AMP Saver Account Introducing a Balance Increase Requirement from 1st February 2025

Ave Maria on 09/12/2024 - 20:54
Last edited 10/12/2024 - 17:06 by 1 other user

From 1st February 2025 the AMP Saver replaces the $1000 deposit requirement that could be easily met by moving funds between the Saver & Access accounts.

"Instead of the current requirement to deposit $1,000 or more each month, you’ll just need to grow your account balance by $250 or more each month."

Full details at https://www.amp.com.au/amp-saver-changes

The only benefit associated with this change, for those not making withdrawals to pay for living expenses and able to increase the balance (on top of interest earned), is that the upper limit for earning the bonus has increased to $500K.

AMP Saver with an interest rate of 5.20%, was favoured over other saving accounts because of not having to increase the balance each month. Not any more.
At a time when everyone is doing it tough, and "feeling the strain" in the AMP owns words in an unrelated Facebook post, AMP is counting on more savers failing to meet the bonus criteria.

It is all about greed and maximising profits. Nothing about customer care.

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Comments

      • Ave Maria on 31/01/2025 - 15:02

        I got another response from ING Customers Complaints rejecting my case & again asking to contact the AFCA - in every reply they inadvertedly provide evidence that my claim is correct - :)

        I did give a lengthy reply but in summary what proves my case is stated below -:)

        In your latest response you stated that "the (January) nominated account for the Savings Maximiser bonus interest was changed (to Maximiser 3) through online banking on 01/01/2025".

        Nothing else is necessary to confirm the basis of my complaint.

        I did not nominate Maximiser 3 for January on January 1st (not possible). I correctly nominated Maximiser 2 for January on December 1st. The January nomination can only be done in December.

        • Mad Max on 31/01/2025 - 16:53

          I think it is a battle not worth the effort.

          • Ave Maria on 31/01/2025 - 16:59

            @Mad Max: I agree but it is about the princible of it - they have the all facts infront of them but are unable to read them correctly.
            They will never improve their customer srvice if they keep making mistakes and not own the.

            On the funny side, if I receive another negative response (next week) stating that is still all my fault I will reply cc: tothe customer advocate and ass the belowafter my signature

            XXX

            Impeccably process financial transactions
            Never blame someone else for my mistakes
            Graciously aknowledge and apologise for what I do wrong

            Unfortunately this is no what ING stands for -:)

          • Ave Maria on 01/02/2025 - 00:53

            @Mad Max: Actually - it was more than just worth it.

            After forwarding the email rejections to the ING customer advocate, on Friday the 31st of January, ING has immediately credited my account same day with $467.12

            This is the interest I would have received for the month of January if I never took out the $100K !

            I only found out as I just checked my account balance and noticed the remediation credit. The ING Customer Advocated must have acted quickly as I did not even get an email or message to let me know they would do that.

            It just proves is not what you know but who you know (or rather know who to send your complaint to).

            Amazing outcome.

            • Mad Max on 01/02/2025 - 09:21

              @Ave Maria: Wow. That's great!!!
              Where did you find out about the ING customer advocate? Did you also initiate a complaint with AFCA?

      • theycallmeXYZ on 31/01/2025 - 16:03

        Even though the RBA are not meeting for another 18 days, banks have already dropped term deposit rates
        Earlier today AMP 6 month TD was 5.15%
        AMP have already dropped it to 4.90%

        I have also found CBA, NAB have already dropped their TD rates as well

        Seems like the RBA are just wasting our time and money at the next meeting, it's already been decided they are going to drop the cash rate by 0.25%

        • Mad Max on 31/01/2025 - 16:55
          +1

          Bugger! Next thing will be all the savings account down 0.25%.
          Elections coming, the government's pressure on the RBA to reduce the rates must be enormous.

        • Ave Maria on 31/01/2025 - 17:11

          Term Deposis have been going that direction for about a year now - last time we had good TD rates was August 2023 (5.45% with both AMP & Judobank). At call savings accounts are the way to go at present.

          How exactly has the RBA already decided on a .25% drop already. I seem to have missed that memo -:)
          Yes it s likely as there is a small inflation drop, but that is not the only factor and things can change quickly.

