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AMP Saver Account 4.8% p.a. Interest on Balance up to $250,000 ($1,000/Month Min Deposit Required), $0 Monthly Fee @ AMP

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AMP Saver Account 4.8% p.a. Interest on Balance up to $250,000 ($1,000/Month Min Deposit Required), $0 Monthly Fee @ AMP
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Nikunj on 04/04/2023 - 07:31 amp.com.au (339 clicks)
Last edited 17/04/2023 - 11:28 by 1 other user

We’re increasing the Deposit Bonus Interest Rate on AMP Saver. up from the previous rate of 4.10% 4.30% as of 17/4

From 1 May 2023, the variable Deposit Bonus Interest Rate on your AMP Saver Account will increase by 0.50% pa, from 3.50% pa to 4.00% pa*.

This means that effective 1 May 2023 the total variable rate applicable will increase from 4.10% 4.30% pa to 4.60% 4.80% pa*, which applies to balances up to $250,000**.

*Information including interest rates is correct as at 13 March 17 April 2023 and is subject to change without notice. *

*Eligibility criteria applies, including minimum monthly deposits. See AMP Saver Rewards Terms and Conditions for more information

Deposit at least $1,000 each calendar month into your AMP Saver Account.

This is the great free spreadsheet to compare the latest rates

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closed Comments

  • Look43Bs on 04/04/2023 - 07:34

    Good rate … only 1 hoop to jump through !!

    • darkly on 04/04/2023 - 07:38
      +9

      Yes, but ubank had 4.6% a month earlier and you only need to deposit $200 monthly

      • Look43Bs on 04/04/2023 - 07:39
        +1

        … fair enough … good point !!

      • muwu on 04/04/2023 - 09:37
        -1

        Some ppl have more than $250,000 and need a second account. Don't be so prejudiced against us, life's tough…

        • pennypincher98 on 04/04/2023 - 11:50
          +1

          Yeah I understand, it must be really hard knowing which of your investment properties to skyrocket the rent on and basically force your tenants out on to the street.

          • muwu on 04/04/2023 - 13:06
            -1

            @pennypincher98: It's not hard… the answer is all of them

            • pennypincher98 on 04/04/2023 - 13:12

              @muwu: Okay now I know you're bluffing lol or just exceptionally bad at managing money and diversifying risk. No wonder life is hard for you, you didn't spend any of that money on education.

    • payless69 on 04/04/2023 - 09:29

      Meh? And 1 month delay
      a bit like paying Gerry to buy dog food?
      Suck 4mo @ 5% out of Rabo then ubank it again!

  • impoze on 04/04/2023 - 07:40
    +5

    Ubank, 4.6% when deposit $200 p/m

    • Look43Bs on 04/04/2023 - 07:47

      … you’re correct !!!

    • Nikunj on 04/04/2023 - 08:15

      Yeah true but both have deposit requirements only, unlike ING, so I have set up recurring auto-deposit and after a few days auto transfer back. So doesn't affect much.

  • cakesyy on 04/04/2023 - 07:47

    ING has 5% for $1000 deposit, only on $100k though. And 5 uses of their card.

    • Look43Bs on 04/04/2023 - 07:54

      … correct !!
      So many good choices !!!

    • Nikunj on 04/04/2023 - 08:26
      +5

      True but ING needs the Saving account balance to grown every month so you cant take out interest.. and other hoops.. Ubank and AMP Saver are better once you reach limits on ING

    • izkai67 on 07/05/2023 - 10:29

      not everyone want to use 5x card transaction, max $100k also too low, not to mention you have to watch your balance on first day and last day every month, 1 miss no bonus. Can't go overseas, can't withdraw more than you can deposit back in same month, just too many hoops from ING. One day they could decide no to accept 5x1c split transactions like most people been doing.

  • OzyBe on 04/04/2023 - 08:00
    +3

    AMP announce rate increases so far in advance. By the time the rate increase takes affect, the market has moved up to a higher tier.
    I just find it misleading, and some sort of a tactic to make people stay with them.

  • BigBirdy on 04/04/2023 - 08:18
    +2

    Like UBank, you need to make a minimum monthly deposit to get the bonus interest, however you can also withdraw without penalty. ie. There's no requirement to grow, or maintain, the balance.

    • Nikunj on 04/04/2023 - 08:19

      I have set up recurring auto-deposit and after a few days auto transfer back.

      • hawkeye93 on 04/04/2023 - 08:26

        Why wait for a few days? Can just transfer it back immediately.

      • Mokr on 04/04/2023 - 08:42

        Auto deposits are slow. So you lose out on interest

        Best to use okso for day transfer which is instant

  • Homr on 04/04/2023 - 08:25
    +1

    Rabobank 5.0% for 4 months

    https://www.ozbargain.com.au/node/762595

    • payless69 on 04/04/2023 - 09:31
      +1

      and gives your fingers RSA lol. We all love suffering for more money….

      • muwu on 04/04/2023 - 09:42
        +1

        We all love suffering for more money….

        Oh, damn. Got me deep. Wasn't expecting to find an absolute nugget of existentialism at the bottom of an Ozbargain comments thread..

        • Look43Bs on 04/04/2023 - 10:16

          Those of us that have more than $100,000 welcome any / all alternatives to park out excess funds!! Thx to all contributors …

  • nfr on 04/04/2023 - 09:43

    Might need this, not sure what ubank is going to do after the app merge.

