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

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Earn up to 5.4% p.a. Interest on Balance up to $250,000 ($1,000/Month Min Deposit Required) @ AMP Saver Account
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aka nioh on 20/12/2023 - 15:32 amp.com.au (2615 clicks)
Last edited 20/12/2023 - 17:14

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
https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…

Email:

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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Comments

  • arst on 08/01/2024 - 21:37

    Just checked with AMP they do not provide the ability to create a PayID…

  • yht on 19/01/2024 - 18:40

    I wonder if they would change their mind in Feb to reduce the rate as looks like they will be one of the highest rate (with only 1 hurdle), comparing to others that offer higher rate but more than 1 hurdle eg. minimum 5 EFTPOS transactions / month

    • aka nioh on 19/01/2024 - 19:35
      +1

      I doubt it but who knows what could happen, nothing to lose as opening an accounts free and you can always withdraw your money, like I did with aus unity after they back flipped less than a month by cutting rates by 0.3%

      • yht on 19/01/2024 - 21:21

        I have already with them, but wondering if I should lock in my money in term deposit for 5.1 for 5 years.

        • aka nioh on 19/01/2024 - 22:05

          Well what is your goal?

          To make wealth?

          To stop yourself from spending that money by locking it away?

          To save for a deposit for first house, or is it saving for or in retirement?

          Do you have the flexibility to lock up your money for 5 years?

          • yht on 19/01/2024 - 22:16

            @aka nioh: Savings more before rate going down soon

            • aka nioh on 20/01/2024 - 08:50

              @yht: Well usually rates go down when something's broken in the market which would lead to a market crash which would lead to a (Oz)bargain on stocks.

              Depending on what stage of your life an your appetite for risk, would be good to know. For example if your a 70yr old retiree, I wouldn't suggest risking your life savings as it's hard to earn it back again. Or if you had dependants then no don't risk your life savings. Conversely if you were in your 20s and single, then why not, YOLO, but obviously only invest what you can afford to lose.

              You could also do 50:50. Put some money in the term deposit and some money in the HISA.

  • Stoibs on 22/01/2024 - 12:44
    +1

    Hey mate do you remember how long the documents/welcome letter took to arrive? I didn't get around to setting up my account until last Friday (Out of laziness I guess..🙃) but I didn't realize I couldn't activate my account until some physical forms arrive.
    Hoping to make this first $1000 deposit to be eligible by Feb!

    • cumova on 22/01/2024 - 13:14
      +1

      i did the same thing. i opted for electronic correspondence and just got the welcome opening letter 10mins ago.

      • Stoibs on 22/01/2024 - 13:17
        +1

        Ah damn.. I didn't know that was an option!
        Must have missed it somewhere.

        • aka nioh on 22/01/2024 - 16:59
          +1

          Maybe you can ring em up to change to electronic

          • Stoibs on 22/01/2024 - 17:04
            +1

            @aka nioh: Yeah might do that in the following days 👍

            • aka nioh on 22/01/2024 - 19:50
              +2

              @Stoibs: Don't leave it til Friday happy 🇦🇺 day🥳

              • Stoibs on 25/01/2024 - 12:23
                +1

                @aka nioh: Called them up and got it all sorted, cheers.
                I thought it would take 24+hrs to transfer funds also from some of the other comments here about no Osko, but it was still instant 👍

                Is there somewhere on the app to let you know you've qualified for the next month's 5.4% btw?

                • aka nioh on 25/01/2024 - 14:29
                  +2

                  @Stoibs: I think if you qualify it will say the correct interest rate when you hit the account details tab. Mine currently says 5.2% (as the 5.4% starts in Feb). But if I didn't qualify it would say the lower rate. So your one should say the lower rate but once you deposit the 1k and it hits Feb (maybe give it a few business days) it should say 5.4%

                  • Stoibs on 25/01/2024 - 14:47
                    +2

                    @aka nioh: Fair enough thanks, yeah just 1.20% for me currently.

                    Was just wondering if they give you an indicator like Ubank/ING have been doing, but I guess it's not hard to just put 1k in at the start of each month anyway. Cheers!