          The only article about that is that banks think will happen (most of the time they are wrong) -:)

          https://www.news.com.au/finance/economy/interest-rates/austr…

  • Ave Maria on 31/01/2025 - 11:54

    That is right - you are correct , missed that one. Even though I do not expect trouble I may move the money to CBA instead today once they hit the St George account and do it from the Goal Saver account. I never had any issues with transferring large amounts from St George via OSKO before, so I was not too concerned, but better safe than sorry -:)

  • YoursTruly on 02/02/2025 - 11:35

    Thanks OP for this post

    What’s the next no-nonsense account that does not require balance growth?

    • finbar on 02/02/2025 - 12:46
      +2

      See for yourself

      https://www.accountsleaderboard.au/

      • Ave Maria on 02/02/2025 - 23:37
        +1

        Honestly, the only no nonsence savings account at the moment is with Macquarie Bank

        5.35% intro rate up to $250K for 4 months on first savings account, 5% ongoing rate up to $1 Million and no conditions.
        The transaction account used to be the same rate but now is oly 2.75% unlimited (but products get re-invented all the time).

        $100K / $10K Payid-SCT / Unlimited BPAY daily transfer limits with Macquarie Authenticator

        Discounts on Gift Cards (3% for Amazon)

        Nice Online banking and Smart App + Authenticator support.

        • YoursTruly on 03/02/2025 - 11:52

          Thanks

        • YoursTruly on 13/02/2025 - 12:20

          I opened an account about 1.5 weeks ago.

          I Faced an issue pretty much since day 1 of account opening.

          To date they have yet to fix it.
          If this is how they create a first impression, good luck to them!

      • YoursTruly on 03/02/2025 - 11:52

        Thanks
        Handy to have this bookmarked

  • Ave Maria on 04/02/2025 - 03:22
    -1

    It appears that AMP has advertised misleading or at the very least not clear information about the changes effective 1st February.

    On the Web site, a set of T&C documents (one current & one effective from 1st Feb) is now published for the Saver account.

    https://www.amp.com.au/content/dam/amp-2024/documents/forms/…

    https://www.amp.com.au/content/dam/amp-2024/documents/terms-…

    It appears that the January qualification for the bonus rate only applies to the 1st $250K (as per current/old rules) for the month of February.

    If you increase the balance in February (on top of interest paid) by $250 (before the end of the month), then and only then the bonus rate will apply to the 1st $500K from March 1st.

    What AMP did very badly is to advertise effective from 1st February an increase of the amount the bonus rate applies to $500K, but failed to advise that for February the cap is still $250K (or at least so it seems in the systems implementation). There was nowhere a warning that you cannot get the bonus rate for $500K in February. AMP has failed in their duty to provide accurate and clear information about their changes. If nothing else I see more irate savers exiting AMP.

  • Ave Maria on 08/02/2025 - 17:06

    I appears that AMP has changed the Saver Account page to add a footnote. They are trying to cover their mistake after months of missinformation.
    That is an indication that they will not aknowledge their mistake or compensate those affected.

    They also removed all complaints regarding this matter from their Facebook site. They are realy doing everything they can to destroy customer loyalty and force savers somewhere else.

    https://www.amp.com.au/personal-banking/savings-accounts/sav…

    Current rates and fees

    Effective date after 01 February 2025

    1.00% pa standard rate + 4.20% pa Bonus Interest Rate = 5.20% pa total rate1
    This is the ongoing standard variable rate on all balances. This is the ongoing bonus variable rate when you grow your account balance by at least $250 (excluding any interest earned) by the end of each calendar month. Payable on balances up to $500,000.
    This is the total variable rate which applies to balances up to $500,000, made up of the standard rate and the Bonus Interest Rate (subject to eligibility).

