AMP Bank Offers 5.40% for Saver Account up to $250K from 1st February 2024

Ave Maria on 20/12/2023 - 13:46
Last edited 20/12/2023 - 14:37

Best ongoing (not introductory rate for a few months) offer from a bank, for savings up to $250K with easy requirements to meet. Just deposit $1K the previous month. Can be done with an internal transfer between the Saver & Access accounts. No limit on withrawals & no requirement to increase balance (simples). New rate from 1st February 2024 (current rate is 5.20%). Best feature is that if you need to you can take all $250K all at once by increasing transfer limits to specific accounts under your full control online (after a 1 off review & approval for amounts over $100K). Your money to do whatever you want with, refreshing compared to some other banks with too many conditions & too many limitations. Only limitation is that near real time fast payments (not OSKO) are limited to $5K per day, but larger payments to other banks seem to go same day anyway if done early in the day.

https://www.amp.com.au/banking/savings-accounts/amp-saver-ac…

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Comments

  • Gdsamp on 20/12/2023 - 14:08
    +1

    anyone deal with em can comment if theyre any good

    I note the catastrophic decline in their share price over the last 15 or so yrs

    • Ave Maria on 20/12/2023 - 14:15

      Their share price only affects investors, not savers & savings are Goverment covered up to $250K like other approved ADIs. I never had any problem with transferring money in & out (including emptying my account all at once). As long as you meet the monthly criteria ($1K deposit previous month - does not have to be new money) then no issues. Opening an account online is instant once you passed the required ID checks. Security is via SMS and both online and Smart App banking are supported (works for me).

    • payless69 on 20/12/2023 - 14:19
      +1

      They are sure placing Optus into the perfect league. Just open a Bettr3 account with them.

    • Danam on 20/12/2023 - 15:25
      +3

      I've used them for 2.5 years. I rate their operation highly. MUCH better than most. My family wouldn't touch them due to their legal issues surrounding 'fees for no service', but as long as you're under $250k, I don't worry about their ethics if it means more interest. They just got caught.

      • Their website is good.
      • They tell you what your current rate is.
      • Interest is correctly calculated daily and paid monthly.
      • Moving money out is instant for small amounts and around 4 hours for large amounts.
      • They don't make it hard to move large amounts out.
      • No issues with the help desk for limit increases.

      Just open your account now and deposit $1K, then move money in next month. The bonus requires the $1K deposit in the previous month.

  • c64 on 20/12/2023 - 15:24

    thanks!

    should be posted as a deal rather than the forums

  • donbot on 21/12/2023 - 12:36

    So as long as you deposit $1000 into it on a monthly basis, you're sweet? Can make withdrawals and have the closing month balance lower than opening month balance?

    If so, sweeeeet!

    • Ave Maria on 21/12/2023 - 14:53

      Yes, it is much better than most accounts. No withdrawal restrictions. The only requirement is that the $1000 deposit is done the month before the bonus rate gets activated. So you can deposit $1K now (December) & then take it out to activate the rate from January (5.20%). Then do the same for January to activate the February rate (5.40%) and so on. A common missconception is that $1K must be deposited from an external account. Not so, just transfer $1K to the Access account (you will get one by default) from and back to the Saver account. Or if you do use another external saver account, then automate the $1K transfer from/to that account (simples). The Access account is a transaction account that pays no interest. The only negative of the Saver account is that it does not allow scheduled direct debits or BPAY (you can do those from the Access account) but schedule payments out are OK. The ATM cash withdrawal limit (from the Acces account - you need to transfer money from the Saver) is $1K, but keep in mind the Saver account is a saver account and not a transaction acccount.

      • donbot on 21/12/2023 - 14:57

        Thats awesome! Thanks for the reply!

      • mreddie on 28/02/2024 - 14:56

        So Month "A" (before end of month) internal transfer $1000 from Access to Saver, Then Month "B" (after 1st of month) internal transfer $1000 from Saver back to Access….on so on??

        • Ave Maria on 28/02/2024 - 18:19

          You can do same day transfer, any day of the month. $1K from Saver to Access & then back to Saver. No interest loss and criteria met. The transfer activates the bonus for the next month. You only have to cater for that anomaly when you start your saver account, after that you just do the $1K reverse transfer once a month & forget about it. I f this a new Saver account for you put in $1K in the saver today or tomorrow (28/29 Feb) to qualify for the 5.40% in March. Then repeat each month (whatever day suits).

          • mreddie on 28/02/2024 - 20:41

            @Ave Maria: Thanks!!

