Juicy interest rate jump for savers, with a bonus 3.5% on top of the 0.6% standard if you deposit $1,000 a month, up to $250,000.
Most likely a result of the fixed rates rolling off in 2023 allowing for a juicer rate.
Yes it sucks that it’s taking this long to implement. Yes it’s AMP. But whatevs.
BoM, St George and Bank SA Incentive Saver is currently 4 percent - https://www.bankofmelbourne.com.au/personal/bank-accounts/sa…. Their MaxiSaver product is offering 4.10 percent for three months only
my SG maxisaver bonus rate will revert mid Feb, will see what is happening with rates between institutions then…who knows, as AMP are increasing their bonus rate, with the variable in play they might be a winner in Feb
always better to put $xx,xxx amount in offset vs something like this, right?
if the offset is against your PPOR mortgage, yes.
Almost always better in an offset account. You have to pay tax on interest earned (in a savings account). You don't pay any tax on money in an offset account, because you aren't 'earning' anything
True, but not everyone has mortgages, some people are saving up deposits.
In terms of an offset account, I was lucky enough to fix my rate at the beginning of this year, so I dont have access to an offset account. The interest rates now are far higher than my mortgage rate, in which case, a high interest savings account is definitely a better option in the interim.
The question was whether to put it into savings or an offset account. Obviously if you don't have a mortgage you won't have an offset account!!
You don't pay any tax on money in an offset account, because you aren't 'earning' anything
Unless its an investment property
Fair point..But if you have an investment property it's unlikely you're getting your tax advice on these forums!
Waiting until February is going to cause AMP to lose a lot more customers. You can get this rate, or close to it, at other banks now
yes its a long wait - considering the AMP Saver is currently offering (a low) 3.6 percent - they have fallen behind St George/BoM/BankSA, BoQ, MyStateBank, UBank, ING, Virgin Money ….
Pretty sure UBank is only 3.85% at the moment though https://www.ubank.com.au/banking/savings-account
I think it's going up to 4.00% on the 7th.
Lost me. Moving my money out.
Had been adding $250/m for ages. Now with $1k/m requirement & lower interest it's not worth staying.
Desperate move from AMP, I thought banks giving 30 days notice of a rate rise was beyond a joke…this takes the cake!
not their first time doing a long intro to an increase in rate though. I will see where rates stand when my St George Maxi saver rate reverts in Feb, unless they don't move on rate rises this month, in which case, I might take my money somewhere else if I find something better
Plenty of youtubers warning of a looming trap: Put your money into the banks and the Comrades will make a way to snatch it!
yep a result of everything being privatized. Youtube has plenty spreading fear in hope they can cash in
What! I have to wait till next year?
Most likely a result of the fixed rates rolling off in 2023 allowing for a juicer rate
This has nothing to do with it
Better NIM with higher home loan rates allows them to attract new customers via better deposit rates. I doubt they’d be squeezing their margins…
this offer by AMP is looking VERY sad now that other banks are already on the move upwards, following yesterday's rate rise - eg Virgin Money 4.6 percent effective 9 December!
Good, so I know AMP won't be competitive for at least another 1.x month…..🤣
Have to deposit 1K in February to get the 4 % in March???
Yeah, customers have to meet the deposit requirement in the previous month (which they increased from 250 to 1k):
-Those who deposited $250 in jan, will get the full 4.1% during feb (interest paid at start of march)
-If you deposit 1k in feb, you'll get the full bonus rate during march (interest paid at start of april)..etc
Thanks 👍 much appreciated
Bank of Melbourne incentive saver account is currently offering 4.10%