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

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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).

Terms:
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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closed Comments

    • UBank's only 1.05% now

  • +1

    Up to 1.35% pa1

    This return is blowing the competition out of the 💦 💦 💦.

    • Ha, yea, an investment that always goes up, unlike if you'd invested $100K in Bitcoin a month ago where you'd now be down about $20K.

  • well, funny how everything (and everyone) leads to crypto in this day and age… I think HISA still have a role in our lives to park our emergency fund, and if there is no limit on withdrawal, this sounds like a good low maintenance ( not ING!) emergency fund account ie I could just cycle through that $250 monthly. Is this worth their bad customer service?

  • Do I deposit $250 by 31jan, then deposit all my large saving on 1st Feb to get interest in march?

  • +1

    Still says 0.10% on my AMP saver - I deposited $250 on Jan 28th

    Does this mean there will be no bonus interest this month?

  • I deposited mine $250 on 4th jan and it also show 0.10% today. Also the app to contact them doesn’t work. I can’t seem to contact them. When I called it took 1.75 hours and decided to hang up as it took too long to answer the phone. Hmm so not sure now whether I should transfer my large saving to them .

  • +1

    It shows now 1.35%

    • How is interest calculated?
      AMP state you would see any changes to your applicable interest rate (standard variable rate plus the applicable bonus interest rate) from… next business day after 1st of each month.

      You’ll receive the interest payment into your account on 10 of following month.

      On 1st of each month only shows base interest rate, not added bonus rate. Updated next business day.

      As happened with your account on 2nd of Feb.

  • +2

    For those that have an eligible AMP super account(and a couple others) there is an added .20% bonus making it a total of 1.55%
    Just have to make sure account is created under the same name and visable in your account.

    Existing AMP super, pension or investment account holders
    An added bonus of 0.20% pa
    If you hold an eligible super, pension or investment product, you may also be eligible for an additional Wealth Bonus Variable Interest Rate of 0.20% pa on balances up to $250,000.

    This will be paid on top of your applicable standard and Deposit Bonus Interest Rate, taking your total interest payable to 1.55% pa.

    To get the added Wealth Bonus Interest Rate, you must be able to view both your AMP Saver Account and AMP Wealth product together in the same My AMP login.
    For more details, including a list of eligible super, pension or investment products, check out our eligibility info page.

    • Appears to have been reduced to 0.10% from April 2022. Does anyone know if there is an easy to open account that doesn't have any fees that would count towards this wealth bonus?

      • Super fees should be capped to 3% at low balance

  • Looks like this deal has been updated, but Im unable to edit the OP.

    Eligible AMP Super and Pension holders will get 1.55% p.a. instead of 1.35% p.a. by following the same exact steps in the OP. (Additional 0.2% p.a. interest)

  • I'm new to AMP Bank *from ING(=) re the bonus interest just a couple questions if people if they have tried and it has worked.

    Does the $250 from an external bank account does it need to be in 1 go? Or can it be $50 one day $100 3 days later and another $100 a week later for example?

    Can you transfer it into your AMP Access account from an external bank and it will trigger bonus interest given accounts are linked it works for example with ING doing 1K into OE day account or Maximiser or must it be direct to AMP Save account?

    Does this work if you do the $250 via Beem It (so it can go over and back instantly as AMP is old skool several hours to go into your account several hours to go back to your non AMP account. _Thanks in advance

    • +1

      Just going by their published terms :

      • you have to deposit into the AMP Saver account (deposit into the Access acct probably doesn't count).

      • it says "deposit $250 into your AMP Saver Account in the previous month" - so it seems as long as the total is >= $250 in the previous month, it will qualify. That said, I have never split it up before.

      BTW this is a bit off-topic, but if you are starting AMP saver due to the 1.35% - Ubank (original) and 86400 (now also Ubank) will be giving 1.35% from 1 June 2022. Of course, AMP could also be raising its rate above the current 1.35%, who knows? However, IMO from a banking experience viewpoint, those two banks are way better. Hope this is of help to some.

  • +1

    From AMP :We’ve got some great news we’d like to share with you. We’re increasing your deposit bonus interest rate by 0.75% pa.

    This means your deposit bonus interest rate will increase from 1.25% pa to 2.00% pa effective 1 August 2022 and you can earn up to 2.10% pa*.

    How does this affect you
    If you are eligible and deposit $250 into your AMP Saver Account in the current month, you'll earn the new deposit bonus interest rate in the next month on top of the standard rate (on balances up to $250,000). The total rate will then be paid the month after that.

    For example, if you deposit $250 or more into your AMP Saver Account during July 2022:

    • You will earn the deposit bonus interest rate of 2.00% pa for August 2022 on top of the standard variable rate of 0.10% pa for the first $250,000 of your account balance with interest calculated daily, and 0.10% pa on any remaining balance over $250,000.
    • You’ll receive the interest payment into your account on or before 10 September 2022.

    As the interest rate that applies to your closing balance is updated in My AMP on the following business day, you’ll see the new 2.10%* pa rate (2.00% pa deposit bonus interest rate + 0.10% pa standard rate) in My AMP from 2 August 2022.

    • It’s so annoying that I have been waiting and waiting for them to put up the interest rates and now they doing it in august so that means I opened Citibank yesterday for no reason except to technically only to get one month Interest rate. Hopefully Citibank increase then I will stay longer with them

  • AMP still stuck at 1.35% whereas ubank and Macquarie have passed on recent rises.

    • +1

      AMP 2.1% from August 1st
      UBank 2.35% from August 1st

      • thanks BB, didn't get notification from AMP!… still below UB!!!

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