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AMP Saver Account 1.25% p.a. Interest (1.45% for Super, Pension, Investment Holders), No Monthly Account Keeping Fee @ AMP

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AMP Saver Account 1.25% p.a. Interest (1.45% for Super, Pension, Investment Holders), No Monthly Account Keeping Fee @ AMP
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SomeGuyOnOzB on 01/03/2021 - 13:04 amp.com.au (1004 clicks)
Last edited 13/04/2021 - 19:00 by 2 other users

Thanks JackOfSpade
Note that this account is currently paying only 0.85%

It says it will change on 1 April to add a savings bonus rate and that the total will be 1.25% (provided they don't change this variable rate before then, which they can because it's a variable rate)

cudos to the volunteers working on this spreadsheet

AMP says it will be back at 2nd place; higher than UBank. (ING is 1st but now has the grow every month requirement)

It looks like all you have to do is deposit $250 a month, to be eligible for the bonus rate in the next month.
Bonus paid on balances up to $250,000.
No monthly fee this time
No 5 transactions a month requirement.
No restrictions on withdrawals.

Also, if opened before 1 April 2021, looks like more of the total rate is in the base, rather than the bonus.

Opening this up as a place holder for discussions etc

Quick reminders about problems with previous products they had / I think this account doesn't have any of these problems at the moment

  • one had a monthly fee that was waived if you met the bonus criteria (aka if you missed the deposit, they didn't pay bonus interest AND they penalized you)
  • AMP Bett3r had 3 different bank accounts (ie PITA), and initially had confustion about where your deposit had to go to be eligible for the bonus
  • one later added that you had to have a superannuation account with AMP and make regular contributions to that

Note: Darjimick says if you are between 18-29 there is an account where you can get 3%

Financial Bank Account Savings Account

Related Stores

AMP
AMP

closed Comments

    • soundboy5010 on 01/03/2021 - 13:12
      +20

      opens post
      scrolls to comments
      Ctrl+F "jv"
      presses downvote

      • lawbee on 01/03/2021 - 13:17
        +5

        you can skip second step

        • jv on 01/03/2021 - 13:18
          -8

          what about the third?

          • [Deactivated] on 01/03/2021 - 17:02

            @jv: 3rd is definitely needed to ignore the junk.

            • jv on 01/03/2021 - 17:16

              @[Deactivated]: depends on how you define 'junk'

              • [Deactivated] on 01/03/2021 - 17:31
                +1

                @jv: My definition is simple. What ever JV posts is junk who has no work except commenting on each and every post for no reason.
                Check how many times your comments were negged and how many were reported.

                • jv on 01/03/2021 - 22:11

                  @[Deactivated]:

                  What ever JV posts is junk

                  I could say the same about your posts… So therefore that is the definition of junk. eg…

                  • [Deactivated] on 01/03/2021 - 22:29

                    @jv: Check how many of mine are negated against how many of yours.
                    Anyone with common sense won't compare the given comment of mine against you.

                    • jv on 01/03/2021 - 22:42
                      -2

                      @[Deactivated]:

                      Check how many of mine are negated against how many of yours.

                      Ha ha… you must be really insecure…

                      As if I care…

                      • [Deactivated] on 02/03/2021 - 09:16

                        @jv: Yep, I'm really insecure that's why I'm commenting junk on each and every comment for no reason.
                        It's not just me, who OzB community doesn't care you. Time to introspect your actions & behaviour.

                        • jv on 02/03/2021 - 09:32

                          @[Deactivated]:

                          Yep, I'm really insecure

                          You can get help for that.
                          Reach out to a good psychologist…

                          • [Deactivated] on 02/03/2021 - 12:54

                            @jv: Just been to psychologist and he says I'm perfectly alright and asked me to bring you as even he knows what you are in OzB.
                            He opined same as what whole OzB community thinks about you.

                            Hurry up! It's already alarming.

