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AMP Saver Account 2.1% p.a. Interest ($250/Month Min Deposit), No Monthly Account Keeping Fee @ AMP

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AMP Saver Account 2.1% p.a. Interest ($250/Month Min Deposit), No Monthly Account Keeping Fee @ AMP
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digitale on 30/06/2022 - 16:33 amp.com.au (623 clicks)
Last edited 05/08/2022 - 17:31 by 1 other user

From 1 August 2022. Subject to meeting minimum deposit in prior month.

We’ve got some great news we’d like to share with you. We’re increasing your deposit bonus interest rate by 0.75% pa.

This means your deposit bonus interest rate will increase from 1.25% pa to 2.00% pa effective 1 August 2022 and you can earn up to 2.10% pa*.

…

As the interest rate that applies to your closing balance is updated in My AMP on the following business day, you’ll see the new 2.10%* pa rate (2.00% pa deposit bonus interest rate + 0.10% pa standard rate) in My AMP from 2 August 2022.

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  • danielh on 30/06/2022 - 16:40
    +7

    I suspect the next two rate hikes will make it another 0.75 increase at a minimum. Good to see increased competition after so many years at minimal interest returns.

  • muwu on 30/06/2022 - 16:42
    +10

    It's oft complained about, but the delay in increasing savings interest rates after RBA meetings seems to be blowing out even more.

    0.5% of this increase in from the June 7 decision, taking ~8 weeks to come through.

    • Smallman on 30/06/2022 - 16:55

      Let's compare with the mortgage rate :)

    • bargainatoraah on 30/06/2022 - 18:37
      -1

      Well der they are in the business of making money

  • Ozbar Gain on 30/06/2022 - 17:02

    Ooooh this is better than the UBank one at 1.85%
    https://www.ozbargain.com.au/node/706728

    • Yola on 30/06/2022 - 17:20

      Yes but you have wait 1 month.

    • Iggemo on 30/06/2022 - 17:50

      Take money out at any time without affecting your bonus rate.

      Does that mean with Ubank u can deposit 200, withdraw 200 a couple days later and still get the bonus rate on the overall balance?

      • cumova on 30/06/2022 - 18:04
        +2

        yes

        • Iggemo on 30/06/2022 - 18:07

          Wow awesome, ty!

      • danielh on 30/06/2022 - 20:09
        +1

        You can deposit $200 and then take out $1000 (assuming you have the cash) and you will be ok. The key requirement is to DEPOSIT $200 or more. There is nothing about needing to have an increasing total balance each month.

      • bbking18 on 01/07/2022 - 13:09
        +2

        You don't even have to wait a couple of days. You can withdraw straight after and it doesn't matter if you withdraw a lot more than you deposited as long as you have sufficient balance.

  • busterau on 30/06/2022 - 17:08
    +6

    AMP dragging their feet with this not taking effect till August. ING upped their rate from the middle of June and Ubank from tomorrow.

    • KangaDrew on 30/06/2022 - 18:20
      +2

      Half the email is missing from the post:

      How does this affect you

      If you are eligible and deposit $250 into your AMP Saver Account in the current month, you'll earn the new deposit bonus interest rate in the next month on top of the standard rate (on balances up to $250,000). The total rate will then be paid the month after that.

      For example, if you deposit $250 or more into your AMP Saver Account during July 2022:

      • You will earn the deposit bonus interest rate of 2.00% pa for August 2022 on top of the standard variable rate of 0.10% pa for the first $250,000 of your account balance with interest calculated daily, and 0.10% pa on any remaining balance over $250,000.
      • You’ll receive the interest payment into your account on or before 10 September 2022.
  • mynameisborat on 30/06/2022 - 17:15
    +11

    This the dumbest bank I've seen in Australia. Pathetic customer service, long call wait times, no alerts on large cash withdrawal, you need to paperwork before transferring large sums. They shouldn't have been given a banking licence in the first place

    • lastkey on 30/06/2022 - 17:28
      +1

      Yesterday I had to spend 4 hours waiting on the phone, so I could speak to customer service in CBA when they blocked my account as I tried to do three bank transfers one after the other, and it was small amounts. Is AMP worse than that?

