All customers earn the standard variable rate on the AMP Saver account, and can earn a bonus rate on top of this following a month where they deposit $1,000 or more, on balances up to $250,000.
Group Executive of AMP Bank Sean O’Malley said the account is designed to reward customers for developing good savings habits.
"This product is a great option for customers who are looking for a simple, market-competitive product to help them achieve their long-term savings goals.” Mr O’Malley said.
See how the AMP Saver account account fares in this review.
Key Features
Get rewarded for saving more
You can earn a significantly higher total ongoing variable rate by depositing $1,000 in the previous month into your AMP Savings Account.
No monthly fees
The bank won't charge any monthly management fees on your AMP Saver Account.
Linked to a transaction account
Customers can get access to their Visa Debit Card and digital wallet by opening an AMP Access Account at the same time.
See how the Saver Account rate compares to other savings accounts at AMP
| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
4.80% p.a. | 4.80% p.a. | $981 | – | $10,000 | $249,999 | – | $0 | $0 | |||||||||||
4.35% p.a. | 4.35% p.a. | $888 | – | $250,000 | $99,999,999 | – | $0 | $0 | |||||||||||
3.20% p.a. | 4.65% p.a. Intro rate for 6 months then 3.20% p.a. | $792 | 6 months | $0 | $99,999,999 | $0 | $0 | $0 | |||||||||||
1.00% p.a. Bonus rate of 4.20% Rate varies on savings amount. | 5.20% p.a. | $1,065 | – | $0 | $99,999,999 | $1,000 | $0 | $0 |
| ||||||||||
1.00% p.a. | 1.00% p.a. | $201 | – | $0 | $99,999,999 | – | $0 | $0 | |||||||||||
0.10% p.a. | 0.10% p.a. Intro rate for 4 months then 0.10% p.a. | $20 | 4 months | $0 | $99,999,999 | – | $0 | $5 |
What's included?
- Phone banking and easy access to accounts via the app
- A competitive savings rate
- Easy online access to your money
- Bonus interest rate after depositing at least $1,000 in the previous month.
- The option to link your savings account to an everyday transaction account
What's not included?
- Access to the bonus interest rate if you save less than $1,000.
- The ability to use the account for direct debits
- A cheque book, Bank@Post or the option to use a digital wallet
How is interest calculated?
If customers meet the eligibility requirements and deposit $1,000 into their AMP Saver Account in a month, they'll earn the maximum rate (standard variable plus bonus) on their balance up to $250,000 the next month, with the interest paid the month after that.
For example, if a costumer deposits $1,000 into their AMP Saver Account in October:
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They'll earn the applicable bonus interest for November, on top of the applicable standard variable rate, with interest calculated daily.
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They'll receive the interest payment into their account on 10 December
Eligibility
- You must be aged over 18.
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You must be an Australian resident
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You must supply an email address and a mobile number
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You must have one of form of ID, such as driver's license, passport or Medicare card
What you’ll need to apply
The application process will take around 5 minutes, to proceed with it customers must be over the age of 18 and have a valid form of identification.
It's also recommended you have your tax file number handy. Providing this will prevent you from having to pay unnecessary tax on any interest you might earn.
First published on August 2022
Image by Annie Spratt via Unsplash.
