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AMP Saver Account 2.65% pa for 6 Months Then 1.05% pa (New Customers Only)

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AMP Saver Account 2.65% pa for 6 Months Then 1.05% pa (New Customers Only)
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mortgagebroker on 27/03/2020 - 15:00 amp.com.au (1750 clicks)
Last edited 06/04/2020 - 18:17 by 2 other users

AMP Saver Account. 1

A honeymoon 2.65% pa for 6 months then 1.05% pa
Earn a bonus 1.60 pa on top of the standard variable rate, payable on account balances of up to $500,000 per customer.

https://www.amp.com.au/saver

Update:
Rates are set to change effective 7 April 2020

AMP Saver Account
- Standard Rate for all balances. 1.05% pa
- 6 month Bonus Rate applicable to eligible customers for balances up to $500k 1.21% pa
- Total introductory bonus available 2.26% pa

  1. Available if you open a new AMP Saver Account and you have not held an AMP Saver Account or eASYSaver Account before, you'll earn 2.65% pa - a bonus of 1.60% pa on top of the AMP Saver Account Standard Rate of 1.05% pa - during the Bonus Period. The Bonus Period is the first six months from the date your account is opened. Bonus Rate is payable on account balances of up to $500,000 per customer. Bonus rate and Standard rate are both variable rates and subject to change. ↩

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closed Comments

  • Mahogany Granger on 27/03/2020 - 15:08
    -8

    Ubank is better

  • dcep on 27/03/2020 - 15:13
    +11

    don't think amp will survive

    • malich on 27/03/2020 - 15:17
      +3

      Yea I think this should be a genuine concern.

      I understand that the accounts are guaranteed by the government, but nobody knows how this process will actually work in the event a bank falls over. Your funds could be stuck in limbo for a long time without any interest being paid.

      Better off sticking with Ubank. The govt won't allow NAB to go under.

      • heyimsu on 27/03/2020 - 16:31
        +1

        Even with the guarantee, it's only up to $250K.

        • ant-ant on 27/03/2020 - 17:13

          there is a 20 billion limit on the amount the government will guarantee for each institution under this scheme

          edit - grammar

          • IanC on 27/03/2020 - 17:26

            @ant-ant: correc..t which represents about 1/30th in case of CBA

      • cannedhams on 27/03/2020 - 20:06

        The bank run which triggered the great depression was the failure of the Bank of New York, a small operation which the central bankers disparaged as a "pant pressers bank". They didn't think it's downfall was of any consequence. The problem was that it triggered a run on all the other banks.

        Bottom line, the government isn't going to let retail depositors lose their shirts. The consequences would be unthinkable.

        • IanC on 27/03/2020 - 22:19
          +1

          Unthinkable?

          Some models show that by April 11 in Australia ICU beds will be full. and doctors will then choose who is saved and who left die. Unthinkable?

          Pictures of Indians walking home as no transport and no money at all

          Trouble is home ( probably a hovel of corrugated iron if lucky ) is 240K away.

          The so called unthinkable is becoming thinkable.

          • cannedhams on 29/03/2020 - 23:28

            @IanC: None of the things you mention have the slightest bearing on whether the government would allow a run on the banks, which is what they would happen if depositors started losing their savings.

            • IanC on 30/03/2020 - 08:40
              -1

              @cannedhams: Agreed, just keep believing.

              At 6.30 am today I heard one so called ADI advertising at six month rate stating that " your deposit MAY be covered by the $250000 Gov Guarantee and to read about it before investing"

              The cracks are starting to appear.

              • Mad Max on 30/03/2020 - 18:33

                @IanC: Which ADI please?
                Or link to advert if you do not want to name?

                • IanC on 30/03/2020 - 19:10
                  -1

                  @Mad Max: As above about 6.30 am on 4BC (Alan jones rubbish show) as I was changing stations.

                  It was by Aus Wide

      • nobro25 on 27/03/2020 - 23:50

        Lol, a bank of this size going under? Unless they lose some sort of massive class action in money laundering or whatever it may be, i.e. coping fines in the trillions.

        But if the bank goes under, you'll see alot more shit going under before that happens. When s bank of that caliber goes under, basically it'll be a chain. What that means is the country/ currencies across the globe is (profanity). Basically talking about the stock market falling a good 90%.

