• long running

AMP Saver Account 1.35% p.a. Interest ($250/Month Min Deposit), No Monthly Account Keeping Fee @ AMP


Interest rates are on the way back up again… after AMP dropped interest rates last year.

From 01 February 2022. Subject to meeting minimum deposit in prior month. Interest paid within first 10 days of new month. So if you wanted this deal, transfer $250 into your AMP account to start this from February (you won’t get any interest payment in Feb, but you will from March if you transfer $250+ In Feb).

Up to 1.35% pa1 variable rate on balances up to $250k. Rate is effective from 01/02/22 and applies for AMP Saver customers that meet the eligibility criteria in Jan 2022 with the interest payable within 10 days of the month of March.

Note in the past AMP interest rates have changed with minimal notice, so be prepared to shift your cash elsewhere if they change their minds.

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  • +2

    i suppose you can churn the $250 in and out monthly?

    • +1


    • +3

      I have been doing this for years now…! But some banks prohibit this by removing bonus interest if you withdraw… !

    • -1

      This can be considered a good deal in the current low interest rate environment. However, this is a very poor way to invest your money (especially given that real inflation on goods can be seen around 20%/year). Put the $250k into a stablecoin defi protocol and earn 18.5 years worth of interest in 1 year (ie. $62.5k interest @25% instead of the $3.375k @1.35% given here).

      If you're scared of hacks then just go with a cefi provider like Celsius and earn 8.5% interest, this is still $21.25k/year and smashes the 1.35% on offer by more than 6 fold. For those of you that don't know what I'm talking about, this is crypto banking with stablecoins that won't fluctuate if the market crashes or moons. Value is pegged to the dollar (mostly USD but TAUD is pegged to the AUD).

      • -1

        Couldn't have said it better than myself. People are curious at the moment, and when CeFi (Centralised FInance) have direct fiat onramps where people can deposit their funds directly in, it will be an absolute game changer.

        DeFi is a bit more complex, but once you understand it's basically the following as an example:
        Step 1: Buy Product A (LUNA) in App A (Crypto.com)

        Step 2: Withdraw Product A (LUNA) to phone App B (Terra Station) using the wallet address in the Terra Station wallet.

        Step 3: Swap Product B (LUNA) for UST in App B (Terra Station)

        Step 4: Go to https://app.anchorprotocol.com/earn and press Deposit.

        Step 5: Watch you money earn interest.

        • +3

          Step 6: watch your capital decline as the price of said coin declines

          Step 7: convert back to fiat

          • -4

            @El-Rhi: Step 6 doesn't make sense.

            The best time to buy is when the price is low and sell when it goes up.

            People that do the opposite deserve what they get.

          • +1

            @El-Rhi: Lol you should really begin to understand crypto a bit more. It's converted into a stablecoin (UST)

            • @ph81: @El-Rhi likes to buy high and sell low.

            • @ph81: LUNA is a stable coin? Didn’t it drop 10% today? Doesn’t sound too stable

              • @El-Rhi: You can earn you 1.35% with AMP that's a choice.
                Although, we're all on the same side trying to help people earn more through better alternatives. You really should learn how to before you try and understand crypto though.
                You buy a stablecoin called UST after purchasing LUNA for literally 5mins. If a market drops 10% in 5mins you're incredibly unlucky.

                • +1

                  @ph81: Ok, didn’t realise you need to convert LUNA to UST, can’t you just buy the stablecoin directly?

                  • @El-Rhi: You can via Binance, but their fees to withdraw are more expensive at the moment. I believe you may also be able to do it via Kucoin, but I haven't used them or checked their withdrawal fees recently. I don't believe that you can deposit via a bank transfer there either.

                  • @El-Rhi: Yes, there's no need to buy any LUNA. You can buy UST, USDT, USDC direct through binance (If you use FTX you can lower/eliminate the fees when transferring to Solana or Eth wallets). Transfer this over to your solana wallet for free and stake this on saber. I'm currently on 21% interest today after the dip (yesterday it was 25% interest) but if you're happy to go riskier with lesser known stablecoins like FRAX or CASH you can get 28% at the moment, just beware that they might lose their peg.

  • +40

    The financial services industry does have plenty of ethical professionals working hard and providing important advice and products for customers, but we won't forget the egregious practices AMP conducted for many years in it's financial advice business and worst of all it's systemic lying to ASIC, the governmental regulatory body.

