• long running

Earn up to 5.4% p.a. Interest on Balance up to $250,000 ($1,000/Month Min Deposit Required) @ AMP Saver Account


After the let down of Australian Unity reducing their no hoops HISA 5.5% to 5.2% we have AMP to (kinda) save the day. Also for the Hiver bank haters, they still have the same rate of 5.5% upon signup with balances of up to 5 mil AUD (they haven't dropped rates like many have predicted).

Credit to timhn:
"Note, you need to put in $1K current month to qualify for next month.

Since this rate is effectively on 1st Feb, so just put in $1K in Jan and then withdraw back immediately into my ubank to continue earn 5.1%, then start buildup AMP balance from Feb onward."

My AMP review after being a customer for 6 months

Nil issues with the app
Real time payments
250k guarantee
I can't remember anything from sign up so it must of went without a hitch. Qudos bank on the other hand was nightmare level involving calls to the AFCA.

techt has a great spreadsheet listing HISA which gets regularly updated


We've got some great news we'd like to share with you. We're increasing the AMP Saver Account variable Deposit Bonus Interest Rate by 0.20% pa from 1 February 2024.

This means your variable Deposit Bonus Interest Rate will increase from 4.00% pa to 4.20% pa^ effective 1 February 2024 and if you meet the eligibility criteria, you can earn up to 5.40% pa*^ on your AMP Saver Account.

How does this affect you

There is no change to the variable standard interest rate of 1.20% pa^. This is added on top of your variable Deposit Bonus Interest Rate if you deposit $1,000 or more in a calendar month into your AMP Saver Account and is payable on balances up to $250,000 only. If this happens, your total rate* which applies on your balance the following month will now be 5.40% pa*^.

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  • +1

    Apart from the $1000 deposit per month, does the balance have to remain higher than the previous month?

    • +7

      no treat it like ubank. deposit money withdraw money and enjoy

      • In the FAQ when scrolling down they give the example that if you deposited and met the requirements in any given month, then you would see the interest in your account paid by the *10th* of the next month; have you noticed that delay yourself or is it mostly just on the 1st like the other current banks?

        • +1

          Just checked, I get paid the interest on the 1st day of every month

          • +1

            @aka nioh: Thanks! Guess they are just covering themselves with that clause.

          • @aka nioh: hey when does it update in your account detaisl that you have the higher rate?
            new customer just making sure its fine so i can transfer my $1 to get 5.40% on it.

            • +1

              @cumova: Usually a few days after the start of the month

    • +4

      Note that it's $1,000 deposit in the previous month, to get the bonus rate this month. So a bit different from ubank.

      • True👍

      • Same as ING.

        • +7

          Without the deal breaker grow your account. The 5 card transaction is just annoying.

          • @aka nioh: Ubank has a dealbreaker too - you must be a citizen or PR, while ING doesn't care.

            • @Ozzster: Ubank doesn't like foreigners🤯

            • @Ozzster:

              Ubank has a dealbreaker too - you must be a citizen or PR

              Username does not check out.

    • No and you can withdraw funds and re deposit them to meet the $1k requirement.

    • +13

      Yes but that isn't a bank account. Doesn't have any guarantees if they go under.

      • Guarantee doesn't mean much when there is a per institution limit.

        • Are you referring to the 250k cover?

          • @fredblogs: No the $20 billion limit per institution under the FCS.

    • +12

      5.4> 5.3 ?

        • +28

          Yes pal, lets compare

          AMP vs Webull cash account

          1. 5.4% vs 5.3%
          2. AU based vs US based
          3. AU government guaranteed for deposit upto $250k vs none
          4. Instant transfer out using okso/payid etc vs 1-2 day transfer
          5. ATM access via none

          And list goes on, there is no comparison here genius

            • +7

              @Bdawg: Nobody is giving you financial advice here champ, just throwing in some comparison..

              Having said that, I did enjoy the signup bonus with webull and made some great $$$ and withdrew all my money out of it as soon as I could.

              Always have and always will support local companies than these international companies

            • @Bdawg: haha what the (profanity)?

        • +3

          USD vs AUD is dropping so you'd lose money on that?

    • +1

      Moomoo has up to 60 days of 6.8% - deposit $3k min and refer a friend who makes a deposit (it says pass through fees apply whatever that means). Note neither moomoo nor webull are authorised deposit taking institutions as far as I can tell for the Australian government guarantee (up to $200k bank deposits I believe). They are covered by the US version being SIPC which covers $500k assets, $250k cash. The ins and the outs of SIPC I do not know.

      They are both licenced financial services providers regulated by ASIC. What protection this affords I do not know.

      Moomoo is held in CBA trust account, webull I think is HSBC.

    • Thanks for mentioning, didn't know about this.