                            • jv on 02/03/2021 - 13:03

                              @[Deactivated]:

                              Just been to psychologist and he says I'm perfectly alright

                              Might be worth getting a second opinion…

                              • [Deactivated] on 02/03/2021 - 13:20

                                @jv: Even second psychologist opined the same and asked me to bring you to him. Even he is aware of your stupidness.
                                It's high time change your behaviour before you are put in to PENALTY BOX again.

                                • jv on 02/03/2021 - 13:36

                                  @[Deactivated]:

                                  Even second psychologist opined the same

                                  You're not having much luck today…

                                  Try one more time… Eventually you'll find someone to help.

                                  • [Deactivated] on 02/03/2021 - 17:03

                                    @jv: Get well soon buddy.
                                    Hope you'll grow up and behave well in future.

                • Drakesy on 29/03/2021 - 11:30

                  @[Deactivated]: Or how many times he's been voted as top comment (which is more than you or me I can confirm)

    • [Deactivated] on 01/03/2021 - 13:47

      At least you'll be guaranteed $250 every month ($250 deposit required).

  • pennypacker on 01/03/2021 - 13:20
    +7

    Quick reminders about problems with previous products they had

    You left out the best bits about the royal commission

    • INFIDEL on 01/03/2021 - 13:25
      +6

      So has the Government!

      • AlexF on 01/03/2021 - 13:55
        +1

        Like every parent, Scotty simply wants kids to be responsible for their actions. If you cannot afford a financial advisor who can distinguish between good and bad investments, it's your fault and you deserve to lose money, sucker.

        • Foxxster on 01/03/2021 - 14:06

          Yeah. Just stick all your money in Bitcoin and Tesla . Who needs a shyster financial planner . I think the royal commission flushed their dodgy practices out into plain view for those who were not already aware.

  • INFIDEL on 01/03/2021 - 13:24

    Thanks. Yes a big change from April 1.
    Have an existing account & didn't know this.

    Now requires deposit of $250/mth to earn a bonus rate.

    Luckily I transfer money in & out to get bonus interest rates elsewhere. Will now bring money back to AMP from UP Bank.

  • letmethefuqin on 01/03/2021 - 13:30
    +5

    UP Bank just dropped theirs to 0.70
    Hopefully this product is better, time to make the switch

    • INFIDEL on 01/03/2021 - 13:33

      Ouch - didn't know that.
      Luckily I review my few bank investments on 1st day of month..

    • jv on 01/03/2021 - 13:59
      +3

      UP Bank just dropped theirs to 0.70

      Should change name to DOWN Bank…

      • INFIDEL on 01/03/2021 - 14:39
        +2

        As they've dropped a few times lately…
        Down, Down, Down Bank
        is more appropriate. But they'd have to pay Coles to use it.

      • bkksam on 01/03/2021 - 14:43
        +1

        Ubank is still 1.10% p.a.including bonus rate

    • Thatsadeal on 01/03/2021 - 15:34
      +1

      Yes it is. AMP has been giving me 0.85 since my post introductory (4 months) offer expired which is much better than any big 4 banks

  • hawkeye93 on 01/03/2021 - 13:50

    So we can transfer that $250 in and out immediately (unlike increasing balance requirement from some other banks)?

    • INFIDEL on 01/03/2021 - 13:56
      +3

      Yes.

  • yht on 01/03/2021 - 13:52

    Who is the first highest ?

    • INFIDEL on 01/03/2021 - 13:56
      +1

      Take a look for yourself
      It's not just the changed interest rates to consider, but the changed condition you must meet to get it!
      (ING Savings Maximiser)

      • SomeGuyOnOzB on 01/03/2021 - 14:09

        What Infidel said
        ING Savings Maximiser, but that now has a requirement that at the end of the month (before interest payment) the balance must be greater than the previous month.

        • INFIDEL on 01/03/2021 - 14:15
          +3

          As ING said any increase counts.

          So I now have set up to automatically transfer $1000.01 from AMP into the ING Everyday account, move 1c of that to Maximiser & $1000 back to my AMP account.

          That transfer back now counts as the $250 moved into the AMP aaccount.