    Footnotes

    1 Earn up to 5.20% pa ongoing variable rate. Earn bonus interest on balances up to $500,000 from March 2025

  • yht on 10/02/2025 - 13:44
    -1

    Hi guys, can I please your understanding please. I applied for a AMP TD in Jan for rate of 5.15% for 9 months, then when they opened it, the rate changed to 5.05%. What is actually their t&c ? All other bank that I dealt before will apply the rate when I lodged it and not when they open it.
    I lodged a complaint and they can only honour 6 mths for 5.15%.
    I tried to search their t&c, unable to find their policy about it.
    Thanks

  • Ave Maria on 10/02/2025 - 14:13

    AMP handling of customers is a toss of the coin - depending who to you talk to

    It is strange that they will give you 6 months at 5.15% but not the full 9 months.

    It all depends on when, how & what you requested.

    If you asked them to open the TD on a specific date, then the rate that applies on that date is what you should get. That is not AMP's fault it's how banks operate and that should be in the T&Cs.

    If however you send your application and was received before a rate change, then they should honour the rate at the time the application was received. Any delays in opening the TD should be absorbed by AMP. How long it took them to process the application? Was it an online application or a paper one, was an intermediary (like for an SMSF) involved?

    • yht on 10/02/2025 - 15:19

      I just opened the account online and nothing been sent to me until it is officially opened. It took about 3 daysish before they opened and thats when I saw it in my online bank account. They gave me 6 months as I sent a secure message when I notice the discrepancy asking them to rectify or withdraw. But they said they cannot do it via secure msg, thus I have to call, which I cannot as I was overseas. Thus I lodged a formal complaint and took them 4 weeks before responding.
      They don't budge to honour the 9 mths 5.15, they even put suggestion for me to lodge it with AfCA if I am not satisfy with their offer.

  • Ave Maria on 10/02/2025 - 16:10

    3 days to open a TD via online typifies AMP. With other banks is instant. Unless you did not already have an online account with them and they had to go trhough the identity checks first.

    AMP is counting on savers giving up when they are refered to the AFCA - it is their easy way out (and they are not the only bank to do that).

    I would have followed up with another complaint and make sure someone called to discuss rather than try to resolve via secure messaging.

    The AMP complaints email is (you may have used this already) [email protected]

    I will ask for the contact details of the AMP Customer Advocate and get her involved (the AMP web site does not provide the contact details - typical)
    Michelle Gibbon is the current AMP customer advocate, since 2021. Ask AMP to provide her AMP email address.

    "The purpose of the Customer Advocate is to be the voice for customers within AMP and ensure that fair decision-making is at the centre of our products, systems, and processes. We are here to make sure we understand our customers and we always do the right thing."

    • yht on 10/02/2025 - 18:11
      -1

      I have online account, but notice that they were unable to verify my identity when I applied the TD. But I never received further correspondence in regards to the identity verification. They just opened the account few days later. I have now lodged the complaint to acfa.

      • Mad Max on 11/02/2025 - 21:07
        +1

        They must have changed the rate between the time you applied for the new account and the time it was approved.
        I remember seeing their 6 months 5.15% TD, but not the 9 months 5.15% TD that you mention.

        • yht on 12/02/2025 - 09:23

          Yep and they should honour the rate when I applied.

  • Ave Maria on 20/02/2025 - 09:41

    Email Advice received today - effectively AMP Saver is now 4.95% from Friday 21st February (at least they gave 1 days notice)

    We're reaching out to let you know about a change to the standard variable interest rate on your AMP Saver.
    The Reserve Bank of Australia (RBA) has announced a decrease to the official cash rate by 0.25 per cent at their February meeting. Following this, we've made a decision to reduce the ongoing variable interest rate on your AMP Saver Account. The standard variable interest rate will be reducing by 0.25% pa.

    • Mad Max on 20/02/2025 - 12:02

      They were quick!
      Money out to StG? Althogh I guess they will soon drop their rates too!

    • yht on 20/02/2025 - 12:15

      Savings account rate drops as fast as the RBA announcement, but not for loan rates, takes their time to reduce it.

      • YoursTruly on 20/02/2025 - 12:34

        Such practises will come bite them hard in the long term.

        • Mad Max on 20/02/2025 - 13:18
          +1

          How? They are all the same, so not much choice.

          • YoursTruly on 20/02/2025 - 13:30

            @Mad Max: Karma

            Everyone gets back what they dish out - within their existence.