  • +1

    In 43 days is a bit long…

    • +3

      even the current rate of 5.2% is not that bad if you want to get in quick

  • +1

    Thankfully no serif font

  • This looks decent. What’s the okso limit per day , does anyone know?

    • +3

      $5k osko limit

      • +4

        It's actually SCT-NPP not full Osko-NPP. So may be slower to/from some banks

        • Thanks for the extra info👌

  • Macquarie Bank is offering 5.5% up to $ 250,000 with no hoops to jump through. Just for the first 4 months, then reverts to 4.75%

    • +6

      This is commonly called a honeymoon rate, if youre considering this then Rabobank is offering 5.75% for the first 4 months as well

      • +1

        Ha, just left Rabobank after their bonus 4 month period.

        • +6

          Great see you in 4 months when your Macquarie bonus rate ends

        • +1

          Quick question, is it difficult to transfer your money out of Rabobank after the honeymoon period ends? Say I put in $250k, can I transfer it over to Macquarie in a lump sum?

          • +1

            @psychicEgg: Merry Christmas. You need to verify the account that you want to transfer the funds to. Raboank to Westpac for example. You will need to transfer some money from that Westpac account first and in the description type in " verify ". That will take a couple of days to clear. Then you will be able to transfer your money from Rabobank to your verified account.

            • @omblygombly: Merry Christmas to you too! Thanks for the reply, I was worried Rabo might have a transfer limit of $5k per day or something that might be a big hassle.

              Time for my savings to go on tour :)

  • Good rate, curious if other banks will follow. RBA rate rise?

    • The RBA did the rate rise in November. It finally caught on to AMP … In 43 days

      • Maybe there's a chance of another raise? I know they take a break around this time of year but this AMP increase is in Feb.

        • Prob not. Mortgage holders and small businesses are doing it tough

      • AMP already raised the rate from 5% to 5.20% on 1st December. This is an additional rate increase anticipating a rate rice next year after the inflationary effect of the Christmass sales - check the facts please - unlike UBank that only raised it from 5% to 5.1% and some banks even reduced the rate.

        • My bad, cheers for the correction

  • +2

    Pity it's AMP

    Never Forget.

    • +3

      They are all the same - they just got caught -:)

      • +1

        Banks are not your friends😂

    • All banks engaged in similar practices. AMP's was most published in the media as they were first… one of the bad things of going in alphabetical order…

  • Just rolled off Macquarie intro offer.
    Looking for another intro offer with no hassle

    • See the spreadsheet in the description

      • +1

        Thank you!

  • +6

    Note, you need to put in $1K current month to qualify for next month.

    Since this rate is effectively on 1st Feb, so just put in $1K in Jan and then withdraw back immediately into my ubank to continue earn 5.1%, then start buildup AMP balance from Feb onward.

    • I'll add it to the description, cheers

  • +1

    Sorry for asking, but similar to UBank does that mean I can deposit the $1k towards the end a given month, get the interest, withdraw to another bank account, then again deposit the minimum amount towards the end of another given month?

    • All good, the only caveat as others have mentioned is that when you deposit the 1k (and withdraw at any time) you qualify for the bonus int rate the NEXT month. See timnh comment. So first month no bonus rate.

      • Thanks. I understand that the deposit qualifies for the next month, so could the following work or am I thinking incorrectly:

        1. Deposit $1k on the 25th of each month and keep until the interest is received on the 1st of the following month.
        2. On the 1st, after interest is received, withdraw to another bank.
        3. Again on the 25th deposit another $1k
        4. Rinse and repeat? Or does that 1k need to always stay in the account
        • +1

          All HISA usually pays interest accordingly to how much money you have in it per day in the month. For example if I have 20k in the account for 30 days in the month then I get 30days worth of interest. Similarly if I only had 20k in the acc for 5 days in the month I would only get 5 days worth of interest.

          Youre better off finding the highest % and sticking with that one bank (if you have less than 250k or whatever limit that bank imposes for the full% rate for example AMP imposes a limit of 250k to receive the full 5.4%). Then jump ship to the next 1 when they get beaten on %

          • +1

            @aka nioh: This makes sense now. Appreciate the explanation.

            • +1

              @Larryz: No worries, also with the AMP bank you can withdraw 1k out of it to another bank acc. Then transfer that 1k back to AMP to qualify for the bonus rate

          • @aka nioh: Hey OP, are you aware if AMP does exactly 1st of month to end of month calculations for the Interest Rate calculations?
            Eg: Some banks would finish off the month earlier, Eg since March 2024 has last two days as Sat (30th) and Sun (31st), they finish off the interest calculations of March on 29th March 2024 itself, and your "April" is technically 30-March-2024 to 30-April-2024 (thus 2 days of March + 30 days of April).

            Would AMP Work in the same way? Well, even June 2024 as the same case (last two days are weekend), hence asking.

  • If i open today. Deposit 1K and start using next month I'm good for the 5.4% straight away right????