                  • Stoibs on 01/02/2024 - 06:47

                    @aka nioh: Hmm, still seeing 1.20% today, maybe I need to wait a bit until the start of business operating hour? 🤔

                    • aka nioh on 01/02/2024 - 08:24
                      +1

                      @Stoibs: Mine still says 5.2% so I'd give it a couple of business days. I think it's similar to ING and BOQ because when I meet the monthly criteria it's not in real time, they always tick the box about a day or 2 later.

                    • cumova on 01/02/2024 - 09:26
                      +1

                      @Stoibs: i rang them up yesterday to check if i was eligible for the special rate. I transferred $1,000 in and out straight away (mainly to check how fast it transfers as well).
                      customer service operator was pathetic. didnt even want to look at the account.
                      my one still says 1.20%

                      • Stoibs on 01/02/2024 - 09:51

                        @cumova: Damn =(

                        The person I talked to the other week to activate my account (Still haven't received that mailed welcome letter..) was pretty nice and helpful.

                        My $1000 is still in there, didn't want to mess anything up by taking it out. Guess I'll see if it ticks over in the coming days and try to give them a ring eventually also if not :/

                        • c64 on 01/02/2024 - 12:03
                          +2

                          @Stoibs: $1000 in and out works, i did that in december as a test and got 5.2% in january

                    • aka nioh on 02/02/2024 - 08:04
                      +2

                      @Stoibs: Mine says 5.4%. try checking now

                      • Stoibs on 02/02/2024 - 08:29
                        +2

                        @aka nioh: Ah yep, same! Cheers. Maybe I was a little too eager one day 1.

                        Time to start moving my bulk over from Ubank now I guess 😁

                        • aka nioh on 02/02/2024 - 08:58
                          +1

                          @Stoibs: Ubanks great. I had to move more than the 20k limit, gave em a call and moved the funds via osko. Seamless

  • YoursTruly on 26/01/2024 - 00:30

    Anyone applied this and couldn’t register to login into AMP app or online?

    Mine states to await at least 48hrs

    “…..you’ll need to allow 48 hours before registering”

    Is this normal?

    • aka nioh on 26/01/2024 - 10:31
      +2

      I don't think it happened to me but then again it was around half a year ago. Try giving them a call if it's more than 2 days. Happy 🇦🇺 day

    • c64 on 26/01/2024 - 10:44
      +3

      yes, it happened to me. registration worked after 2 days

  • sicinadan on 27/01/2024 - 12:14
    +1

    That spreadsheet blew my mind!!!!!!!!!!!!!!!!!!!!!!!!!!!!
    Goooooood job !!!!!!!!!!!!!!!!

    • aka nioh on 27/01/2024 - 13:06
      +1

      🤣🤯. Happy savings, credit to techt

  • YoursTruly on 01/02/2024 - 17:18

    Anyone has experience with AMP customer support? Are they quick, responsive, competent and locally based?

    • aka nioh on 01/02/2024 - 17:33
      +1

      Doesn't answer your question but haven't needed to use support. App doesn't have bugs/outages that I know of and money has been transferred on time, interest has always been paid on time. Hopefully someone who has needed support in the past will talk about their experience

    • cumova on 02/02/2024 - 18:01

      Sounded like they were from overseas. Average at best.

  • JHoliday on 01/02/2024 - 20:25

    So if I signed up today 1st Feb I would only get the bonus 5.40% rate next month?

    • YoursTruly on 01/02/2024 - 21:08

      That’s what I understood as well. Yup

      Question is it 1.2% in the current month? Is there any variable bonus current first month?

      • aka nioh on 01/02/2024 - 21:56
        +1

        You either get the standard rate which I assume is 1.2% or the bonus rate which is 5.4% for balances up to 250k.

    • aka nioh on 01/02/2024 - 21:54

      Yes. So deposit 1k, withdraw 1k. Then on the 1st of March deposit funds and enjoy 5.4%

      • yht on 01/02/2024 - 22:58

        Don't forget to leave some money in the account as otherwise how the interest will be calculated from ? Lol

        • aka nioh on 02/02/2024 - 08:01
          +1

          ? 1st month is at standard rate. 2nd month will be at bonus rate provided you fulfilled the criteria. As mentioned above you deposit funds starting March 1st to get the 5.4%. You should not leave funds in the acc between today til the end of Feb as you'll be getting the standard and much lower rate

  • WilliamDGH on 19/02/2024 - 16:04
    +1

    Thanks, signed up and did the $1000 transfer in and out. Hopefully will get the rate next month.