            • Mad Max on 20/02/2025 - 13:33
              +1

              @YoursTruly: Not reallly. Karma is more a solace for those that get screwed to feel better about it…

    • YoursTruly on 20/02/2025 - 12:23

      The more reason to jump ship

      • yht on 20/02/2025 - 12:35

        But where ? Ubank ? But they only up to $100k

        • YoursTruly on 20/02/2025 - 13:13
          +1

          Macquarie perhaps? Although their customer support is piss shit at best.

          • yht on 20/02/2025 - 13:20

            @YoursTruly: At the moment, their rate is 5%. Assuming they will be 4.75% soon

  • Ave Maria on 20/02/2025 - 13:31
    +1

    That is 3 strikes & you are out for AMP, changing rules, messing up rules, dropping rate (again - they already dropped out of cycle .20% in October 2024) - 1 day advance advice. They are not to be trusted - very unreliable & zero reason to be loyal to them.

    BOQ (no increase requirement) is still 5.15% (if MEB/GSB UBANK/ING @5.25%/5.5%) are already fully used

    I am waiting for an announcement from BankWest (CBA did drop) for savings, did one for loans, as I am using their bonus period until mid April - if they are going to do a full .25% drop it will be from 5.35% bonus to 5.05%

    If money is not needed for immediate access and can be locked for a month, HIVER for old account holders is still an option @5.25% unlimited, with 2 accounts to flip until it is not. I have been able to take out $200K per day ($10K OSKO) from HIVER no problem via multiple account setup (old & new) up to $50K each without any special requests for a limit increase, and if it is to al already used payee account no holds & funds arriving to destination same day.

    The RBA rate only just dropped 2 days ago so banks are still making announcements.

    The worst is RABOBANK as it wil make the change and send an email late on the same day - not much time to take money out & as it has increase requirement, 1st of March falling on a Saturday becomes a factor (2 days interest loss).

    • Mad Max on 20/02/2025 - 13:40

      My guess is that they will all eventually drop saving accounts by 0.25% as they are politically forced to drop mortgages by the full 0.25%.
      Then they may readjust later if they need to.
      So essentially all accounts status quo minus 0.25%. That being the case not much adjutments to make, and if you do they may need reversing soon.

  • Ave Maria on 20/02/2025 - 14:49

    Posted on Facebook by AMP 1 hour ago (savings cut tomorrow, loans 10 days later)

    Following the Reserve Bank of Australia’s (RBA) decision to decrease the official cash rate by 0.25%, AMP Bank is reducing interest rates across all variable rate home loans by 0.25% per annum (pa) effective 3 March 2025 for customers.
    We will continue to offer a range of competitive options for customers looking for both savings and term deposits, including rates of up to 4.95% pa* on the AMP Saver account, and Term Deposit rates up to 4.70% pa.

  • Ave Maria on 20/02/2025 - 15:25

    On the loans arena

    CBA/BankWest, ANZ, NAB, Teachers Mutual are droping rates from the 28th of February

    AMP from the 3rd of March

    St George/Westpack, ING, Great Southern Bank from the 4th of March

    Ubank from the 17th of March !!!!

    No Announcements yet from BOQ/MEB, RABOBANK will likely apply/announce same day (calling them pathetic is too generous to them)

    BankWest, Teachers Mutual (HIVER), Great Southern Bank, ING, UBank (and BOQ/MEB/RABO) have not yet made any Savings Accounts interest rate cuts.
    The rest that did dropped by .25%

  • finbar on 20/02/2025 - 19:06

    AMP won't be alone in dropping rates on their savings accounts. All banks will at some stage over the next few days/weeks. I'd wait until the dust settles to see what the playing field looks like

  • Ave Maria on 20/02/2025 - 20:45

    St George is still 5.15% until the 28th, so it could be utilised to transfer any AMP balance there tomorrow until the end of next week (when picture is hopefully clearer).

    • finbar on 20/02/2025 - 21:28

      Difference on $100k between StG and AMP is 55c a day in interest and that advantage will only last for just 7 days and that's before paying tax. If you leave it at StG for more than 7 days you'll then start earning relatively less interest because AMP will have the higher interest rate.