          • mreddie on 01/03/2024 - 09:30

            @Ave Maria: I've done that yesterday but today interest rate in account is still showing 1.20%…perhaps that will change in a day or so?

            • Ave Maria on 01/03/2024 - 21:23

              @mreddie: AMP updates the rate overnight.

              "Where transactions have been processed to your account, the interest rate applicable to your new closing balance will be updated on the following business day"

              • mreddie on 03/03/2024 - 11:09

                @Ave Maria: Yes I've seen it updated now, thanks again

                • AndrewMTG on 21/06/2024 - 19:08

                  @mreddie: Ah just to confirm so ya can use the same 1000$ to get the bonus aye?

                  i might signup to this amp bank since ubanj changing their criteria soon

                  • mreddie on 24/06/2024 - 07:39

                    @AndrewMTG: Yes that is correct, just cycle 1K out and then 1K back in. Easy.

  • Empharand on 21/12/2023 - 15:01

    Dupe?
    Not sure why this is in the forums.

    • lordra on 21/12/2023 - 21:15

      I think it was a deal, then got moved here.

  • bluesky on 01/06/2024 - 15:40

    Hi OP, so you mentioned above that:

    AMP updates the rate overnight.

    "Where transactions have been processed to your account, the interest rate applicable to your new closing balance will be updated on the following business day"

    29 May I deposited $1K. Today, 1 Jun, I fast transferred in some funds. When I looked at the interest rate, it showed 1.2%.
    Do you interpret this as saying funds deposited today will attract 1.2% until Monday (following business day)? Then Monday onwards the bonus applies?

    Before reading the above, I was under the impression that once you have deposited $1K last month, all the days of this month are eligible for bonus. Not too concerned when they show the updated rate - more how they calculate interest on funds deposited today (Sat) and tomorrow (Sun) before updated interest is shown. Your thoughts? My gut feel is that bonus rate would apply to funds deposited even today, but we shall see.

    The other thing is 29 May (Wed) was a few days back, there were 2 business days after that, so their system would have sufficient opportunity to recognise this account is eligible by today, 1 Jun. Does AMP resets the displayed rate on the app every 1st of month - kind of like ING resets display of eligibility criteria, when they do overnight calculations, even if you are already eligible?

  • Ave Maria on 03/06/2024 - 20:25
    +1

    The rules are simple, you transfer $1K into your saver account the previous month to qualify for the bonus rate next month.

    You can meet that crriteria by transferring $1K from your saver account to the access account & back (simples).
    If you are a 1st time customer the same rules apply but the rate will be updated either late or overnight on the 1st of the month (but the bonus rate applies from the 1st).

    There is a lot of confused savers that believe that they need to make an external transfer to the saver account (that is incorrect).

    • bluesky on 03/06/2024 - 21:33

      Interesting, I was expecting the rate shown to be updated by the earliest today, being a business day. But it was updated yesterday (Sunday). Also glad the rate applies from 1st, irrespective of rate shown on 1st June.

      I can't remember why, I had this saver account from yonks ago (not used for a while), but I don't have an access account. Perhaps I should open one, to simplify the monthly transfer. It is fee-free anyway if I am not mistaken.

    • AndrewMTG on 21/06/2024 - 19:08

      just to confirm so ya use the same 1000$ aye

      • Ave Maria on 22/06/2024 - 02:32

        Saver -> Access $1K (Access balance goes from zero to $1K)
        Access->Saver $1K (Access balance goes back to zero)

        Yes same $1K

  • Ave Maria on 03/06/2024 - 20:34
    +2

    Some other tips - if you need to transfer money from St George to AMP just don't do it direct.

    St George can do up to $100K instant OSKO transfers (but not to AMP you will have to wait until next day to see the money on your account).

    If you have a CBA account, transfer via OSKO to CBA & then to AMP (it will be instant to CBA and then to AMP). But not for a 1st time transfer so plan ahead.

    Same principle applies sending money to Rabobank that does not support fast payments but if money is send before noon from CBA (most other banks too) will be there by 3pm.

    It is ridiculous how at this time and age bank transfers have not been unified/consolidated into a simplified fast system.

    OSKO was supposed to accomplish that by it is either not adopted or distorted by imposing ridiculous low limits lime MEB/BOQ/ING = $1K, GSB = $5K, AMP = $5K etc. etc.
    Best for OSKO to OSKO high values are St George to $100K and CBA can do $250K with the help of a financial adviser approval (permanent) - UBANK can do $20K OSKO but still relatively low.

    • bluesky on 03/06/2024 - 21:45

      Just by luck, that was what I did today - Bank of Melb (St George equivalent) -> CBA -> AMP. All because I did not have a payee set up yet for BOM to AMP. A small first time transfer from BOM -> AMP today did indicate slow transfer - but I put it down to being a first transfer.

