AMP Introduces Term Deposits in Collaboration with Heartland Bank

Highlights:

• AMP Wealth Management NZ pioneers by introducing term deposits, the first among major non-bank KiwiSaver providers in New Zealand.
• The collaboration with Heartland Bank enhances AMP's investment offerings, providing members with a secure option alongside KiwiSaver to manage and grow their savings.
• Heartland Bank's extensive experience and customer-focused approach ensure competitive term deposit rates tailored to meet the financial needs of retirees and investors.

AMP Wealth Management NZ has made a pioneering move in the New Zealand financial landscape by becoming the first major non-bank KiwiSaver provider to offer term deposits. Partnering with Heartland Bank, AMP now includes term deposits as part of its investment offerings, aiming to cater to the diverse financial needs of its members.

Expanding Investment Options

Term deposits (TDs) are positioned as a natural complement to KiwiSaver, providing members with an alternative avenue to manage and secure their investments. Jeff Ruscoe, managing director of AMP Wealth Management, highlights the strategic benefit for retirees: "Many of our members choose to maintain their KiwiSaver investments post-retirement to sustain returns. Now, they can also opt for term deposits to safeguard their funds and benefit from fixed returns over a specified period."

Customer-Centric Approach

Ruscoe emphasizes AMP's commitment to enhancing retirement outcomes, stating, "The introduction of term deposits underscores our dedication to meeting our customers' evolving financial needs. It reflects our customer-centric approach by offering essential tools to manage savings effectively."

Strategic Partnership

Heartland Bank, renowned for its robust customer focus and digital innovation over its 150-year history in New Zealand, aligns well with AMP's strategic vision. Keira Billot, Heartland Bank's general manager of retail, underscores the synergy, noting, "Our strong presence in the term deposit market, especially among retirees, positions us well to support AMP's initiative. We are confident that our competitive rates will optimize returns for AMP customers."

Future Prospects

AMP views this partnership with Heartland Bank as a significant milestone in its product innovation journey. Anticipating future collaborations, AMP anticipates expanding its range of customer solutions, reflecting its ongoing commitment to empowering members with diverse investment opportunities.

The introduction of term deposits marks a pivotal step for AMP Wealth Management NZ, signaling its proactive approach to meeting the financial needs of retirees and investors alike in New Zealand's dynamic market environment.

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