      • Ave Maria on 21/02/2025 - 13:12

        The advantage I have now (funds already in StG via CBA at 1pm) is that I can move funds (less than $100K) around instantly next week via OSKO, something I could not do if I kept the funds in AMP (same day but have to wait for BECS to process). It's all good and well planned.

        If AMP remains the best option next week @4.95% (!) I will move funds quickly back to AMP via CBA.

        Looks like the "bad & nasty banks" are dropping rates on a Friday to give no chance for moving funds out today

        => MEB/BOQ dropped by .25% each to 5% and 4.90%

        lets wait and see what ING/UBANK does, Macquarie is still @5%

        My old HIVER account is still at 5.25% so even with a drop it will still be 5% for anything I can park untouched for a month or consider a TD if anything is still over 5% for a year or so (unlikely).

  • Ave Maria on 21/02/2025 - 16:23
    +1

    That is actually realy bad from MEB/BOQ no announcement anywhere or email to let savers know that the rate is dropped from today.

    I only know the rate is dropped by checking the current rates online.

    And they are only dropping the loan rates on 8th of March by the way, an absolute money grab.

    • Mad Max on 22/02/2025 - 22:43
      +1

      Virgin has dropped from 5.35% to 5% (with lock) without even notifying…and many will be locked in for 32 days. How's that for "bad & nasty"?

  • plantatree2013 on 24/02/2025 - 12:43
    +1

    Just checked Rabobank HISA 5.45%, Premium Saver 5.2%.

  • Ave Maria on 24/02/2025 - 13:32

    Rabobank did what was expected of them as the designated perennial bad bank = drop the rate and lets us know later or just lets us find out ourselves (and not willing to change ANY of their ways = stuck in the past = no OSKO, no weekend banking etc. etc.). If not for sometimes offering a better rate they are an easy miss with only their HISA intro rate up for consideration until it is used and of no further value.

    I just checked and no email received yet - one expected later today perhaps after 6pm - only a .15% drop on the Premium Saver is not too bad.

    I "may" do some serious money relocation on 1st of April (no pun intended) as it is the first chance to take money out of Rabo without an interest loss penalty (it is an a +$200 increase account). Maybe is the key word.

    Adios to AMP, St George (under 5%) & Me Bank (5% but with hoops to $100K) & drop announced (that pissed me of the most).

    Hello Macquarie Bank (5% no hoops for now - high deposit/transfer limit) & old HIVER (5.25% for now anyway & existing customers)

    Rabo is a "keep" while still 5.20% although I may move to Hiver on 1st April as Rabo is grow your balance like AMP.

    Hiver Target Saver (discontinued for new customers) can use 2 accounts (I have 3) to flip & take money out on the 1st so it is actually more flexible. I can take out $200K in total at once from Hiver with no holds using all of the old & new Hiver accounts x$50K per account - I have done so twice in the past by making sure tansfers are not 1st time payments.

      • Ave Maria on 24/02/2025 - 15:51

        Thanks, article came out 28 October 2024 and nothing has yet substanciated - it will not happen overnight & I only put $10K in Hiver that I can take out as 2x$5K OSKO on Saturday the 1st - I f they are going to switch customers over to something else, they have not done anything to prepare for it (silence speaks by itself) and if they are planning to do that I would think they would not touch the rate for a no longer on offer account they have not changed since March 2024. Not impacted much either way. One less account to maintain if it goes.

      • Ave Maria on 24/02/2025 - 16:26

        I had an interesting chat with HIVER support - it looks like they are leaving the old HIVER Target Saver account for use by existing customers and not realy doing anything to migrate to existing accounts (they probably saw what Ubank did and realised it is not worth the effort). In any case no decision has been made to drop the interest rates but at the same time I will wait & see before putting more than just $10K in it.