        Basically the only senario that will happen is basically the end of the world where trade has gone to shit, all sorts of tele communication is destroyed, and we're living the Stone age.

        By then your money is really the least of your worries.

        • Mad Max on 28/03/2020 - 01:12

          Basically the only senario that will happen is basically the end of the world where trade has gone to shit, all sorts of tele communication is destroyed, and we're living the Stone age.

          You may be right!!!
          I just changed my name accordingly.
          Better to be prepared!!!

        • malich on 28/03/2020 - 10:06

          Lehman bros et Al collapsed without society falling apart..

          • cannedhams on 29/03/2020 - 16:09

            @malich: Apples and oranges. Or rather, you're confusing vanilla retail banking with investment banking.

            One of the truisms of financial governance is that you need to keep one separate from the other. Or as Paul Keating use to say "there needs to be a dividing line between the bank and the casino".

            If people want to throw their cash into hybrids or unsecured notes or whatever an investment bank is flogging to them, fine. That's gambling and people should be prepared to lose the lot. Bank deposits are another thing entirely.

            • malich on 29/03/2020 - 17:57
              +1

              @cannedhams: I've always considered AMP an investment bank. The fact they take bank deposits would also exclude Macquarie by definition.

              They were an insurance company and moved into investments later.

              But nonetheless, given the indiscretions found during the royal commission I'd be surprised it the government bailed them out should they collapse.

    • [Deactivated] on 27/03/2020 - 15:18
      +4

      Yeah they're not looking good.

      There's a reason they're offering so much, they obviously can't get it cheaper elsewhere due to their risk profile risk.

    • Metallermark on 27/03/2020 - 15:26
      +2

      Should I be worried? (AMP savings account holder).

      • pizzanpasta on 27/03/2020 - 15:56
        +1

        I would also like to know. Bump

        • cumova on 27/03/2020 - 18:27
          +1

          I would suggest spread your risk across a couple of banks. Even if u miss out on abit of interest in the next few months might let you sleep at night…

          Im not quite sure how they can offer 2.65% when variable rate loans are nearly that price with the majors..i would say they are in trouble and need deposits

          Aso, I would pull out some money to have cash just in case. Look up bail in laws of 2018 when you have a chance.

      • [Deactivated] on 27/03/2020 - 19:50

        Just make sure they're & your amount invested are covered by the ausgov bank guarantee. You should be fine. My concern is the gov is now in so much debt, can they afford to bail out banks?

        • cannedhams on 29/03/2020 - 16:13

          The simple answer is yes. It's a bit like worrying that Disneyland is going to run out of Mickey Mouse dollars. The ability of a government to generate its own fiat currency is essentially unlimited.

      • dogzilla on 27/03/2020 - 21:14
        +2

        Only be worried if you have more than $250k in savings at one bank

        Investments are guaranteed by the government up to $250k per person / per account at each bank - if you have more than that in the bank and it falls over, then you get max $250k

        Also be mindful associated entities are included in that 1 bank (like CBA owns Bankwest so its treated as 1 institution)

        Heres the blurb from APRA
        https://www.apra.gov.au/about-financial-claims-scheme

    • eltito on 27/03/2020 - 15:41

      Got a link that further explains AMP’s issues specifically? Genuinely curious as to what’s going on with them - I tried a google search but didn’t find any info

      • Osiris on 27/03/2020 - 15:45

        I suspect your money is safer in banks right now than it ever has been, no way the government is going to let one of them fail at the moment.

        • eltito on 27/03/2020 - 15:48

          A genuine question: People assume the governments won’t let the banks go under, but does apply to other banks apart from the big 4? Such as ING and UBank?

          • Richfield on 27/03/2020 - 15:50

            @eltito: UBank is Big 4. ING is foreign owned.

          • Osiris on 27/03/2020 - 15:51

            @eltito: In these instances I believe it would apply to non big 4 too. World governments are firing everything they've got to either stop (unlikely) or ease the impacts of recession, in these times of already heightened panic due to the virus, a bank going under would be a very bad for the economy and a disaster for keeping people calm.

          • osaya on 27/03/2020 - 15:51
            +1

            @eltito: can't speak about the others, but UBank is part of NAB. Downside is if the total guaranteed amount for your UBank is added up with your other NAB accts.

