AMP Bank Scammy Feeling Tactics on Deposit Interest Rate Changes

OzyBe on 02/12/2022 - 08:09
Last edited 02/12/2022 - 11:19 by 1 other user

Not getting a good vibe from AMP Bank.

For a while now they have been announcing interest rate increases on savings account a month or so in advance, lagging behind many of the other banks.

By the time the interest increase comes around, there has been another RBA increase, eroding at the AMP offer.

In their latest email, they have announced an increase of 0.5% (max bonus 4.1%) happening on the 1 Feb 2023. What a joke.

There is also an increase in the deposit requirement from $250 to $1000 (which is not really a problem, as the amount can be withdrawn) - they don't have instant transfers working yet however.

And then there is mention of interest being paid no later than 10 April 2023. Every bank I know of, pays interest on the 1st of the month.

Anyhow, I am sure many people will read the new terms & conditions, and only see the increase rate. That is what AMP would be hoping for anyway.

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Comments

  • Muzeeb on 02/12/2022 - 08:18
    +11

    Plenty of other banks. Go elsewhere. Simple.

  • silenthillrocks on 02/12/2022 - 08:21
    +5

    In the time you wrote this you could have found a new bank

    • SF3 on 02/12/2022 - 09:28
      +1

      What a joke.

      In the time you wrote this you could have found a new bank

      I see the irony.

  • franco cozzo on 02/12/2022 - 08:33

    very useful website…
    https://mozo.com.au/savings-accounts/high-interest
    https://mozo.com.au/term-deposits/

    use it to get AMP to match other banks? or just switch banks?

    • Muzeeb on 02/12/2022 - 08:39
      +2

      Personally I would be investing my money here.

      • franco cozzo on 02/12/2022 - 08:40

        hipsters ruin everything

    • BigBirdy on 02/12/2022 - 08:40
      +1

      The Whirlpool spreadsheet is much better

      • franco cozzo on 02/12/2022 - 08:43

        does the spreadsheet have term deposits?

        i find mozo easy to navigate & easier on the eye

        • BigBirdy on 02/12/2022 - 08:49
          +2

          Mozo only shows a limited selection, probably because …

          Mozo is paid by product issuers and distributors for clicks on, or applications for, products with Go To Site links.

  • BigBirdy on 02/12/2022 - 08:35
    +1

    UBank is a better option, but if you have more than their max amount ($250k), AMP and ANZ Plus are okay as second options. Other accounts typically require some EFTPOS transactions, no withdrawals or honeymoon rate, all of which are a pain once you have a few accounts to manage.

    • dazweeja on 02/12/2022 - 10:29

      +1 for ubank. Being able to direct debit straight from the Savings account is a killer feature.

  • Seraphin7 on 02/12/2022 - 09:14
    +3

    Not passing on interest rates as quickly as you might like ≠ scam. Fair dinkum.

  • Mr Icarus on 02/12/2022 - 09:39

    Also have an account and got the same vibes as you, an increase to 1k a month deposit and also their slow times to transact a withdrawal and deposit are frustrating.

    On the flip side i also don’t want to have to have yet another debit account to use for x transactions etc.

    For now I’ll stick with them. Current rate is 3.6% which I’ll swallow being lower than other options as a a tax for being lazy.

  • Donaldhump on 02/12/2022 - 11:44

    use ing for 4.3% hardly hard to qualify each month

  • Ghost47 on 02/12/2022 - 12:25
    +1

    AMP have been shit for ages. Don’t forget they charged customers fees for no services, all the white paying their execs millions of dollars.

    (profanity) that noise. Everyone needs to stop giving their money to shit companies.

  • KangaDrew on 02/12/2022 - 12:58

    "Vote with your feet". There are plenty of better options out there, so pick one and move your money there.
    Simples.

  • dtc on 02/12/2022 - 17:41
    +1

    AMP currently has the highest interest rates with the least number of requirements to meet. Dont like it, go somewhere else

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