        You have to monitor the interest rate on a daily basis as "apparently" as it is not longer an on offer account they do not have to tell existing customers when dropping the rate (what a lot of BS). Anyways that is banks for you -:)

        I wil keep an eye on the rate - 2 different ways to do that - I had an old link that is also accessible from the HIVER logon page and also a new one provided from the chat via TMU (she did not know anything about the first link and that does not suprise me at all)

        It is still 5.25% (looks like frozen in time) and they will probably need to print a new leaflet (the one on the 2nd link) when they do decide to make a change (that is why is taking them longer to make changes -:)

        https://hiver.bank/products/products-no-longer-for-sale/

        https://www.tmbank.com.au/search?q=interest

        • plantatree2013 on 25/02/2025 - 07:21

          Thank you for this info,have a great week!

    • finbar on 24/02/2025 - 14:10
      +1

      After the RBA dropped rates it's a given every bank will drop savings rates. Macquarie and Hiver will.

      The wise advice is to wait until the dust settles then proceed.

      • Ave Maria on 24/02/2025 - 15:54
        +1

        I am doing exactly that - but I am also giving myself more than one options at the same time for both "stay" or "move"

  • Ave Maria on 26/02/2025 - 14:03
    +2

    Quick Rate Updates (for what I monitor & I am up to date)

    Both Ubank/ING have now dropped their best rate from 5.50% to 5.25% from 1st and 4th March respectively. Both gave advanced notice.

    Great Southern Bank dropped all rates by .25% effective same day yesterday without ANY announcement. Home Saver is now at 5% same as MEB for $100K.

    St George gave advance notice that as of Friday the 28th the Incentive rate will drop to 4.90%.

    AMP already dropped the saver rate to 4.95% (marginally better than St George but at least with STG you can bypass the monthly $50 increase most months).

    Rabo already dropped the Premium Saver (same day) by .15% to 5.20% with a $200 increase requirement.

    MEB/BOQ(/VIRGIN) also dropped same day by .25% (no advice).

    Macquarie still is (and may remain) at 5% with no hoops. Macquarie made rate changes before the RBA announcement so that may be reason enough to stick.

    BankWest (CBA subsidiary) still at 5.35% on the 4 month special up to $250K with no saving rate annoucements. They have been busy with app and web page updates so that may hopefully delay rate changes for perhaps another month. If they do drop it would likely to be 5.10% for the 4 month (or part of) period.

    My old HIVER is still at 5.25% and I am keeping $10K in it just in case they migrate to a special account as NAB did for City accounts (that I missed out).

    CBA Goal Saver dropped to 4.65% (but nobody cares -:) - it is a transit account for me that I occasionaly use to enable full OSKO transfers for large amounts

    • Mad Max on 26/02/2025 - 15:30

      If Macquaire keeps the 5% (with no hoops), then no more point in keeping money in Virgin, Great Southern Bank, AMP and StGeorge.

    • finbar on 26/02/2025 - 16:22

      Where's the proof for ING dropping their rates ? Link ?

      Virgin Money dropped by 0.35% not 0.25%

      As sure as night follows day Macquarie will drop the rate for their Saver account. A few months ago they increased the rate so that will be dropping shortly.

      • Ave Maria on 26/02/2025 - 17:05

        OK I may have missread the info that appears on their Online web page as intented for saving account rates as well

        We are decreasing interest rates by 0.25% p.a. for all existing customers with a variable ING home loan. This decrease will be effective from 4 March 2025. Click here for more information.

        and then when I clicked & checked for more info I saw the following right above the interest rate info - obviousy missread

        ING App
        Computer/laptop
        Open your ING app
        Select your Home Loan account
        Select the interest tab to find your current interest rate
        Follow the below calculation to work out your interest rate
        Your current interest rate less the rate change of 0.25% = Your new rate as of 4 March 2025.