    • -4

      Th only one shown to be worse is the Commonwealth Bank IMO.

      • Seriously? Combank is solid and treats me like a person. Not talking about their insurance that is truly R/S.

    • +6

      Yeah they are probably offering good rates because they have (profanity) all capital to work with because they are corrupt fiends.

      • +1

        I don't why but this made me laugh because it's probably true.

  • +42

    Anyone looking at using AMP as their primary bank, please note that they don’t support PayID or Osko for real time payments. So money in and out of AMP takes at least 1 or 2 business days. And their app is crap 😊

    • +2

      A couple of times I've forgotten to deposit the $250 until the last day of the month but have still received the interest even though the money did not appear in the account until into the new month.

      • Thanks, that’s good to know

    • +3

      If you need the money instantly, use Beem It

    • +7

      It’s all a risk tolerance game though. Your money isn’t going backwards in a term deposit (inflation aspect aside). Share markets require a bit of patience and acceptance that you could see your $100 fluctuate.

      • +1

        Yes true, which i why i suggested an ETF that tracks the largest Aussie companies, and is one of the more risk adverse options.
        A term deposit requires patience too, and wont beat inflation.
        There are better options.

      • +9

        At 1.35%, isn’t it almost certainly going to go backwards due to inflation?

        • +3

          Not almost…

        • +1

          Yes, 100% guaranteed to go backwards as inflation is outpacing it by as much as 15x. Eg. look at the price of stocks, houses, crypto, frozen fruit, wood, cars etc.

        • -1

          The only way to beat inflation is by sticking your money is a either a house or in crytocurrency. Crytocurrency goes through slumps (like now) but in the medium term it keeps on appreciating. Even with the current drop I am still 20% ahead after 6 months; with a term deposit I would only have made 0.25%. Independent Reserve seems to have the lowest fees in Australia; 0.5% to buy in and 0.5% to reconvert to fiat currency.

          Please don't park your money in a bank; all you are doing is subsidizing interest free loans for middle class aspirationals.

        • Why risk volatility when you can guarantee a real loss? :p

      • +18

        Yes you can't compare a savings account with stocks, even a broad market based ETF - diversification doesn't help if everything is falling.

        Everyone is a genius investor in a bull market and we've just had the greatest bull market of all time in the last 18 months. Equity markets increasing 35%+ a year is so far above the historic average that this is anything but a normal market. Many are wary that we could be in the blowoff stages of the biggest bubble of all time.

        Of course you carry risk and if you had invested in an ASX ETF before the 2007 crash it would have taken 10 years to get back to even (dividends aside, if you count those it was closer to 7 years, but of course you would have forgone savings interest which 10 years ago was 7%+). There's a reason shares are considered a very long term (10 year plus) investment strategy, and perhaps not the best place to stick your house deposit that you need next year.

        • Equity markets increasing 35%+ a year is so far above the historic average that this is anything but a normal market. Many are wary that we could be in the blowoff stages of the biggest bubble of all time.

          Maybe, you never really know when these things hit, but we dropped 30% due to Covid in early 2020 so in reality we are back on the original trajectory from pre-Covid.

          and perhaps not the best place to stick your house deposit that you need next year.

          The funny thing is that even with a 35% gain it would still not be enough to chase the 50%+ growth of the housing market in the same period :)

          • +1

            @1st-Amendment: Housing increased over 50% a year? Defo wasn't anywhere near me… hahah :( sadge.

          • @1st-Amendment: It's not a bubble because most of the world printed an additional 40% money supply in the last 2 COVID years. This means that everything should be 40% more expensive than 2 years ago. It's our incomes that need to catch up in order to prevent people without assets from going into poverty. If our incomes do catch up, things like shares/houses/crypto will go even higher. At worst, it will be balanced out by high interest rates. No government will willingly see their markets crash if they can help it (thus the ultra bail out by printing money like no tomorrow over the last 2 years).

    • +6

      Although I whole-heartedly agree with your sentiment, those looking at growth assets need to do so as an investment not a savings mechanism. You need long-term views to realise consistent growth and a more assured outcome.

      If you have a short-to-medium term use for cash (e.g. home deposit), share investing will be a riskier play. Also, everyone needs their cash buffer (rainy day fund), so everyone will have at least a small allocation to cash. For that reason, a savings account remains a useful product, as long as you're not over-accumulating in cash. Personally, I think the best cash product on the market is an offset account, whether for your PPoR or an investment property, as that'll provide a higher net interest return.