      Good to know transfer from BOM ->AMP will be slow regardless. Will have to do the indirect route, I suppose.

  • Ave Maria on 03/06/2024 - 22:05
    +2

    AMP accepts NPP fast payments (not OSKO). Most banks downgrade OSKO to NPP and works the same, but not St George.

    When I raised the issue with St George they excuse it as AMP not accepting fast transfers but that is incorrect. The St George systems simply cannot handle it and do slow overnight transfers. The transfer should be credited today, but the issue is not being able to access your money until next day if you needed it same day.

    Likewise, if you need to send mooney back to St George from AMP, do it via CBA (unless it is under $5k fast paymet limit - from online banking - that is instant -:)

    Payments from AMP to banks other than St George (up to their high limit of $250K) will be received near real time.

    My experience with AMP has been positive as it is easy to set external payees with high limits and schedule payments from the saver account.

    What you get with the 5.4% rate is pretty good banking service.

    • bluesky on 03/06/2024 - 22:20

      Payments from AMP to banks other than St George (up to their high limit of $250K) will be received near real time.

      So the entire sum in AMP Saver can be transferred out in one go in a relatively fast manner, when AMP rates are no longer attractive? That is handy :-)

      The St George systems simply cannot handle it

      Yes, a similar thing with BOM -> HSBC, which is slow. Whereas HSBC->BOM is fast.

  • wwwboy on 17/07/2024 - 17:57

    I tried to open a account and it failed verification, and they want me to post stuff in etc, but I am traveling so is hard to do.

    Since it failed, can I just try and open another account and use a diff method of verification this time?

    • Ave Maria on 18/07/2024 - 00:36

      I would not recommend doing that - they already have your core details (name, DOB, address etc.) so they would know you are trying to bypass their identity verification protocols. That is is one way to get you black listed for life by a bank & raise alerts on a possible identity theft attempt.

      • Mad Max on 23/07/2024 - 11:25
        +1

        Is it normal to have to post id documentation to open an AMP account or it only happens using certain methods of verification (ie medicare card instead of drivers licence)?

        • wwwboy on 23/07/2024 - 11:44
          +1

          good question, I did wonder that also. in my case I can't post stuff in to them. Really painful. I might have to wait 2 weeks to do it.

          • Mad Max on 23/07/2024 - 12:12

            @wwwboy: What id did you use for the online verification? Normally with drivers licence other banks don't need to post copies. They may with Medicare card.

            • wwwboy on 23/07/2024 - 12:16
              +1

              @Mad Max: I used drivers license and it failed. (I have used the same license for other banks and phone companies etc..)

              • Mad Max on 23/07/2024 - 12:24
                +1

                @wwwboy: That's annoying. I wonder if yours is just a one off or they regularly ask to post id copies.
                I don't think I will bother if I have to stuff around with copies, getting certification, post, etc.

                • wwwboy on 23/07/2024 - 12:26
                  +1

                  @Mad Max: I saw on whirlpool a few others had issues. I will go onto online chat later this week and try and get them to cancel my current application and try again with medicare

    • gomertose on 23/07/2024 - 12:28
      +1

      I used a passport which was fine to open the account, but after that they wanted additional posted id copies for KYC verification before I could make a deposit. Dumb af
      I didn't bother

      • Mad Max on 23/07/2024 - 13:42

        Yes, not really worth the effort if they make you go through so much trouble.

        • gomertose on 23/07/2024 - 16:58

          I remember a bit more to this story now. There is actually a KYC id verification portal on the AMP site. So I submitted my drivers licence as well. Called them up and asked "is this good enough for you?" - they had both my passport and drivers licence details which had both passed their online verification. Nope they still wanted mailed copies. I told them to close the account then. They said they couldn't do that either while KYC was pending. Useless

  • Mad Max on 23/07/2024 - 16:48

    Has anyone managed to open and then operate the account by doing the online application only, without having to then send certified copies of id via mail?

    • Ave Maria on 28/07/2024 - 01:52

      I did not have to send certified documents for any accounts I recently opened with AMP, ING, MEB, BOQ, STG, MLB, Rabobank, HIVER, GSB etc. etc.
      I suspect that if you are asked to do so, either your passport or driving licence does not auomatically verify or your name or address somehow cannot be verified (it quite often happens with foreigh names Vietnamese etc as most of the time these have 3 name parts and the bank cannot properly distinguish a middle name from a 2 part first name (yes that happens a lot). AMP particularly does have an issue with foreign name matching.

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