      • Ave Maria on 26/02/2025 - 18:28

        OK - I checked again in the ING App this time and interest rate has dropped by just .10% for the ING Maximiser max rate (from 5.50%) with effect from Friday the 28th of February, staying as the highest ongoing rate at the moment

  • Ave Maria on 26/02/2025 - 17:07

    As pointed out to me VIRGIN dropped by .35% and ING .25% drop so far is for loans only NOT for savings accounts

  • Ave Maria on 26/02/2025 - 18:30
    -1

    it' now official ING Maximiser max rate has dropped to 5.40% (I take that as a win for now) effective from Friday 28th February

    • Mad Max on 26/02/2025 - 18:40
      -1

      I can't see any news on Macquaire. If it stays 5% no hoops it is quite appealing

      • Ave Maria on 26/02/2025 - 18:48
        +1

        Correct, and it will be my account of choise as it has plenty of bells and wistles - perfect for paying bills & direct debits - receives OSKO payments in no problem & quick NPP payments out up to $100K per day (that is what they say - in the past I was able to do $100K out of each account type Transaction & Savings)

        Last time they made a change they also made a lot of noice about it in advance - I do not see them behaving differently this time if they need deposits coming in/staying to fund loans - unless they have too much money already and do not know what to do with it (I think that was the case with AMP = too much in deposits and not enough loans, hence the recent changes forcing those tha need the money spend to cover living expenses out but without saying that as it would be politicaly incorrect -:) )

        AND NO HOOPS up to 1 Million $$$$$

        • Mad Max on 26/02/2025 - 18:56

          And 5.35% honeymoon rates for 4 months for new customers. 🤞they don't reduce the rate.

          • Ave Maria on 26/02/2025 - 19:12
            +1

            @Mad Max: I saw an article today about BankWest wanting to increase their loans business and compete directly against ING & Macquarie.

            Coincidentaly (or pehaps not a coincidence), ING applied the smaller drop of all banks, Macquarie & BankWest stayed put (so far).
            BankWest is only offering a good rate for 4 months so if they want deposist to stay they need to improve their ongoing rate that currently @4% is not competitive.

  • plantatree2013 on 27/02/2025 - 12:33

    Thank you Ave Maria this is very useful!

    May I clarify something re AMP still a bit confused. In Feb my AMP shows interest rate of 4.95% as I have deposited at least $1000 into my AMP in January. In Feb I deposited $250 and no withdrawal so in March I will be qualified for 4.95% interest right? Because on 3/3/2025 monday I intend to move all out to another bank so that means I won't qualified for AMP 4.95% in April. This is my question will 1/3 & 2/3 the amount in AMP still qualify for AMP 4.95%?

    Thank you again!

    • Ave Maria on 27/02/2025 - 12:38
      -1

      Yes, as you met the $250 increase criteria in February you will continue to receive 4.95% in March while taking any or all of your money out as planned (just don't close the account) for the entire month of March but you will no longer qualify in April.

      If you ever decide to go back to AMP, best plan is to deposit $250 on the last day of the previous month (must be in May in your case) - write off that day's interest -:) - and deposit/return funds in June to benefit from the applicable bonus rate (whatever that may be) at the time.

      • finbar on 27/02/2025 - 16:00
        +1

        Wrong. You deposit $250 last day of April. Then you'll earn bonus interest in May.

        • Ave Maria on 27/02/2025 - 19:49
          +1

          Detective eyes - yes correct put $250 back/increase last day of April to qualify in May, last day of May to qualify for June and so on

        • plantatree2013 on 28/02/2025 - 08:20

          Thanks Finbar, have a great weekend!

      • plantatree2013 on 28/02/2025 - 08:20

        Thank you so much Ave Maria! Have a great weekend!

  • Ave Maria on 27/02/2025 - 20:23
    +1

    I just checked the BankWest web page and the 4 month special offer has dropped as well (no prior advice).

    5.15% p.a. Variable introductory rate for the first 4 months on balances up to $250,000.99

  • Ave Maria on 28/02/2025 - 12:59

    Just in case anyone is bewildered by the Virgin Money rate flip-flop (down it goes - ooops it's up again) .35% drop now reversed (both moves with no advice), this is not the first time they have done that - it is a sign of a bank that just makes it up as it goes along -:). Personaly I have no interest in their product (lock etc.)

    Here is the link to the last time they did exactly the same in November 2023 (RBA raised interest rate that month)

    https://www.savings.com.au/news/virgin-money-winds-back-savi…

    • Mad Max on 28/02/2025 - 13:48

      Virgin must need to retain savers funds. So they had to stay competitive with ING and Ubank.
      Yes, very poor management, but I am very happy they are back at 5.35%. No complaints there 😁
      Hopefully others (AMP, StGeorge, Rabo, GSB) will follow if they don't want funds to rush out.

