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

1040

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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  • +11 votes

    don't think amp will survive

    • +3 votes

      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.

      • +1 vote

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

      •  

        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.

        • +1 vote

          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.

          •  

            @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.

            • -1 vote

              @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.

      •  

        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.

        •  

          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!!!

        •  

          Lehman bros et Al collapsed without society falling apart..

          •  

            @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.

            • +1 vote

              @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.

    • +4 votes

      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.

    • +2 votes

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

      • +1 vote

        I would also like to know. Bump

        • +1 vote

          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.

      •  

        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?

        •  

          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.

      • +2 votes

        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

    •  

      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

    •  

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

    •  

      Macquarie are now offering the same rate for 4 months.

  • +1 vote

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

  • +9 votes

    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...

  •  

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

  •  

    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

  • -1 vote

    crazy world where this earns more than my offset

  •  

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

  •  

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

  • +8 votes

    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

  •  

    I'll stick with CUA.

  •  

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

  •  

    is there a savings limit?

  •  

    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.

  • -1 vote

    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.

    • +4 votes

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

  •  

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

    •  

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

  •  

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

  • +1 vote

    Macquarie offers the same?

  •  

    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?

  •  

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

  •  

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

  •  

    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.

  •  

    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?

  •  

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

  •  

    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.

  •  

    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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