    • izkai67 on 17/04/2023 - 18:15

      merge with who

  • freedomofspeech on 04/04/2023 - 09:43

    5.15 at BOQ

    • payless69 on 04/04/2023 - 09:45
      -1

      And unlimited free healthy food at a grocer!

    • orbital on 04/04/2023 - 10:01

      *age restricted

    • runamuck on 04/04/2023 - 10:34
      +1
      • for up to 50k only
  • dorikin on 04/04/2023 - 14:37
    +3

    Also worth noting the interest rate applies to the following month

    Interest is earned on the balance in your
    AMP Saver Account in the month
    following each eligible deposit and is
    paid by the 10th (tenth) day of the
    month after that.

    • romulusssq on 24/04/2023 - 07:37

      So if we deposit >$1,000 in May, we won't earn any interest on our money until June? Seems pretty stupid, money would be sitting there and earning nothing for the month of May?

      • dorikin on 24/04/2023 - 12:57
        +2

        yeh correct, an example is given in the "Rewards Rules" document. If you're quick, deposit $1000 this month and the account will start earning 4.8% in May

        For example, if you deposit at least
        $1,000 into your AMP Saver Account in
        June, you'll earn the Deposit Bonus
        Interest Rate (see Section 2 for further
        detail) on your account balance during
        July. You will see the Deposit Bonus
        when it has been paid into your AMP
        Saver Account by 10 August (as long as
        you still hold that AMP Saver Account).

  • Captain Hindsight on 14/04/2023 - 08:16

    These guys look good for 100k-750k at 4.6% https://www.greatsouthernbank.com.au/bank-and-save/savings-a…

    Main hoop-

    Withdraw money, without losing your interest - Just be sure to grow your balance by $250 each month.

  • Chris T on 17/04/2023 - 10:34
    +2

    Today the current rate on the AMP Saver account has increased from 4.10% to 4.30%, and the promised rate that will apply starting 01-May has been increased from 4.60% to 4.80%.
    https://www.amp.com.au/banking/info/p/amp-saver-account

  • Danam on 17/04/2023 - 19:53
    +1

    I bailed on AMP because of the crazy delay's with increasing their rate and went to Bank of Melbourne for a while. Yikes. BOM are a mess in comparison. (No way to see if you get the 0.1% online application bonus. No way to easily tell what your balance needs to be at the end of the month to get the bonus rate. No way to tell if you satisfied their conditions for the sign up bonus. Several days for transactions to get out of 'pending'. Days for transactions to reach their targets. Almost a month just to get the debit card. No special characters in passwords…) I found AMP run a pretty stress free operation, so I'll be heading back when the rates increase.

  • Pinchy on 24/04/2023 - 08:48

    With this and ubank. Do you get the increased percentage applied for the entire month once you deposit? Or only for the days remaining in the month once you deposit?

    • kerfuffle on 24/04/2023 - 09:38
      +1

      Ubank is the former

  • CVonC on 25/04/2023 - 14:35

    So AMP still can't send to PayID but can receive immediate transfers by NPP -_-

    Can you transfer out the 1000 deposit straight away and still get the bonus rate for the next month?

  • FujiFruit on 28/04/2023 - 10:20

    Virgin is better. 4.85%. Also has PAY ID.

    • izkai67 on 07/05/2023 - 10:32

      virgin has payID but not osko

  • SomeGuyOnOzB on 01/05/2023 - 11:25
    +1

    1 May 2023
    AMP rate is supposed to be 4.80% p.a.
    App is only saying 4.30% p.a.

    A phone operator said the accounts:
    - will show 4.80% p.a. as the rate on 2 May 2023
    - the accounts will pay 4.80% p.a. from today

    Other banks would tell you on day 1, that the rate has increased; not wait till day 2

    • RedIsotope on 01/05/2023 - 18:13

      Mine currently shows 3.8% in the app. I deposited the required $1000 in April, so should it show 4.80%? Will see what it displays tomorrow.

      • dorikin on 01/05/2023 - 18:39
        +2

        Yeh the way they've set it up is stupidly confusing
        The rate shown today in the app (first day of the month) reflects the rate you were receiving on the last business day of the previous month
        So basically there's a 1 day delay in updating the correct interest rate
        it should update to 4.80% tomorrow if you're eligible for the bonus

        • CVonC on 01/05/2023 - 20:39

          Yeah mine says 0.8% today cos I only opened the account a week ago.

          I think ubank app also shows the interest rate of the previous day.

  • Captain Hindsight on 04/05/2023 - 09:23

    Hey anyone with UBank checked their latest interest statement since they mysteriously changed usaver account numbers. I earned about $500 less last month trying to work out why?

    • Danam on 04/05/2023 - 12:43
      +1

      I thought the same thing for a second. You should have received a pro-rata interest payment when your account was 'upgraded'. It should have the date range it covers in the transaction name.

      As a side note, linked accounts no longer exist. So the only way to increase your limit beyond $20k is to call. This was surprisingly painless as they have a call back feature.

    • RedIsotope on 07/05/2023 - 02:01
      +1

      Nope it doesn’t. Put minimum $1k this month. Next month u get the 4.8% interest rate, so dump in the rest then.

  • F1ngolf on 09/05/2023 - 14:28

    Does AMP allow direct transfers from saving account or it has to be from an everyday account?

    • CVonC on 09/05/2023 - 18:14

      Just checked for you in the app. You can transfer directly from the savings account into an external account. They don't support PayID sending.

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