      • Yola on 30/06/2022 - 17:38
        +3

        The CBA is the worst bank in Australia you just had to pay attention to the Royal Commission into banking. Of course AMP was also singled out. This is my experience last week. I emailed them the form to move a large amount at 9am on Thursday. They called on Friday afternoon about it. I missed the call when I called back the line was not taking incoming calls. I then rang their customer service line, after going through 6 directories and waiting 15 min they disconnected. They did call back Monday around 1 pm and promised to action it before 4 pm when they close their transfers. Of course they did not. Luckily someone on another thread mentioned you can do 25k per day to a number of external FI, whereas usually this limit would be for all transactions, and this enabled me to get my money out in one day.

        • lastkey on 30/06/2022 - 17:41

          Yes, you can increase your daily limit to 25k but you still need to send the form if you want to transfer a bigger amount.

          • Yola on 30/06/2022 - 18:41
            +1

            @lastkey: Easier to transfer to 10 accounts $25,000 each without having to send form and wait 4 days. Save the payee details earlier.

            • lastkey on 30/06/2022 - 20:47
              -1

              @Yola: No. It doesn’t work that way. 25K is combined daily limit, one transaction or ten. You can’t send more than 25K.

              • Yola on 01/07/2022 - 14:30

                @lastkey: It is unusual but I did about 200k in one day couple of days ago. Try it.
                I di not neg you.

              • bbking18 on 01/07/2022 - 16:06

                @lastkey: No, with AMP $25k is not combined daily limit. It is for one linked account. They would consider an account as linked if you have transferred into that account previously. I also found it out the hard way after online chat, waiting on the phone to speak with someone, etc. Yesterday, I increased my daily transfer limits for 2 accounts from $25k to $100k. Then I realized that I didn't even need to do that. Instead I can just transfer to 8 different accounts of $25k each. Of course I will have to consolidate them later. I did exactly these today. All done by 3pm.

                • Yola on 01/07/2022 - 18:58

                  @bbking18: Yes doing the form and waiting for their call is a PITA.

            • bbking18 on 01/07/2022 - 16:00
              +1

              @Yola: Exactly. I totally agree.

        • bargainatoraah on 30/06/2022 - 18:39
          +1

          This is a call centre trick where they accidentally hang up on you right before close

        • mickeyk on 30/06/2022 - 18:58
          +1

          I am not sure I understood fully - are you saying that you can withdraw from AMP more than 25K per day - if you transfer to multiple external accounts?

      • milesandbos on 30/06/2022 - 20:52
        +1

        Yep, agreed. You can't win!

    • tharlow on 30/06/2022 - 17:38

      This the dumbest bank I've seen in Australia.

      I like being smarter than my bank. This gives me limited options, so I’m thankful for AMP

    • bbking18 on 01/07/2022 - 12:59

      What do you mean you need paperwork before transferring large sum? Form is only required for transferring over $100,000 in one day to one account. Also you would have received security code for transfer over $25k to a new payee initially. After that it would be treated as a linked account and no security code is required. I think it is pretty good.

      Waiting time on phone is ridiculous.

      • kacak on 01/07/2022 - 14:58
        +1

        Form is required for any daily transfer above $25k per payee

        https://www.amp.com.au/banking/faqs/whats-the-maximum-daily-…

        • bbking18 on 01/07/2022 - 15:05
          +2

          Ok, either they haven't updated their website or information there is not correct. I have been able to increase daily transfer limit to one specified account from $25k to $100k over the phone twice in the past month or so with the most recent one was yesterday. It was instant although the CS had to get relevant team to action on it which in my case it took couple of minutes for the first time and took about 5 minutes yesterday. I was also told for over $100k transfer to one specified account I have to fill in the form which would be processed within 3 business days. And we all know that we can increase to $25k over online / mobile banking instantly.