          • SomeGuyOnOzB on 01/03/2021 - 14:19

            @INFIDEL: Do you need to transfer a little more in, to cover your 5 transactions a month?

            • INFIDEL on 01/03/2021 - 14:23
              +3

              @SomeGuyOnOzB: Yes. Those purchases are from Everyday Account.
              Maximiser account is the one that needs an increase in account balance.

              I make 1 split payment of 5 x 1c for groceries at Coles / Woolies each month. Pretty easy. And little drain on the account.

              So a small increase to cover purchases is wise. I only do that infrequently as 5c x 12months doesn't amount to much. Only keep a few dollars in that account - which will last for a few years!

              So could increase transfer to $1000.06/mth, keeping 5c to cover that months purchases.

            • great-price on 01/03/2021 - 14:38
              +2

              @INFIDEL: Where did you read the top interest rate applies to $250K for ING?

  • danhendo888 on 01/03/2021 - 13:59

    Have to open account before 1st April to get the 1.25% rate

    • INFIDEL on 01/03/2021 - 14:06
      +1

      No - check the spreadsheet.
      Final interest rate after bonus is the same, but base rate is lower & bonus higher to get that interest if joint after April 1.

      Better to join now - in case $250 doesn't go in one month.

  • pHyR3 on 01/03/2021 - 14:22
    +5

    not the most moral company though…

    • hippyhippy on 01/03/2021 - 14:43
      +1

      Give us any bank that's actually moral?

      • [Deactivated] on 01/03/2021 - 14:50
        +1

        I'll rule out ANZ and their Dylan Alcott wheelchair ad campaign whilst closing the highest number of branches of the big 4 during covid.

      • zzymurgy on 01/03/2021 - 16:47
        +2

        Bank Australia haven't put a foot wrong. And I like Beyond Bank.

        Their rates on savings or loans aren't amazing, though.

      • pHyR3 on 01/03/2021 - 16:54

        Bank Australia like others have mentioned

        I think 86 400 wasn't too bad but now owned by NAB :(

        also AMP is probably one of the worst for toxic and malicious work culture. Big 4 aren't much better but i get the feeling it's more ineptitude than bad intent (but definitely a bit of the latter too)

        • Yola on 02/03/2021 - 11:07

          I think it's also intent with the fees for no service common in AMP, NAB,, IOOF and many others.

      • theg00s3 on 02/03/2021 - 02:38
        +1

        Bendigo and Adelaide Bank

      • Yola on 02/03/2021 - 11:04

        Commonwealth Bank and CommInsure are terrible because of the way they treat staff and customers, Westpac for helping paedophiles to exploit children and crime gangs to launder their funds 19.5 million times and Macquarie for its toxic work culture. AMP for total disregard for the welfare of their clients, similar to many others.

  • jackofspade on 01/03/2021 - 14:43
    +1

    It's still 0.85% and there's no guarantee it will be 1.25% when it starts on 1st May. Probably another bait and switch.

    • SomeGuyOnOzB on 01/03/2021 - 16:35

      Thanks for pointing that out; I started with the spreadsheet, and went from there :S

    • Yola on 02/03/2021 - 11:08

      More the nature of the current economic climate, Jack.

    • CVonC on 27/03/2021 - 09:59

      Yeah where is the source for the 1.25%? Is it a preemptive April Fool's Joke?

      Edit: Found it thanks to WP

      https://www.amp.com.au/banking/info/p/saver-changes

  • Gaz1 on 01/03/2021 - 15:56

    Great spreadsheet link.
    Is there a similar spreadsheet for term deposits?

    • ginmi on 01/03/2021 - 17:26
      +2

      Not that I'm aware of but there is little to no point to bother with term deposits at the moment imho.

      This is because:
      1. They are paying less than at-call savings accounts;
      2. There is no point locking your money away with such low interest rates

      • runamuck on 01/03/2021 - 17:38

        Any suggestions where to put the money? Please don't say bitcoin.

        • ginmi on 01/03/2021 - 18:12

          Definitely not Bitcoin 😉

          The best you can do for risk-free investment is 1.1% before tax with a bank deposit.

