Just received an email saying the bonus interest is going from 1.5% to .75%, thus a total interest rate of 2.25%
This is mental, ill be moving my cash 30/4 (the last day). Just need to find a replacement
see ya AMP
AMP Bett3r Reducing Interest Rate from 3% to 2.25%, Let The Mass Exodus Begin
Donaldhump on 28/03/2018 - 17:48
Last edited 28/03/2018 - 19:08 by 1 other user
Last edited 28/03/2018 - 19:08 by 1 other user
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- 35ill be moving my cash
- 2ill leave it there
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looks like it
ill be moving my cash ASAP
don't need to move now, move on 31/5.
yeh true, move it the last day, updated post
actually it comes into affect 1st of may so need to move April 30
Recently, we’ve reviewed the Bett3r Rewards and made some changes, including to the Bonus Interest Rates. The revised Bett3r Rewards eligibility comes into effect on 1 May 2018 with new interest rates effective from 1 June 2018. This means if you qualify for Bett3r Rewards in May, you will receive the new interest rate on balances in your Save account from 1 June 2018.
^ email
It looks like the new eligibility to qualify for the bonus interest comes into effect on 1 May, and the new interest rate is effective from 1 June. I think you will continue to earn 3% until the last day of May.
as for the new eligibility criteria, I checked the PDS and I couldn't see any noticeable differences (still deposit $2k/month) etc.
If you have a linked AMP Superannuation or AMP Pension fund and
- if you make deposits to that account every 90 days and
- you do everything you were supposed to do beforethey might give you 3.0% (the email about it was confusing, saying 3.0% in one place and 2.25% in an example)
i really wonder what there goal is here, everyone will drain their accounts
I’ve read that email about 4 times and still can’t work it out. As an active AMP super customer I ought to still get 3%, but the email seems to say not. Why not use plain English?
the email when viewed in portrait on an phone merges the table cells together. They haven't formatted it correctly. If you view landscape it works.
It did take me many goes to understand it too.
Must be my phone, even in landscape it makes no sense. Will have to view on pc to see if I can decipher.
Poor attention to detail and awful language.
Need to raise their game (& interest rates)They won't have any savings in their books after this, not even competitive
The email is confusing. For me it says:
For customers who have an active AMP Superannuation or active AMP Pension Account, we're introducing a new Bonus Interest Reward of 1.5% pa on balances up to $100,000 as per the table below.
This new Reward means that if you're an active AMP Superannuation or active AMP Pension Account holder, the variable interest rate for balances up to $100,000 held in your Bett3r Save account will be 3.00% per annum.But the table says 0.75% pa for Bett3r Rewards Bonus Interest Rate 2.
@mclarge:
Agreed.They say we will get 3.0% … then they give an example which says we will get 2.25%
@unclesnake:
I wrote to AMP today and complained that their email was incomprehensible.
They replied acknowledging that and have now re-sent it I see.
Anyone that has an active AMP super account will still get 3%.
That isn’t a very high proportion of their customers I should think
For anyone who hasn't read the terms and conditions, active AMP Super or AMP Pension account includes things like, deposits to the account every 90 days.
As for where to move your money… I'm thinking of putting my money in UBank. 2.87% up to $200k.
I think it'll be more or less the same with Rams, because if you do the two account method you have to put aside some money for each month that won't earn bonus interest.
by the time in june. their rate may also change… lower obviously. saving for return really becomes more + more pointless
You could do both …
Some in RAMS and some handy in UBank, so some of your money earns the full 3.0%
The upper limit is $100,000.
I'm still confused.
If I don't have an active AMP Super or AMP Pension account what happens to the bonus interest on 1st of May? and 1st of June?
Will there be bonus interest at all for those who don't have an active AMP Super or AMP Pension account from 1st of June?
What are the actual eligibility changes that comes into effect on 1 May 2018?
Just move it out b4 may 1st, to somewhere better, problem solved
your risk… i rang them up (twice) and they said move by may 1st
Still showing
Interest rate
3.00% paBut in light of the findings from the Royal Commission, I'm more worried about keeping money at AMP than the interest rate atm LOL!
HSBC is 3% for the first 4 months.
yeh i might do that one
Enjoy an introductory rate of 3.00% p.a. for 4 months on balances up to $1,000,000 every month^ you don't make a withdrawal on your first Serious Saver account.
I think I am going to give Rabodirect a go with their 3.05% account. Will stick with them for the 4 month high interest window and then look at what options are available on the market at that stage.
Anyone have any experience with Rabodirect's savings account?
On a side note, Canstar appear to have the best site for comparing the current options available. Some of the other comparison sites like to omit a few options.
https://www.canstar.com.au/compare/savings-accounts/Why bother with Rabo? Might as well try RAMs.
Because Rabo dont have any restrictions on withdrawals. RAMs do. Whats the point if I lose all my interest after a single withdrawal.
Same problem with the HSBC Serious Saver.
I have yet to set up rams but I heard u can can have two accounts and if you withdraw in one month then simply move all the money to the other rams account with 3%.
Remember to close or accounts.
Or else u might get hit with an account keeping fee.
What's the best one now? Is it RAMS 3% ?