          • lazywombat on 27/03/2020 - 15:53

            @eltito: UBank is a division of National Australia Bank, one of the Big 4 banks.

      • malich on 27/03/2020 - 16:13
        +2

        https://www.afr.com/companies/financial-services/amp-wealth-…

        This is before coVID panic.

        AMP was stung massively by the royal commission. They were charging dead people for policies among other non compliant acts.

      • [Deactivated] on 27/03/2020 - 20:00
        +1

        AMP reports $2.5 billion loss

        https://www.abc.net.au/news/2020-02-13/amp-posts-hefty-loss-…

        That was before the current woes.

        Basically they've been mismanaged for years, they got named & shamed during the financial royal commission. And it appears not much has changed.

      • SomeGuyOnOzB on 27/03/2020 - 21:20
        +1

        Back in 2018
        https://www.smh.com.au/business/banking-and-finance/troubles…
        Dividends were slashed by 70%

        In July 2019, another deal was blocked and they slashed the dividend
        https://www.afr.com/companies/financial-services/amp-life-sa…

        They just slashed the 2020 dividend too

        • malich on 28/03/2020 - 10:17

          Slashed the dividend and gave the directors a payrise. Pretty disgusting in this climate. It gives me the impression that they are looking to cash in while they still can.

    • cuppaciano on 28/03/2020 - 12:26

      hould I move my money in offset? Would the deposit guarantee covers money in offset?

      • dcep on 28/03/2020 - 14:24

        amp offset is covered

    • donga100 on 28/03/2020 - 16:20

      Macquarie are now offering the same rate for 4 months.

  • Remorhaz on 27/03/2020 - 15:28
    +1

    Aw that sucks - I signed up yesterday when the honeymoon rate was 2.11% for 4 months :(

    • angielve on 27/03/2020 - 23:10

      Me too, on Monday 😭

  • mrshorty on 27/03/2020 - 15:30
    +9

    should be ok for deposits up to $250k as they are an authorised DTI
    https://www.apra.gov.au/list-of-authorised-deposit-taking-in…

  • peterpeterpumpkin on 27/03/2020 - 15:40

    On the other side, their non-promo home loan rates are pretty high, ey?

  • psylence on 27/03/2020 - 15:41

    Thanks I'm going to do this currently have over 100k with loans.com.au in an offset nervous about since they don't have bank guarantee

  • Terra Australis on 27/03/2020 - 15:41
    -1

    crazy world where this earns more than my offset

    • tfb on 27/03/2020 - 16:17

      Yeah but you would have to pay tax on it

    • cumova on 27/03/2020 - 18:28

      If it doesn't make sense there is a reason behind it..

  • Ms Bargainer on 27/03/2020 - 15:46

    Available if you open a new AMP Saver Account and you have not held an AMP Saver Account or eASYSaver Account before.

  • kirt on 27/03/2020 - 15:51

    Might be missing something, but not seeing any conditions on this like required monthly deposit or no withdrawals etc?

    • pizzanpasta on 27/03/2020 - 15:55

      Don't believe there are any conditions but I could be wrong

  • Iwantthatbargain on 27/03/2020 - 15:52
    +8

    T&C says Bonus rate and Standard rate are both variable rates and subject to change.

    So not guaranteed for 6 months…after one month they can change it to lower rate

    • lknight on 27/03/2020 - 16:03

      Yep, isn't that the same with all other banks. Savings rate is not fixed?

    • rooon on 27/03/2020 - 16:24

      Edit: both rates are variable -wow. Sneaky.

  • VBHB on 27/03/2020 - 15:53

    I'll stick with CUA.

    • lknight on 27/03/2020 - 16:01

      whats the rate?

      • IanC on 27/03/2020 - 16:15

        Currenty 2% for 12 month money

  • MisterQ on 27/03/2020 - 15:56

    Any extra benefits for being an AMP Shareholder - some that have never gotten around to getting rid of.

  • lknight on 27/03/2020 - 16:01

    is there a savings limit?

    • prodnus on 28/03/2020 - 12:14

      $500K

  • bargain ben on 27/03/2020 - 16:25

    IMPORTANT TERMS:

    Available if you open a new AMP Saver Account and you have not held an AMP Saver Account or eASYSaver Account before, you'll earn 2.65% pa - a bonus of 1.60% pa on top of the AMP Saver Account Standard Rate of 1.05% pa - during the Bonus Period. The Bonus Period is the first six months from the date your account is opened. Bonus Rate is payable on account balances of up to $500,000 per customer. Bonus rate and Standard rate are both variable rates and subject to change.

