As per their website.
Earn Up to 5.20% pa with AMP Saver Deposit bonus rate. Conditions apply, refer to link to AMP Saver below.
New rate commences 1/12/2023.
Conditions:
Deposit $1,000 or more in the previous month
Earn 5.2% p.a. Interest on Balance up to $250,000 ($1,000/Month Min Deposit Required) @ AMP Saver Account
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Deposit $1,000 or more in the previous month
Hold both an AMP Saver Account and an eligible AMP Wealth product.
To be considered eligible, the AMP Wealth product must meet specific criteria
Same hoop with Hiver. They are 5.50%. There is eligibility criteria to sign up but i was not ask for any evidence.
Eligibility is for the 5.2% interest not for the signup.
I’m thinking of signing up to Hiver … I’m not eligible… did you get the 5.50% deposit account when you signed up ????
Hiver has no withdrawels?
cool, time to sign up
They have removed the .01% bonus that AMP Super holders used to get on top of the bonus rate (which is good, as I don't think AMP have a very good reputation when it comes to Super).
You don't have to "grow the balance" as long as you deposit a $1000 in the month you can withdraw as much as you like. You can transfer the $1000 to & from another account, Ubank if you like.
Thanks then this is a really good deal then. Basically like uBank except it is $1000 a month compared to $200. I take back what I said above.
Hmmm. I just saw this in the disclosure:
What the product doesn't include
- Access to the bonus interest rate if you save less than $1,000 each month
It used to be and is currently 5%…
i guess it is at least better than the 0.1% increase by ubank… but still, these greedy bankers
Does that mean you don't get anything in month 1?
It reads like that so maybe just start it a few days before the start of the next month.
Alternatively it could be like ING and you get the bonus rate in month one as well.Yes, but you do not need to keep the $1k in there just deposit and take out so loose nothing.
Unless you have more than 100k, ING is still the way to go. 5.5% and will likely go up to 5.75% shortly.
Hoops are: 5 transactions on a every day account (5 x $1 water bill payments!), deposit $1000 per month (which you can take back out if you want) and increase the balance so it is higher than the last month not including interest earned (if you want to keep this low, just move the total balance out to the everyday account on the last day of the month and put it back the next day (making sure its still higher than the amount stated from last month though)).ING have made their changes after the last interest rise and this one is unchanged. I doubt it will increase as that last interest rise was never a certainty.
ING hoops are ridiculous
It can be annoying but I guess worth it if you remember.
For me I just have to remember to do:
1. 5 x 1c transactions at my Coles/Woolworths self check out each month and also (as I’m trying to max my savings)
2. Set a future transfer out of cash (eg $12,763) at the end of the month (if weekend then do it on the Friday) of cash such that I have $1 of growth in my overall balance
3. I then just transfer in an appropriate amount back in on 1st of the month to top it up to $100k
You don’t need to do #2 or #3 if you are still building up your reserves.
There's actually no need to do #2 or #3 even if you have 100k.
You can have bonus savings on any one savings account each month (you can nominate a different account to receive the bonus interest each month). If you have 3 savings accounts you can rotate them to reset the minimum growth balance to $1 each quarter.
Benefits: You don't have to move the money out of ING (don't lose interest days if you can't Osko the whole balance both ways) + you don't need to manually calculate the amount of money moved each month - all transfers are automated.
Disadvantages: You need to login to the ING website (not app) once a month, to set the nominated account for the next month.
AMP's share price is in the toilet and showing no sign of recovery. I wouldn't bank with them lol.
… you still get the government bank guarantee don’t you ???
Finally AMP beats ubank
Not really, considering U only needs 200 and you can make payments from savings!
Those 2 cons dont bother me. Happy to get more interest in my AMP, might move some money from Ubank to AMP just to make a point to Ubank.
Regarding the $1000 monthly deposit, all you have to do is to move $1K to the AMP Access account and back to the saver account once each month - effectivelly there is zero requirements other than the $250K limit. You can also transfer out up to $250K per day, to a pre-authorised account in your payee list (could be multiple authorised accounts).
ING? Naaah - too many hoops - it’s max $100k- not worth- just use me go bank 5.5%
We've got some great news we'd like to share with you. We're increasing the AMP Saver Account standard variable rate by 0.20% pa from 1 December 2023.
This means your standard variable interest rate will increase from 1.00% pa to 1.20% pa^ effective 1 December 2023.
just love them!!
Do we get the bonus interest in the first month?
hoops?