      • Ave Maria on 28/02/2025 - 16:01

        My AMP saver is empty, St George Incentive also empty, Rabo Prenium Saver kept until it fills up & re-evaluate, ME Bank Home almost empty.
        BOQ has been empty for over a year & Macquarie I will only use to transfer money for buying Amazon Gift cards -:)

        GSB I will keep to schedule Bill Payments and other one off or recurring payments straight from the Home Saver account ($5K OSKO / $30K daily limit is good).

        When a lot of deposits move out, perhaps some banks would consider raising rates to entice deposits back - I would not bet on it - Virgin is special :).

        Staying positive, Term Deposits may start going up. TD moves do not rely so much on the RBA rate moves.

    • plantatree2013 on 01/03/2025 - 10:46
      +1

      Good morning Ave Maria! Just saw you posting in another post already after I posted this :)

      from Virgin Money last night :

      On 21 February 2025, we mistakenly changed the bonus interest rate on your Virgin Money Boost Saver account ending XXXXXXXXX. This incorrect rate was applied from 21 February to 25 February 2025. After identifying the error, we adjusted the interest rate back to the correct rate.

      We will correct the interest earned from 21 February 2025 to 25 February 2025 and pay it into your account on 28 February 2025. All other accrued interest will be paid as usual. No action is required from you.

      We apologise for any inconvenience this may have caused.

      Important update to your Boost Saver Interest Rate

      Virgin Money regularly reviews the rates on our savings accounts. When we do this, we balance the needs of our customers and the changing market conditions. So, after careful consideration, we’ve made the decision to change the interest rate for the Boost Saver account.

      From 2 April 2025, the following rates will apply:

      Savings Account

      Rate Type

      Balance

      New Interest Rate

      Boost Saver

      Base

      All balance amounts

      0.05% p.a.
      (No Change)

      Bonus Rate
      (subject to meeting Monthly Criteria1)

      Up to combined total
      balance of $250,000

      4.65% p.a.

      Notice Interest Rate
      (when the Lock Saver Feature is enabled)

      All balance amounts

      0.30% p.a.
      (No Change)

      Base + Bonus Rate

      Up to combined total
      balance of $250,000

      4.70% p.a.

      Highest Variable Interest Rate
      (when the Lock Saver Feature is enabled and you meet Monthly Criteria1)

      Up to combined total
      balance of $250,000

      5.00% p.a.

      Note: For balances over $250,000 the interest rates remain at 0.05%.

      For more information on your savings rates and how to meet your Monthly Criteria please visit virginmoney.com.au/bank-and-save/accounts/boost-saver

  • Ave Maria on 11/03/2025 - 15:36
    +2

    Updated to reflect additional Rabobank drop on 11/03/25 to 5.10% (from 5.20% previously 5.35%) for a full .25% drop since the RBA decision to drop

    Bank Account Rate Up to $$$ Required Deposit Card Trans Increase Bonus Qualification Period Useful Workaround Hack
    ING Maximiser 5.40% $100K $1K to Any Account 5 $0.01 Nominate & Qualify previous Month Use 3 accounts & Flip
    Ubank Saver 5.25% $100K $500 to Any Account N/A N/A Same Month N/A
    Rabobank Premium Saver 5.10% $250K N/A N/A $200 Same Month N/A
    ME Bank Home Saver 5.00% $100K $2K to Spend Account N/A N/A Previous Month N/A
    Great Southern Bank Home 5.00% $100K $2K to Edge 5 N/A Same Month N/A
    AMP Saver 4.95% $500K N/A N/A $250 Previous Month N/A
    BOQ Smart Saver 4.90% $250K $1K to Everyday 5 N/A Previous Month N/A
    Saint George Incentive 4.90% <$250K N/A N/A $50 Same Month Use Multiple Accounts & Flip
    Macquarie Saver 4.75% $1 Million N/A N/A N/A N/A $100K daily limit / account
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