  • coolsteps on 27/03/2020 - 16:37
    -1

    is 2.65% currently the highest rate offered in Australia if so its a good deal? on another note NEXO pays 8% interest on savings but they are based online a swiss mob. not sure how safe they are as its backed by crypto loans which has taken a hammering recently.

    • IanC on 27/03/2020 - 17:23
      +4

      Fisho based in Nigeria is paying 12% daily payable in 50 years based on prawn futures… maybe worth considering

      • suchcha on 27/03/2020 - 17:44
        +1

        Same with Macquarie, but that's only for 4 months

  • Jdmmps on 27/03/2020 - 16:59

    I couldn't find anything about minimum monthly deposit (eg $200). Did anyone else find one listed?

    • Stuzi on 27/03/2020 - 17:37

      Think people might have been referring to ubank having that as a requirement perhaps?

  • confidantduk on 27/03/2020 - 18:30

    IDGI, doesn't Up Bank(layered over bendigo) offer a perma 2.25%, what's the benefit to this?

  • atom1319 on 27/03/2020 - 19:04
    +1

    Macquarie offers the same?

    • RHSteven on 27/03/2020 - 19:21

      only 4 months.

  • 7seven7 on 27/03/2020 - 21:21

    Anyone opened an account? I just have and it lists the interest rate as 0% in the account details…

    Does anyone know the interest payment date? Is it last day of the month?

    • prodnus on 28/03/2020 - 01:15

      Same here - odd

    • Bob01 on 28/03/2020 - 10:30

      yes, same here. Can someone confirm they are getting the 2.65%
      maybe it only shows after first deposit ?

    • PantlessBobby on 28/03/2020 - 10:56

      It showed as 0.00% for me when I first joined. I deposited $1.00 yesterday, then checked this morning and the interest rate was at the 2.65%. So either an overnight job when you sign up or first deposit.

      • prodnus on 28/03/2020 - 12:15

        Overnight mine changed from 0% to 1.50% which is still wrong… transferred today and will see if it changes to 2.65% once the deposit comes through.

        • Stuzi on 28/03/2020 - 14:36
          +1

          Mine updated to 2.65

          • prodnus on 29/03/2020 - 11:44

            @Stuzi: Mine has now also changed to 2.65%. Happy camper.

  • asc on 28/03/2020 - 11:35

    Was on the 2.3% promo rate and it dropped to 2.11% a week ago. Called AMP and they wouldn't budge.

  • cappie on 28/03/2020 - 12:23

    I opened my account last night with no deposit.
    I checked this morning and it shows 2.65%

  • wortho on 28/03/2020 - 13:51

    Does anyone know what the max daily withdrawal is? one of the issues with these honeymoon accounts is getting the money out again at the end of the term due to the max daily limits.

  • sashatheman on 01/04/2020 - 17:19

    Signed up to it yesterday. I seem to be able to access the account online.
    but they stated certain paperwork is coming through the snail mail. does that serve any purpose?

  • MadKaw on 06/04/2020 - 13:48

    Keep getting "A problem has occurred when requesting a 2FA token" when trying to set up the online account..

  • mortgagebroker on 06/04/2020 - 18:16

    Rates are set to change effective 7 April 2020

    AMP Saver Account1
    - Standard Rate for all balances. 1.05% pa
    - 6 month Bonus Rate applicable to eligible customers for balances up to $500k 1.21% pa
    - Total introductory bonus available 2.26% pa

    1 Available for clients who open a new AMP Saver Account and have not held an AMP Saver Account or eASYSaver Account before. The Bonus Period is the first six months from the date the account is opened. Bonus Rate is payable on account balances of up to $500,000 per client. Bonus rate and Standard rate are both variable rates and subject to change.

  • MadKaw on 06/04/2020 - 18:46

    A holes.! I just signed up for this today and was about to transfer some $. It was 2.65 on their site this morning when I signed up and now its 2.26. Probly be 1.8 in a few more weeks and be no better than anyone else.. It appears the high rate is just bait to get the $ in and they will drop it at will. Won't be transfering any $ now.!

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