Earn up to 5.4% p.a. Interest on Balance up to $250,000 ($1,000/Month Min Deposit Required) @ AMP Saver Account

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Earn up to 5.4% p.a. Interest on Balance up to $250,000 ($1,000/Month Min Deposit Required) @ AMP Saver Account

aka nioh on 20/12/2023 - 15:32 amp.com.au (3016 clicks)
Last edited 20/12/2023 - 17:14

After the let down of Australian Unity reducing their no hoops HISA 5.5% to 5.2% we have AMP to (kinda) save the day. Also for the Hiver bank haters, they still have the same rate of 5.5% upon signup with balances of up to 5 mil AUD (they haven't dropped rates like many have predicted).

Credit to timhn:
"Note, you need to put in $1K current month to qualify for next month.

Since this rate is effectively on 1st Feb, so just put in $1K in Jan and then withdraw back immediately into my ubank to continue earn 5.1%, then start buildup AMP balance from Feb onward."

My AMP review after being a customer for 6 months

Nil issues with the app
Real time payments
250k guarantee
I can't remember anything from sign up so it must of went without a hitch. Qudos bank on the other hand was nightmare level involving calls to the AFCA.

techt has a great spreadsheet listing HISA which gets regularly updated
https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…

Email:

We've got some great news we'd like to share with you. We're increasing the AMP Saver Account variable Deposit Bonus Interest Rate by 0.20% pa from 1 February 2024.

This means your variable Deposit Bonus Interest Rate will increase from 4.00% pa to 4.20% pa^ effective 1 February 2024 and if you meet the eligibility criteria, you can earn up to 5.40% pa*^ on your AMP Saver Account.

How does this affect you

There is no change to the variable standard interest rate of 1.20% pa^. This is added on top of your variable Deposit Bonus Interest Rate if you deposit $1,000 or more in a calendar month into your AMP Saver Account and is payable on balances up to $250,000 only. If this happens, your total rate* which applies on your balance the following month will now be 5.40% pa*^.

Financial Bank Account Savings Account

29 Sep 11:27am

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closed Comments

- - - Chris T on 04/01/2024 - 09:14
      
      +2
      
      If your transfers to and from AMP are from the right bank then they will go through immediately. AMP are unusual in that they support SCT but not Osko, as explained here, in particular the "What’s Osko?" FAQ.
      
      For example, from testing I found that AMP transfers to/from Bank Australia are fast, while transfers to/from ME Bank are slow in at least one direction.
    - umoddbro on 01/09/2024 - 12:16
      
      Technically it shouldn't matter if you deposit on 29th or 30th as long as it's showing on your account the funds were received before next month they should be honouring your interest rate. If that's the case they should advertise deposit into your account before 29th of the previous month to be eligible. Hope you chased it up would love to hear what the AFCA says about that.
pixpotato on 03/01/2024 - 23:42

Does anyone have a similar spreadsheet for Homeloans?
arst on 08/01/2024 - 21:37

Just checked with AMP they do not provide the ability to create a PayID…
- cumova on 18/01/2024 - 21:27
  
  Do they have fast payments at least?
  - aka nioh on 19/01/2024 - 19:32
    
    Yes
  - arst on 14/02/2024 - 23:08
    
    What is fast payments?
    - c64 on 15/02/2024 - 08:43
      
      https://www.ozbargain.com.au/comment/14746004/redir
yht on 19/01/2024 - 18:40

I wonder if they would change their mind in Feb to reduce the rate as looks like they will be one of the highest rate (with only 1 hurdle), comparing to others that offer higher rate but more than 1 hurdle eg. minimum 5 EFTPOS transactions / month
- aka nioh on 19/01/2024 - 19:35
  
  +1
  
  I doubt it but who knows what could happen, nothing to lose as opening an accounts free and you can always withdraw your money, like I did with aus unity after they back flipped less than a month by cutting rates by 0.3%
  - yht on 19/01/2024 - 21:21
    
    I have already with them, but wondering if I should lock in my money in term deposit for 5.1 for 5 years.
    - aka nioh on 19/01/2024 - 22:05
      
      Well what is your goal?
      
      To make wealth?
      
      To stop yourself from spending that money by locking it away?
      
      To save for a deposit for first house, or is it saving for or in retirement?
      
      Do you have the flexibility to lock up your money for 5 years?
      - yht on 19/01/2024 - 22:16
        
        @aka nioh: Savings more before rate going down soon
        
        aka nioh on 20/01/2024 - 08:50
        
        @yht: Well usually rates go down when something's broken in the market which would lead to a market crash which would lead to a (Oz)bargain on stocks.
        
        Depending on what stage of your life an your appetite for risk, would be good to know. For example if your a 70yr old retiree, I wouldn't suggest risking your life savings as it's hard to earn it back again. Or if you had dependants then no don't risk your life savings. Conversely if you were in your 20s and single, then why not, YOLO, but obviously only invest what you can afford to lose.
        