          So it is not difficult at all. This is my experience and hope it will help others.

          BTW, I did need to setup a security word over the phone the first time I spoke with them and I was required to quote this security word during the following conversations with them as part of security checks which also including the usual personal details as well as the security code sent to registered mobile phone number. On one occasion I was also asked about the most recent deposit transaction done and account numbers among other things. Overall it is fairly smooth and easy apart from waiting time on phone was long, like 40 mins which wasn't too bad comparing with Bank of Queensland.

          • kacak on 01/07/2022 - 15:52

            @bbking18: Ah ok that clarifies. I didn’t realise you had a third option to ring them for an increased limit between $25-$100k. Good to know

            • bbking18 on 01/07/2022 - 15:58

              @kacak: No worries. I only found out when I needed to transfer more than $25k one day and was told to call by online chat guy. Also, online chat team can't do this for you as you need to setup security word. But I don't know if still need to call for someone who already had security word setup.

  • hotdogwater22 on 30/06/2022 - 17:30

    I didn't get this e-mail or see it on their website? is it posted anywhere online

    • lastkey on 30/06/2022 - 17:36

      I received it an hour ago. You may have blocked their communication or could be emails going out in batches. I just opened their mobile app on iOS and saw the banner too.

    • KangaDrew on 30/06/2022 - 18:23

      Full email here.

  • OzyBe on 30/06/2022 - 17:54

    A months notice regarding a rate increase. That is a first. I guess they were worried that everyone was going to move their funds out. It is a long wait.

    • user27 on 30/06/2022 - 18:31

      Cos people are already moving to ING

      • bbking18 on 01/07/2022 - 13:02

        But with ING you only earn 2.1% for balance up to $100k. And their terms are horrible not that they are difficult to meet, but the fact that they make their customers to jump all those hoops is just ridiculous. I don't bank with them anymore unless their rates are significantly higher.

  • rektrading on 30/06/2022 - 18:34
    +2

    Saver Account 2.1% p.a

    CPI is 5.1% YoY.

    • KangaDrew on 30/06/2022 - 19:35
      -2

      RTSP is 99% DoD

  • linkser on 30/06/2022 - 18:37

    I was waiting for this, was already considering moving all money to ubank.

    Curiously no press release yet, would hope they also adjust the term deposit rates. Seems odd to offer 2.1% on the savings account but only 1.85% for a 6-month term deposit.

    • Yola on 30/06/2022 - 18:44
      +1

      Still move and then move back, if ubank does not go up by then. If you link the account in ubank you can transfer 100k per day so fairly painless. See my comment above about less painful way of getting large sums out of AMP.

      • linkser on 30/06/2022 - 20:35

        Lets assume I dont have 100 k waiting to be deposited, so I won't have to worry too much.

        It would make sense to move everything tomorrow from AMP to Ubank, get for most of July the 1.85% of ubank and in case ubank does not match the 2.1% move all back on the 29/30th again to still fulfil the criteria to get the 2.1% from August on.

        • user27 on 30/06/2022 - 22:08

          $42 extra interest for July on $100k between 1.35% AMP and 1.85% Ubank

          • Yola on 01/07/2022 - 08:01

            @user27: We do a lot more for less here.

        • bbking18 on 01/07/2022 - 13:03
          +1

          I just did this.

  • rogsamsy on 30/06/2022 - 18:53
    -1

    Hoovering up as much money as they can to prepare for the bail-ins.

  • vvoltt on 30/06/2022 - 21:14
    +1

    I moved my savings to Macquarie and I guess a lot of people were doing the same. Looks like they noticed finally! I'll be moving it back next month as I have had no issues with AMP. Every time I have.contacted them they have resolved my query. The online chat is ok if you don't mind a bit of a wait.

    Now if only they would get Xero linked I would look at getting some interest on my business accounts as well!