    Does anyone know if you can open multiple savings accounts with AMP and all get the 5.4% rate? UBank is giving 5.1% for all savings accounts, which I found to be very handy for septate different savings purpose.

    • aka nioh on 19/02/2024 - 20:55

      Not sure, I just tried opening another savings account via their app, but got redirected to their website to open another savers account so it doesn't seem as easy as ubanks. They do have a live chat option in their app.

  • YoursTruly on 01/03/2024 - 18:20

    Anyone has their account indicating 5.4% anywhere in the app? Mine still shows 1.2% despite a deposit (and remained there) last month

    • c64 on 01/03/2024 - 18:23
      +1

      my account says 5.40% (for march) using web site

    • aka nioh on 01/03/2024 - 19:25
      +1

      Mine has 5.4%. usually it takes a business day after the 1st of the month, if you just qualified. Give em a call/live chat on Tuesday if it's not shown on the app

  • yht on 01/03/2024 - 22:44

    Mine has 5.4 in App

  • Iluvfreebies-freeDel on 03/03/2024 - 20:53
    +1

    Since Hiver reduce their interet from 5.5 to 5.25. This is the next best thing with min hoops

  • hash88 on 04/03/2024 - 08:07
    -1

    Can someone please confirm that you can actually transfer more than $5k into your linked external bank account from the AMP saver account?

    This link seems to indicate a $5k limitation? https://www.amp.com.au/banking/faqs/whats-the-maximum-daily-…

    • aka nioh on 04/03/2024 - 14:03

      I can change my daily limit from 1.5k to 250k

  • JHoliday on 04/03/2024 - 12:10

    Does this bank not have push notifications when you receive an incoming deposit? I only seem to get an SMS saying the balance is greater than $0

    • aka nioh on 04/03/2024 - 14:04

      Seems like it. I turned off notifications as I only use it once a month when I do the deposit and withdraw.

  • chrisharry53 on 20/04/2024 - 09:32

    I deposited over $1k yesterday into a new account. Anyone know if I will get bonus interest for April? Most banks waive the qualifying criteria for the first month and some for the second month too especially if spend transactions criteria also exist.

    • Iluvfreebies-freeDel on 20/04/2024 - 09:34

      No. I did not get it for the first. You can check this under account details if show 5.4%.
      I am on the second month and it shows 5.4% under account details.

      • chrisharry53 on 20/04/2024 - 09:41

        Thanks. It only shows 1.2%. If you didn’t get it then I won’t and I will move the funds out on Monday until 1/5.

        Stupid error by me and I should have asked on here and/or AMP before a Saturday 🤣

        • Iluvfreebies-freeDel on 20/04/2024 - 09:44

          It is on their website with an example.

          $1,000 into your AMP Saver account in October

          the Deposit Bonus Interest Rate during November on top of your standard rate, with interest calculated daily, on account balance up to $250,000

          the interest payment into your account by 10 December

          • chrisharry53 on 20/04/2024 - 10:07

            @Iluvfreebies-freeDel: Thanks and I know that the example applies to existing accounts. I was hoping the criteria was waived for new accounts.

        • cumova on 20/04/2024 - 19:17

          Pretty sure it's real time payments so get that money into high interest account mann

          • chrisharry53 on 20/04/2024 - 20:59

            @cumova: Only $5k a day. I did one today. Will just wait until Monday now.

  • OzByte on 27/04/2024 - 11:54

    Pretty poor experience so far, opened an account, it says wait 48 hours before registering online, ok … 4 days later, still cant register online. Call them up, sounded Filipino, 10 point ID check, then asking me to verify balance after explaining its a new account twice, still asking me … finally they decide to escalate to the IT department, sorry sir, we will have to raise an IT ticket if your online registration wont work. Ok, so what is your turnaround time? No idea sir. Several days go by… Customer service is a bit of a joke with this mob.

    • CYMA on 30/04/2024 - 09:41

      Heh same deal here, signed up on 21st of April and still can't register or login. Supposedly have a ticket lodged with their tech support but seems like they don't know what's going on. Pretty terrible onboarding experience so far…

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