Great rate, pity its only from 1 November.
I have been happy with AMP but moved everything to Ubank when their rate was better. Looks like it is time to move back.
AMP Saver Account, up to 3.6% p.a. Interest ($250/Month Min Deposit), No Monthly Account Keeping Fee @ AMP
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That's true. Maybe they are anticipating 2 x .5% increases and are trying to get ahead of the game?
but the problem is that haven't pass on the Sept increase.
It's awesome.
Upvoted. Thanks OP
If ING stays at 3.6% until then (big maybe) - then this has less hoops
ING only covers $100k. AMP covers $250k
lets hope it performs better than their share price
Just got this email and have reviewed the UBank vs. AMP comparison. I don't think you should be changing back.
I too moved to UBank earlier in the year when they started eclipsing the AMP rate with the RBA increases, and doubled down with UBank when considering they pass on the increases in shorter intervals (but still a month late) and the new rates apply for the current month of deposit rather than the following.
A 1% increase by AMP feels like a re-attempt to compete with UBank. But then when you consider the likely RBA increase due next week, which may be either 0.25% or 0.50% (I think 0.50%), and that UBank will pass it on by November, that puts the UBank rate from 3.35% (from Oct-1) to either 3.60% or 3.85% by November, with AMP to move later on.
So it's a HODL with UBank, if that helps anyone in the same sitch.
(N.B. I haven't considered ING here, or for the last 5-7 years, as their eligibility criteria is outside my tolerance zone, and hope to see the back of all these savings accounts when I get another offset account eventually)
I think you are exactly right… I suppose I am hoping AMP do beat Ubank because Ubank's daily limits can be a bit restrictive sometimes.
AMP's mistake was waiting so long to start moving on rates when they started rising. It gave us all time to look at the competition.
I agree regarding ING as well, I'm not interested in hoops.
Amp has 25k daily limit. Ubank can increase the limit for whole amount with a phone call, AMP you need to fill out a form and sign.
You can increase it by making a phone call. Their call centre is a bit hows it going but you can enable transfer limits up to 100k to a specific bank account.
It's Ubank's 10k Bpay limit that got me…
i found the process of being able to transfer a very large amount with ubank was pretty easy, i was worried based on what i'd seen people say but it really was an easy case of calling and telling them i needed to transfer X amount, they rounded up and made it available until midnight that day… i guess if you're someone that does a lot of large transfers regularly it could be annoying but for the odd one or two its pretty easy
The AMP daily limit is per FI. So, if you have several bank accounts you can transfer $25k to each without any special approvals.
You can increase it to 250k using online banking. The they have to approve it and they may call you but for me it was approved the next day and money out and into new account within the hour.
@Yola: Nup, Did you click the "Change limit" next to the account you want to transfer to.?
If you do you will get a drop down for transfers up to 250K.This is under it, but mine only took 1 day
"The maximum limit is $250,000. Increases over $25,000 will be reviewed for added security and updates usually take 3 business days. Need an immediate transaction up to $100,000? Please call us on 13 30 30."
@MadKaw: Thank you very much I see it now. I plan to move money there on 1 November so that will be useful. Appreciate your patience and kindness.
I switched from ING to Ubank because after approx 1 year of doing the same thing each month, it gets tedious and I forgot twice, also I had woolies reps 3 times approach me if my card is ok and I can't be stuffed explaining it's ok, thinking I'm doing some illegal. At least Ubank, it will take away some hurdles, thats enough for me to switch to a slightly lower bonus interest which it won't bother me.
I compared ING and UBank after realizing that the base rate ING offers is only .05%. Turns out if I miss the ING bonus criteria even for a single month in a calendar year (I expect there are months where my EOM balance would be lower than the start of the month) I'd be getting less than if I were to be with UBanks 3.35% so will stick to UBank.
Exactly!
Ubank only needs $200+ per month into any of your Spend or Save accounts and you're good to go with bonus interest! No need to grow your savings account more than the previous month, no card transactions etc…. literally just deposit money into your account and you're good to go.
That .05% is nothing (to me anyways) compared to the hurdles ING makes you go through.
Stay away from AMP. They are the worst to bank with. I held an account with them for 5 years and not only was the communication from them very poor but the 4 hour phone calls just to talk to someone added to the pain. The app is very slow and it takes takes 24 hours to transfer money out not including weekends.
Depends on where you transfer money and by how much out to, in my experience, it's transferred to Ubank, Macquarie within 3 hours . If it's the first time you transfer to a new account, it'll probably take 24 hours.
This is a great and legitimate reason to neg the deal. Please do if you see this comment.
i couldnt even talk to a person for 2 days with boq
Why dont people invest more into bonds than these accounts?
Bonds can be a good defensive investment allocation when you have a need for balancing a portfolio that has high market exposure (and increasing risk-adjusted return) and you're intention is long-term in the absence of any risk of short-term liquidity needs.
Cash has more flexibility, and net return as a defensive allocation can be okay especially if you structure things with the use of offset accounts.
Defensive allocation aside, most people have a need to carry cash for at least a short to medium term purpose, for example savings for a deposit on a property purchase or an emergency fund or major life events (e.g. wedding, travel), in which case cash can't be beaten for liquidity and low risk.