  • Darkjimick on 01/03/2021 - 16:02
    +3

    Westpac has 3% interest if you are between 18-29 years old and spend at least 5 times with a transaction account link to the savings and grow the savings every month. I'm on it and its pretty good.

    • runamuck on 01/03/2021 - 16:35
      +2

      Yeah, its nice of them to look after the young and let the pensioners earn only 0.4%.

      • starbearer on 02/03/2021 - 13:54
        +3

        its a business decision. Young people more likely to stay with Westpac and earn them some money. Pensioners more likely to die and earn them no money.

        • INFIDEL on 04/03/2021 - 21:50
          +1

          This is a post about moving money to where it earns the most (at least in a bank).

          Where's your proof that 18-30 year olds stay loyal to any bank & don't move their money?? That would mean there is no interest in this post by that age group…

          Rather they would likely be more informed & more likely to move their money quickly to get the best return.

          But, most assets & investments are held by people over 30.

          As a rough guide:
          Smart Investing recently crunched the numbers as best they could, and came to the following averages for Aussies at various ages:
          20: $15,000
          30: $80,000
          40: $249,000
          50: $378,373
          60: $567,558

          If you operated a bank, which group would you rather have access to??
          Pensioners aren't necessarily poor!

          That's a lot of money & assets in the control of people over 30! And more so for those older Australians that you say are not of interest to a bank - because they are "more likely to die and earn them no money".

          So that seems a poor business strategy, more likely led by market forces.
          It's likely developed because they know younger people want to build up nest eggs to buy what they want. In general, older people don't need to do that. So the young will move to the best offer. Older people with higher wealth often invest more long term than bank deposits, like superannuation.

          3.00% p.a.*
          Variable interest rate
          Spend&Save bonus interest applies on balances up to $30,000 in your Westpac Life savings account. After this amount, you’ll earn 0.40% p.a. variable interest.

          That $30k limit, is of little interest to many older investors with high wealth. But may be interesting to those trying to build up a nest egg for larger purchases - like the 18-30.

          • Nom on 11/04/2021 - 17:01

            @INFIDEL:

            Where's your proof that 18-30 year olds stay loyal to any bank & don't move their money?

            The fact that the big 4 banks have customers 👍
            They're aren't usually offering the best return for any of their products, yet customer inertia means they have gazillions of customers using their usually uncompetitive products.

            If you operated a bank, which group would you rather have access to??

            All of them 👍
            That's why they want customers to join early in their financial journey…

            That's a lot of money & assets in the control of people over 30!

            This is precisely why they're trying to hook the customers before they turn 30…

    • SteveBuscemi on 02/03/2021 - 13:57

      Apples and Oranges.

      Only up to $30k at which point you're at 0.4%.

      • INFIDEL on 04/03/2021 - 22:38

        Many of the other offers can handle investment up to $250k at their highest interest rate.

        And once you turn 30 - goodbye!

        It's part of a range of investment products, aimed at different demographic / financial groups.
        By age 30, Westpac would hope to sell a different more profitable product - like a property loan.

  • Drakesy on 29/03/2021 - 11:32

    What's the bet they do a macquarie and suck everyone in before changing it the next week

  • muwu on 01/04/2021 - 11:35

    Confirmed 👍

  • timhn on 02/04/2021 - 09:53

    Nice.

    Do they have Osko/PayId?

    Time to move out of Ubank as I'm tired of keep waiting for them to implement that.

    • CVonC on 02/04/2021 - 10:00

      Do they have Osko/PayId?

      No they don't

      • oldrocker on 13/07/2021 - 12:11

        I think Ubank has introduced Fast Payments! saw that on their homepage.

  • tech777 on 08/04/2021 - 09:42
    Merged from Deposit at least $250 a month into an AMP Saver Account and you’ll earn a 1.25% pa ongoing variable rate

    Deposit at least $250 a month into an AMP Saver Account and you’ll earn a 1.25% pa ongoing variable rate

    Way less conditions to meet than ING orange everyday account.

