinvest on the maturity date, the principal and interest will automatically be transferred into your Cash Management Account and will be available for further instructions.
How do you break a term deposit prior to maturity?
To break a term deposit, notice is required in writing such as an email sent to firstname.lastname@example.org. Costs will be attributed to an early redemption and these will vary on a case by case basis. The client is informed of all charges prior to breaking the term. Please note, most financial institutions require 31 days notice to break a Term Deposit and have a 3pm (AEST) cut off time. Please refer to the relevant provider’s PDS for further details.
What reports will I receive?
We provide a full history of financial transactions which can be downloaded online at any time including the corresponding bank confirmations. You can also access an interest report and audit certificate from your 'AMM Account Dashboard' which shows a record of deposits placed at a particular point in time.