    I only had one question for Macquarie after opening my accounts there and am still waiting for a reply a few weeks later…

    • HcNguyen111 on 30/06/2022 - 22:40

      Macquarie is 1.5%. ubank's 1.85% starts 1/Jul. Move there, then back to AMP on 1/Aug for 2.1%. (Or just jump to ING's 2.1% which also starts 1/Jul)

      • airpoe on 30/06/2022 - 22:46
        +1

        I'm pretty sure you won't need to move back to AMP; as their 2.1% will be lagging ubank at least.

        There will be a minimum 0.25% or 0.5% rise next week by the RBA

        • HcNguyen111 on 30/06/2022 - 22:47

          Hope so. ubank is my preferred bank/app experience.

        • vvoltt on 30/06/2022 - 23:13

          Probably right. They are so slow at passing on the rise! Unless it is for mortgage rates of course.

        • Yola on 01/07/2022 - 08:03

          Most likely but we do not know when.

      • vvoltt on 30/06/2022 - 23:11

        I'm on 1.8% introductory rate with Macquarie at the moment so pretty close to ubank. If / when ubank increase I'll open an account there and use them. I don't like the ing terms to get bonus rates unfortunately.

      • bbking18 on 01/07/2022 - 13:05

        ING's rates increased to 2.1% on 17 June, not 1 July.

      • lastkey on 01/07/2022 - 17:32

        Isn't the difference in interest payment marginal? I used Money Smart Compound interest calculator.

        20k initial deposit, per month 3k deposit and at the end here are the values.

        Deposited Cash = 56K
        uBank 1.85% = Total interest:$680
        AMP Bank 2.1% = Total interest:$773

        • Yola on 01/07/2022 - 18:55

          $93 is not marginal to many. People on here give hundreds of votes to a $3 bonus on a GC.

  • duchy on 01/07/2022 - 14:27
    +1

    Better to have cash sitting in my offset account against PPOR home loan. More flexible (no conditions to fulfil each month) and higher interest rates. Also don’t have to tax it as an income at EOFY.

    • Yola on 01/07/2022 - 14:31
      +2

      You are correct but not everybody has a mortgage.

  • sneaker-head on 01/07/2022 - 18:30

    Damn just setup an account with uBank

    • HcNguyen111 on 06/07/2022 - 11:53

      FYI: ubank will be 2.35% from 1/Aug.

  • Yola on 01/07/2022 - 19:04
    +1

    Not a problem. Now set one up with AMP and start playing this juggling game. We had a few years off and now we go again.

  • FujiFruit on 02/07/2022 - 19:44

    As i already opened citibank as a new customer it is 2.1% so im just going to stay with citibank till amp beats citibank interest rate, i really couldn't be bothered moving it back and forth if its the same 2.1%.

    • Yola on 03/07/2022 - 16:18

      If they are the same rate its better to stay with Citi. For one it has no qualifying requirements. Also since you can transfer 100k per day you can move to another bank quicker. You only need to keep track of when the 4 months end and open a new City OS or move.

      • FujiFruit on 03/07/2022 - 22:22

        Yep exactly

      • bbking18 on 10/07/2022 - 13:21
        +1

        So this bonus interest for 4 months is for new accounts not new customers. Do I understand this correctly? I didn't check their T&Cs. If so, I will consider open one too.

        • Yola on 10/07/2022 - 20:57

          That is how it works in practice. Most likely not intended but many have been doing it for years. When I open a new one I talk to online chat and ask what the interest rate is before I transfer the funds, has worked for over 2 years. Now that Citi has been taken over by NAB this may change but hopefully not for a while.

          • bbking18 on 10/07/2022 - 23:30

            @Yola: Good to know. Thanks. I will check Citi out. I was a bit put off by this bonus interest forcr months thing. But worth considering if it is for new accounts.

  • Hc123 on 04/07/2022 - 17:43

    Where does it say on your website that the rate is increasing to 2.1%?

  • HcNguyen111 on 06/07/2022 - 11:54
    +1

    FYI: ubank will be 2.35% from 1/Aug.

  • bbking18 on 10/07/2022 - 13:21
    -1

    Does anyone here know any good interest rates for SMSF? Thanks.

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