  • +22

    should never give them business knowing what they did with deceased and struggling customers by charging them … non-existent fees

    • +1


  • Does this apply to existing customers?

  • +19

    I'd say it's not worth the effort dealing with AMP.. Their service is the worst. Got my account locked at a random day and only way to unlock is to wait for their snail mail, which came after a month, and it tells me that I have to reply in 15 days, which is already a day in the past. Made lots of phone calls wait time average 1h+, it's 4 month now after my account is locked still no resolution.

    • +2

      Have you tried contacting AFCA? That situation definitely sounds ombudsman-worthy to me.

    • +5

      yea crap company, their super is the worst

  • +8
    • +1

      That is… awesome!!!!
      Thank you for the link.

  • What about withdrawals? Will I lose interest if I withdraw?

  • +2

    Good news but … from the linked AMP webpage

    Reach your savings goal faster when you deposit $250 or in the previous month.

    Or what?

    • or you only get 0.10%, which is the base interest rate (the rest is bonus)

      • +1

        I think it’s meant to say $250 or more

        • +1

          ahh gotcha, my mind filled in the missing word!

  • Wonder if i should take it up or wait for existing insititutions I bank with to match or beat the AMP rate?

    Can’t see why AMP would be the only ones sticking their neck out there.

  • +2

    1.35%!!!!!???? garbage

    • +12

      username checksout

    • +1

      compared too?

  • +1

    So what’s the optimal date to dump money in this account jan 28th ish or so, then first int payment be in March for feb

    • Interest is calculated daily.

      • +1

        What’s the relevance to my question

        • -1

          It means the date is not critical. You don't gain much by deposting on 28 Jan instead of 1 Feb.
          In my case the money is coming from another account which loses bonus interest if you withdrawal, so 1 Feb gets me $100 extra interest from the other account compared to 28 Jan.
          May be different for you, depending where the money is coming from.

          • @md333: No. Initial deposit date is critical, unless you want less interest. As outlined in Deal Description & below.

            By making first $250 deposit before end of month, you receive bonus interest (total of 1.35%) in following month.

            Your recommendation would miss that 1.25% bonus interest for a whole month!

            Your suggestion is suitable for following deposits. But that wasn't the question.

            • @Rather be Travelling: I agree, I was responding to why the daily interest calculation is relevant, but yes, you need to have deposited $250+ the month before. I don't think the exact date is critical in that month either, as you are not going to get much interest in a month on $250 no matter where you put it, so I'd be inclined to go at least a week before end of month like you say.

  • +1

    1.35 = same as ING. yes less requirement but any other benefits from AMP ? maybe the osko is better ? ing only $1000 a day

    • +4

      ING is only 1.35% up to the balance of $100k while AMP is up to the balance of $250k.

      • +1

        ING also has rediculous conditions and doesn’t remind you to do them. Also interest is paid in the following month of qualification.

        • +4

          Ridiculous indeed !!

          I prefer ING over AMP however you need a degree to ensure you meet the monthly criteria.

          • Must hold an 'Orange Everyday Account'
          • Deposit at least $1,000 per month.
          • Make at least 5 card purchases per month.
          • Balance needs to higher than the previous month.

          It's a pass for me…

  • +2

    I would not deal with AMP. How they are still a functional company, is beyond me.

    Would go for another bank with a lower % rate just to avoid the headaches.

  • +3

    Wouldn't go near anything related to AMP

  • no sign up bonus? no, thanks :)

  • +1

    Do we need to open and pair with a transaction account? Or could I just have the savings account on its own?

    Also would anyone know what the daily max withdrawal/send cap is? In case a better offer comes up elsewhere I'd like to be able to efficiently move funds across..

    e.g. some banks have daily limits of $20k, $40k, $100k…

    • +2

      You can just have the account on its own, money accessible by transfer to an external bank account. I signed up last month, only took about 10 minutes with drivers licence online. Will save me a lot of mucking around with ING.

      • Great to hear. thank you!

    • my daily transfer limit is $25k - think I just updated online/via the app

  • +5

    I was going to rant about how crap my super was with these guys are.. but that would just be one person's account, have a read of these articles:

    [1] https://asic.gov.au/about-asic/news-centre/find-a-media-rele...
    [2] https://www.theguardian.com/australia-news/2020/feb/06/amp-f...
    [3] https://www.smh.com.au/business/banking-and-finance/unconsci...

