AMP rebates North term deposit admin fees
AMP has announced this week that its North platform will offer a rebate on term deposit administration fees until the end of the year.
It said the administration fee rebate would apply to all clients who take out a new North term deposit or roll over a maturing term deposit between 1 August and 31 December 2012.
Discussing the move, AMP's director platforms Steve Burgess said while it was important for people to have a balanced portfolio, recent market volatility had seen some investors look to cash as a safe haven.
He said it was on this basis the company was pleased to be able to offer new and existing North clients a fee rebate.
"North has seen strong growth in term deposit funds under administration over the past year, jumping from 1.3 per cent to 6.9 per cent of total North FUA between June 2011 and June 2012," Burgess said.
The administration fee rebate applies for the duration of the term deposit or up to 31 December 2013.
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