AMP Bank Offers 5.40% for Saver Account up to $250K from 1st February 2024

Ave Maria on 20/12/2023 - 13:46
Last edited 20/12/2023 - 14:37

Best ongoing (not introductory rate for a few months) offer from a bank, for savings up to $250K with easy requirements to meet. Just deposit $1K the previous month. Can be done with an internal transfer between the Saver & Access accounts. No limit on withrawals & no requirement to increase balance (simples). New rate from 1st February 2024 (current rate is 5.20%). Best feature is that if you need to you can take all $250K all at once by increasing transfer limits to specific accounts under your full control online (after a 1 off review & approval for amounts over $100K). Your money to do whatever you want with, refreshing compared to some other banks with too many conditions & too many limitations. Only limitation is that near real time fast payments (not OSKO) are limited to $5K per day, but larger payments to other banks seem to go same day anyway if done early in the day.

https://www.amp.com.au/banking/savings-accounts/amp-saver-ac…

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Comments

  • Gdsamp on 20/12/2023 - 14:08
    +1

    anyone deal with em can comment if theyre any good

    I note the catastrophic decline in their share price over the last 15 or so yrs

    • Ave Maria on 20/12/2023 - 14:15

      Their share price only affects investors, not savers & savings are Goverment covered up to $250K like other approved ADIs. I never had any problem with transferring money in & out (including emptying my account all at once). As long as you meet the monthly criteria ($1K deposit previous month - does not have to be new money) then no issues. Opening an account online is instant once you passed the required ID checks. Security is via SMS and both online and Smart App banking are supported (works for me).

    • payless69 on 20/12/2023 - 14:19
      +1

      They are sure placing Optus into the perfect league. Just open a Bettr3 account with them.

    • Danam on 20/12/2023 - 15:25
      +3

      I've used them for 2.5 years. I rate their operation highly. MUCH better than most. My family wouldn't touch them due to their legal issues surrounding 'fees for no service', but as long as you're under $250k, I don't worry about their ethics if it means more interest. They just got caught.

      • Their website is good.
      • They tell you what your current rate is.
      • Interest is correctly calculated daily and paid monthly.
      • Moving money out is instant for small amounts and around 4 hours for large amounts.
      • They don't make it hard to move large amounts out.
      • No issues with the help desk for limit increases.

      Just open your account now and deposit $1K, then move money in next month. The bonus requires the $1K deposit in the previous month.

  • c64 on 20/12/2023 - 15:24

    thanks!

    should be posted as a deal rather than the forums

  • donbot on 21/12/2023 - 12:36

    So as long as you deposit $1000 into it on a monthly basis, you're sweet? Can make withdrawals and have the closing month balance lower than opening month balance?

    If so, sweeeeet!

    • Ave Maria on 21/12/2023 - 14:53

      Yes, it is much better than most accounts. No withdrawal restrictions. The only requirement is that the $1000 deposit is done the month before the bonus rate gets activated. So you can deposit $1K now (December) & then take it out to activate the rate from January (5.20%). Then do the same for January to activate the February rate (5.40%) and so on. A common missconception is that $1K must be deposited from an external account. Not so, just transfer $1K to the Access account (you will get one by default) from and back to the Saver account. Or if you do use another external saver account, then automate the $1K transfer from/to that account (simples). The Access account is a transaction account that pays no interest. The only negative of the Saver account is that it does not allow scheduled direct debits or BPAY (you can do those from the Access account) but schedule payments out are OK. The ATM cash withdrawal limit (from the Acces account - you need to transfer money from the Saver) is $1K, but keep in mind the Saver account is a saver account and not a transaction acccount.

      • donbot on 21/12/2023 - 14:57

        Thats awesome! Thanks for the reply!

      • mreddie on 28/02/2024 - 14:56

        So Month "A" (before end of month) internal transfer $1000 from Access to Saver, Then Month "B" (after 1st of month) internal transfer $1000 from Saver back to Access….on so on??

        • Ave Maria on 28/02/2024 - 18:19

          You can do same day transfer, any day of the month. $1K from Saver to Access & then back to Saver. No interest loss and criteria met. The transfer activates the bonus for the next month. You only have to cater for that anomaly when you start your saver account, after that you just do the $1K reverse transfer once a month & forget about it. I f this a new Saver account for you put in $1K in the saver today or tomorrow (28/29 Feb) to qualify for the 5.40% in March. Then repeat each month (whatever day suits).

          • mreddie on 28/02/2024 - 20:41

            @Ave Maria: Thanks!!

          • mreddie on 01/03/2024 - 09:30

            @Ave Maria: I've done that yesterday but today interest rate in account is still showing 1.20%…perhaps that will change in a day or so?

            • Ave Maria on 01/03/2024 - 21:23

              @mreddie: AMP updates the rate overnight.

              "Where transactions have been processed to your account, the interest rate applicable to your new closing balance will be updated on the following business day"

  • Empharand on 21/12/2023 - 15:01

    Dupe?
    Not sure why this is in the forums.

    • lordra on 21/12/2023 - 21:15

      I think it was a deal, then got moved here.

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