    How these guys are allowed to operate is a mystery. Steer clear.

    • +1

      I hope you've moved your super. Plenty of better options out there.

  • +1

    I am getting 1.25% now with AMP - I don't have a super or wealth account with them. It increased from 22 Dec 2021. Anyone else getting this or is it targeted?

    • Same here. On 16/09/21, the rate had dropped to 0.76 + 0.4% (bonus) = 1.16% for me. I received an email about this change on 15/09/21.

      As for the change on 22/12/21, I could not find any email informing me about this change. Maybe I deleted it. When interest came in on 01/01/22, I saw that the interest was a bit higher than if it was 1.16% for the whole month; the app said I was receiving 1.25%, and back-calculation indicated that 22/12/21 was the date interest had gone to 1.25% from 1.16%.

      I was also starting to think that perhaps different people get different rates. I cannot find on the AMP website a current rate. The useful public rates sheet says 1.25% but not sure since when. So it is possible that rate reduction to 1.16% in September was targetted to some accounts only, and for the lucky ones, there was no reduction in Sep. This is just conjecture, I have not been keeping a close watch.

      • Same, I got the reduction email on 15/09/21, from 0.09% + 1.15% bonus = 1.24% to 0.01% + 1.15% bonus = 1.16%. I never received anything about the rate going up in December, nor about this increase. The App shows my interest rate currently 1.25%. All good for me. I use this and UBank, with overflow in ANZ earning nothing much, but easy for day to day banking.

  • -1

    Sticking it into an ETF would yield better returns, DYOR.

    • +4

      If this increase in interest rates becomes a trend, expect bad news from your ETF.

    • How do you know? Shares could drop 20-30% in a year. Point is, equity returns are uncertain

  • I opened amp again a few days ago and deposited $250 and it shows 0.10%

    • From 01 February 2022. Subject to meeting minimum deposit in prior month. Interest paid within first 10 days of new month. So if you wanted this deal, transfer $250 into your AMP account to start this from February (you won’t get any interest payment in Feb, but you will from March if you transfer $250+ In Feb).

      TL;DR - wait till February, then deposit $250

      • +2

        Uh no, if you want the interest to start from February, you need to deposit in the last few days of January at the latest.

        • Sorry I was quoting the OP

  • +2

    Is this really a deal 1.35% is less then inflation right now…? Im not upto date with interest rates

  • One can try Neobanks as well. They offer good interest and the services.

  • -1

    Meanwhile you can get 12% interest on AUD pegged stablecoin in cryptocurrency

    • Where are you doing this? I think celsisus was around 8% last i looked. is it with TAUD?

      • +1

        Crypto.com pays 12% APY weekly on TAUD if you have jade or indigo

      • Celsius is 8.5% flexible and they cover all transfer fees (eg. to Binance/FTX). This is the way to go unless you are willing to lock a lot of money in with Crypto.com for 10% interest for 3 months.

        If you're willing to go to defi protocols, you can earn 20-30% pretty easily. Mirror protocol is the most popular one, offering 20% APY on UST.

        • So with crypto.com, if I keep let’s say $5000 in there at 10% for 3 months, is it guaranteed I won’t lose it all or some ?

        • Most Crypto currencies are a Ponzi like scheme. They appreciate in value while everyone is buying. When the market turns they may be seen as a safe harbour and become more valuable. It is more likely that they will become valueless in the long term.

          Also you don't get to hold the block chains yourself. This leaves holders exposed to theft and hacking as we have seen very recently.

          AMP need to offer great rates because they are very bad actors when it comes to looking after their customers. Imagine you are one of the tens of thousands of people that they have ripped off. Would a 1.35% return really attract you back? I guess some people learn by reading about others misfortune and others need to experience it themselves.

  • Most of the banks got a good razing in the Financial Services Royal Commission. AMP was found to be one of the worst, primarily in their managed investment products. Time will tell how much any of them have improved. That said, 1.35% is a good return on secured cash savings in today’s market, especially when it comes with only minimal obligations on the customer ($250 deposit/month), and is ongoing. The other similar option is UBank. Beyond those, the offerings are typically only honeymoon rates, or require you to bank your pay or do your shopping with the bank, which may of course suit some customers. If you’re comparing this to crypto, shares, property, etc, you might as well compare it to buying an old BMW … apples vs potatoes.

    • U Bank is only 1.05% at the moment.

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