    • ilikeit on 08/04/2021 - 10:09
      -6

      1.25%…or Celsius Network https://www.ozbargain.com.au/node/615637

      • DingoBilly on 08/04/2021 - 10:17
        +1

        Uhh how is this relevant in any way?

        "Save money in a low-risk but easy way or gamble your money away"

        • [Deactivated] on 08/04/2021 - 10:34

          "I don't understand it, so it's gambling"

          Lol k

        • Nom on 08/04/2021 - 13:59

          Gamble your money away ?

          Celsius offers an interest payment exactly like this AMP account - you can sign up, convert your AUD to TAUD and then sit back and earn 13.3% interest.

          There's no gambling taking place - the value of one TAUD will always be one AUD. You're free to withdraw back to your AU bank account at any time.

          There IS more risk than a regular bank account, but it's still negligible, and accounted for in the 10x interest rate….

    • EarlyBird on 08/04/2021 - 10:16

      Didn't receive any emails about it. Is this for existing customers too? Do you need to have a transaction account with them?

    • bargain ben on 08/04/2021 - 10:26
      +1

      For clarity
      ING: 1.35% interest rate on savings…
      Conditions:
      - Have a linked transaction account
      - Deposit $1,000 each month (into transaction account, can withdraw this)
      - Make 5 settled card purchases
      - Increase your savings account balance each month (withdrawals allowed)
      - Interest payable up to $100,000 account balance.

      AMP: 1.25%
      Conditions:
      - Deposit $250 into savings account each month (terms unclear whether withdrawals are allowed)
      - Interest payable up to $250,000 account balance.

      • ATangk on 08/04/2021 - 10:32

        Has the ING thing started now?
        E: yes.
        Glad they at least had the decency to put a prev month balance counter on there.

    • bk1973 on 08/04/2021 - 10:29
      +1

      IMPORTANT: Bonus interest does not start until 1st May for a $250+ deposit in April. It clearly states the following:

      If you meet the Deposit Bonus Interest Rate eligibility in a calendar month, you’ll earn the bonus interest during the following month. The bonus interest will be paid on top of your standard variable rate.

      For example, if you deposit $250 into your AMP Saver Account in April 2021:

      you’ll earn your applicable bonus interest rate for May 2021, on top of your applicable standard variable rate, with interest calculated daily;
      you’ll receive the interest payment into your account on 1 June 2021.

      • surfingboyo on 09/06/2021 - 14:09
        +2

        This is a dog condition. They'll save heaps with this… So many people would transfer all their money straight in expecting the bonus rate for that first month.

        • oldrocker on 05/07/2021 - 11:31

          So would it be advisable to open an account with the minimum $250 in the first month, to qualify for the bonus rate the following month?
          Once the bonus rate kicks in, transfer whatever amount (up to a balance of $250k) to earn the higher rate?

          • hawkeye93 on 05/07/2021 - 12:08
            +2

            @oldrocker: Exactly. You transfer $250 during the last few days of previous month. Then transfer the saving amount to the account at the beginning of next month to start earning bonus rate.

    • Ash lego on 08/04/2021 - 10:32
      +1

      If you are below 30 years old Westpac is giving a 3% interest rate for 30k, if you do the normal transactions as ING.

      https://www.westpac.com.au/personal-banking/bank-accounts/sa…

  • oldrocker on 13/07/2021 - 11:49

    Many thank to OP for the invaluable information. Saved me a lot of time! cheers

  • bargain ben on 15/09/2021 - 12:52
    +2

    We’re making some changes to the standard variable rate for your AMP Saver Account.

    It will be reducing by 0.09% pa^ effective 16 September 2021, as illustrated in the below table.

    (Table)

    This means if you achieve this bonus rate in any given month, your combined* interest rate the following month will now be 1.16% pa^.

    • hawkeye93 on 15/09/2021 - 13:00

      You received this in your email? Time to go back to 86400.

      • bargain ben on 15/09/2021 - 15:10

        Yep. Didn’t last long.

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