    • +1

      You are also good for 5.20% for the month of January. You can move $1K between the AMP Access & Saver accounts each month after that & still qualify for the bonus rate. No neeed for extrnal transfers in/out.

      • ohh didn't realise it started feb haha thanks

  • +2

    ubank is at 5.1, they better match or im leaving for this

    • Looks like AMP takes the cake now.. better if Asko was more

    • +2

      Give ubank that feedback so they increase their rates. If ubank beat AMP, then get AMP to beat ubank. Infinite loop

  • For Macquarie bank, after closing the account, how long is the wait until you gets the honeymoon rate again?

    • The million dollar question that I do not have an answer to

    • +1

      Not 100% sure but I read 12 months somewhere.

  • +1

    I wouldn't trust AMP, ripped off customers, terrible products, dud management.

    • +1

      Banks aren't your friends

  • -6

    5.4% is effectively a negative interest rate when considering inflation was over 7%. you are doing the banks a huge favour with all these “deals”

    • +2

      so what would you suggest to do with the money?

      I think youre missing the HISA primary use case. To park funds for essentials, for a deposit, for an unexpected event, in essence any money you do not want to risk and can withdraw at a moments notice, while getting a decent % compared to if you left it in a transaction account getting 0.01%

      On the wealth creation side of things, if you look at Warren Buffet, he is sitting on a mountain of USD after selling a lot of his portfolio in 2022 and 2023, but i guess he doesn't know what he is doing, he is losing money to inflation while holding cash :(

      • -1

        i agree with your comment, it isn’t easy to know where to invest. There is a fund that tracks the asx200 called STW. it pays around 4.5% dividend and they’re franked to about 75%.
        i’d prefer that to a cash investment - as it should not only pay a dividend but also track inflation.
        but that is only my opinion.

    • Cool story, only problem with it is Inflation aint 7% anymore.. have u been asleep for 6 months?

  • +1

    I was just about to move $$ from AMP to a NAB reward saver which for us ex Citibank folks is paying 5.6%. I will probably stick with AMP now as I don't like the no withdrawals condition on the NAB account.

    • also from my own experience, UBANK SMSF account migrated to NAB with a rate better than existing customers, once there the interest rate never went up. I had to call NAB to both activate & close that account as it was just an extra administrative headache for my SMSF with better SMSF interest rates on offer elsewhere (like Great Southern Bank). NAB account migrations are a con job to lure you in & then forget all about you. The AMP offer is a realy good deal and likely to last for a while as being the best..

    • +1

      I was pretty shocked to find nab offering 5.6%, usually the big 4 banks always get beaten by the smaller banks in HISA

      • +1

        This rate is only for those who had a Citibank account before they were taken over by NAB. NAB also own Ubank so the smaller banks are also getting taken over by the big 4.

  • AMP is a BOGUS BOGUS BOGUS BANK - my account suspended without any flags nor emails nor even an SMS - locked all my accounts on AMP and freezed my money

    Tried to contact them in all possible ways and They have no clue why an account has been blocked - It has been more than 6 months and they are not helpful - on top of it stole my money …

    Run as far as you can from this JUNKIE AMP Bank

    • +1

      Have you spoken to AFCA?

      • haven't yet - will raise a complaint soon

        • +2

          I would follow tajids advice. The sooner the better.

          But not sure why you would let it go for 6 months. I got onto qudos the day they gave me trouble, and after the unhelpful phone call I was straight on to the AFCA. It doesn't pay to wait. The issue was resolved in a week.

          • +1

            @aka nioh: Probably because he the guy had like $150 in the account, I bet if he had decent amount he woulda been on phone that day.. Or just too rich to care

  • what's the daily transfer limit for amp? (ie how quickly can you transfer to another bank if need be)?

  • Incredibly elementary question, what qualifies for a 'deposit'? Does a transfer from an account from another bank qualify as a 'deposit'?

    • +2

      Yes. Has to be a transfer from different bank.

      • Just saw this comment states otherwise. Internal transfers between AMP Access and AMP Saver would still qualify the AMP Saver for bonus interest.

  • +2

    Didn't have a great time so far. Their IT system seems to be in shambles.

    Opened acc online, have to wait 1-2 days for online banking to be available. Ok, waited.
    2 days later, created online banking, and its not letting me in after accepting the T&C.
    Transferred $1000 last month, rep on the phone said the transaction didn't arrive until a few days later.
    Phone rep kept putting me on hold.

    • Sorry to hear that, your AMP experience sounds like my experience with Qudos. I guess YMMV, my one with AMP went smoothly enough that I can't remember what happened

      • +1

        It shouldn't be this hard to give banks our money lol
        one thing I'll remember is to not leave the required 1K transfer until very late in the month. I transferred on Fri 29/12 but AMP said the date received on their system was 1-Jan.

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