My entire defensive asset allocation is cash (well almost, I own a higher than average allocation to REITs in my super and a portion of those assets are considered defensive because they are primarily higher yield stable property assets), which I have as a 100% offset against my PPoR loan, as an emergency/self-insurance fund, and surplus savings intended for ongoing investing. I'll likely switch to other types of defensive assets in the future when I have less of a functional need for cash, in which case longer term AAA government and large cap bonds will likely best serve this purpose.
REITs have had a rough run of late. Hopefully they’ll pick up.
Beginner question: when you mentioned "move everything" how does that process work? Do you do it yourself, i.e., open up an account and transfer, or do you just let the destination bank know that you want to transfer, and they transfer it for you?
Personally I just do it myself. With the Ubank daily limits you can call them to have a temporary increase or just do it over a few days.
Open the new account. Execute a test transfer (e.g. $1) with your existing account using the new BSB and account number (saved with your existing account so that you're not re-entering the numbers) and verify it's deposit, increase the transfer limit with your existing account (varies by bank), and finally execute the large transfer/s with your existing account to your new.
NEVER BANK WITH AMP
DO NOT DEAL WITH AMPAVOID AMP.
These people are an absoloute nightmare to deal with, they broke the law in me trying to get my super from them, they're the worst financial institution I've had the displeasure of dealing with. Do NOT use them.
I had a decade-long banking / loan relationship with them, and I kind of agree with you.
I don't say they are the 'worst financial institution', but they did do some questionable things.
I caught them several times, changing terms of my application / our agreement,
and each time I pointed it out, they said "it was another department's mistake".That person that I was dealing with, has now moved on up in the company,
which makes me think, that kind of underhanded tactics are their KPI and they get rewarded for it
( I don't have proof, but surmising based on all the written correspondence that I have ).For the last few years, their customer service has gone down,
without any ability to really talk to someone.
There are 1 or 2 staff who are really trying to please the customer,
but their internal processes are either overworking their staff
or trying to squeeze profits at the expense of "ethics".Anyway, I'm not with them, but seeing your comment stirred up some resentment.
I had $3000 of super with them in excess of 10 years. They ate it down to $2000 after their fees, they made it VERY hard to get the money back, despite laws against what they had me do.
Criminal.
Do people releasie the return on your investment is less than the rate of inflation?
Also you get taxed on any interest earned.
Currently no where else to put it with gains at the moment though.
Any suggestions on alternatives?
So where do you propose you put your money that
- Returns greater than the rate of inflation
- Doesn't impose tax
Drug dealing :).. but probability of going to prison is higher..
no trolling please, we all here to look for the best legit bargain we can get.
What happens if you pass away and unable to meet the monthly minimum deposit?
Your beneficiary will put it all into Doge…
Think that will be the least of ur worries…infact u will have none
Your dependants will withdraw the money and curse you for leaving them so little (as all spent on OZB)
3.6 is good , I’m with virgin 3.3 waiting for them to put it up or might transfer to macquarie 3.7% end of this month
macquarie is going to 3.7%?
im with them but was looking to move but if this is the case ill just wait a bit :)Honeymoon period for 4 months only.
introductory 4% now
Will they charge me if I am dead between now and November?
Amp need all the money they can get
Shit company run into the ground
Not bad, but I will see Ubank raise next month before make any more. I'm already have AMP saving account but just $0 balance as most my fund are in Virgin & Ubank.
Avoid Amp, horrible company to deal with, not worth the effort.
try ING
laura was good to me
i ve had saving acc with them for 4 years, no big drama so far.
i had offset account with them for 8 years and now a saving account with them for 4 months now. No dramas except no OSKO
AMP is a very weak banking product. Try BoQ and their whole owned subsidary Virgin Money : both use OSKO so transfers instant 7-days a week with high pay anyone limits. In terms of "hurdle" the requirements are monthly minimum deposits, and 5 transactions which can include BPay amounts greater than or equal to $1.00 : so if you have a credit card split payments up, or make some small post-tax contributions to your superannuation. Easy.
Transactions can be 1 cent.
I think you will find that you can't do Bbay amounts less than $1.00 in BoQ/Virgin Banking mobile applications. Of course if you are doing EFTPOS or Tap and Go Transactions in store then sub-$1.00 transactions achievable, I do it every month with ING Savings Maximiser with my salad stuff for the week.
Sounds like another HN "Angel" company. Do we know the fine print?
Similar to the other negative comments, long story but basically stole $1500 from me by changing the T&Cs drastically without telling me.
The game plan for AMP with these delays interest rate increases, seems to be that they are banking on the fact that people will not move their funds to another bank, if they can see that rates will rise with AMP 'soon'.
I think it is relying on the general laziness of people, and it is probably working.
As has already been stated, by the time the increase takes effect, there will be others above it.
wow ok, so I'm going to move to Macquarie for 3.7% interest for October for 4 months then move back to AMP
Same
Does Amp allow withdrawels without penalties? @Homr
Yes it does, i withdraw my interest payments every month
35 days lol, that's like two more interest rises behind.