        You could also do 50:50. Put some money in the term deposit and some money in the HISA.
Stoibs on 22/01/2024 - 12:44

+1

Hey mate do you remember how long the documents/welcome letter took to arrive? I didn't get around to setting up my account until last Friday (Out of laziness I guess..🙃) but I didn't realize I couldn't activate my account until some physical forms arrive.
Hoping to make this first $1000 deposit to be eligible by Feb!
- cumova on 22/01/2024 - 13:14
  
  +1
  
  i did the same thing. i opted for electronic correspondence and just got the welcome opening letter 10mins ago.
  - Stoibs on 22/01/2024 - 13:17
    
    +1
    
    Ah damn.. I didn't know that was an option!
    Must have missed it somewhere.
    - aka nioh on 22/01/2024 - 16:59
      
      +1
      
      Maybe you can ring em up to change to electronic
      - Stoibs on 22/01/2024 - 17:04
        
        +1
        
        @aka nioh: Yeah might do that in the following days 👍
        
        aka nioh on 22/01/2024 - 19:50
        
        +2
        
        @Stoibs: Don't leave it til Friday happy 🇦🇺 day🥳
        
        Stoibs on 25/01/2024 - 12:23
        
        +1
        
        @aka nioh: Called them up and got it all sorted, cheers.
        I thought it would take 24+hrs to transfer funds also from some of the other comments here about no Osko, but it was still instant 👍
        
        Is there somewhere on the app to let you know you've qualified for the next month's 5.4% btw?
        
        aka nioh on 25/01/2024 - 14:29
        
        +2
        
        @Stoibs: I think if you qualify it will say the correct interest rate when you hit the account details tab. Mine currently says 5.2% (as the 5.4% starts in Feb). But if I didn't qualify it would say the lower rate. So your one should say the lower rate but once you deposit the 1k and it hits Feb (maybe give it a few business days) it should say 5.4%
        
        Stoibs on 25/01/2024 - 14:47
        
        +2
        
        @aka nioh: Fair enough thanks, yeah just 1.20% for me currently.
        
        Was just wondering if they give you an indicator like Ubank/ING have been doing, but I guess it's not hard to just put 1k in at the start of each month anyway. Cheers!
        
        Stoibs on 01/02/2024 - 06:47
        
        @aka nioh: Hmm, still seeing 1.20% today, maybe I need to wait a bit until the start of business operating hour? 🤔
        
        aka nioh on 01/02/2024 - 08:24
        
        +1
        
        @Stoibs: Mine still says 5.2% so I'd give it a couple of business days. I think it's similar to ING and BOQ because when I meet the monthly criteria it's not in real time, they always tick the box about a day or 2 later.
        
        Stoibs on 01/02/2024 - 08:36
        
        +1
        
        @aka nioh: Ah ok will do. Cheers.
        
        cumova on 01/02/2024 - 09:26
        
        +1
        
        @Stoibs: i rang them up yesterday to check if i was eligible for the special rate. I transferred $1,000 in and out straight away (mainly to check how fast it transfers as well).
        customer service operator was pathetic. didnt even want to look at the account.
        my one still says 1.20%
        
        Stoibs on 01/02/2024 - 09:51
        
        @cumova: Damn =(
        
        The person I talked to the other week to activate my account (Still haven't received that mailed welcome letter..) was pretty nice and helpful.
        
        My $1000 is still in there, didn't want to mess anything up by taking it out. Guess I'll see if it ticks over in the coming days and try to give them a ring eventually also if not :/
        
        c64 on 01/02/2024 - 12:03
        
        +2
        
        @Stoibs: $1000 in and out works, i did that in december as a test and got 5.2% in january
        
        aka nioh on 02/02/2024 - 08:04
        
        +2
        
        @Stoibs: Mine says 5.4%. try checking now
        
        Stoibs on 02/02/2024 - 08:29
        
        +2
        
        @aka nioh: Ah yep, same! Cheers. Maybe I was a little too eager one day 1.
        
        Time to start moving my bulk over from Ubank now I guess 😁
        
        aka nioh on 02/02/2024 - 08:58
        
        +1
        
        @Stoibs: Ubanks great. I had to move more than the 20k limit, gave em a call and moved the funds via osko. Seamless
YoursTruly on 26/01/2024 - 00:30

Anyone applied this and couldn’t register to login into AMP app or online?

Mine states to await at least 48hrs

“…..you’ll need to allow 48 hours before registering”

Is this normal?
- aka nioh on 26/01/2024 - 10:31
  
  +2
  
  I don't think it happened to me but then again it was around half a year ago. Try giving them a call if it's more than 2 days. Happy 🇦🇺 day
- c64 on 26/01/2024 - 10:44
  
  +3
  
  yes, it happened to me. registration worked after 2 days
sicinadan on 27/01/2024 - 12:14

+1

That spreadsheet blew my mind!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Goooooood job !!!!!!!!!!!!!!!!
- aka nioh on 27/01/2024 - 13:06
  
  +1
  
  🤣🤯. Happy savings, credit to techt
YoursTruly on 01/02/2024 - 17:18

Anyone has experience with AMP customer support? Are they quick, responsive, competent and locally based?
- aka nioh on 01/02/2024 - 17:33
  
  +1
  
  Doesn't answer your question but haven't needed to use support. App doesn't have bugs/outages that I know of and money has been transferred on time, interest has always been paid on time. Hopefully someone who has needed support in the past will talk about their experience
- cumova on 02/02/2024 - 18:01
  
  Sounded like they were from overseas. Average at best.
Moo Deng on 01/02/2024 - 20:25

So if I signed up today 1st Feb I would only get the bonus 5.40% rate next month?
- YoursTruly on 01/02/2024 - 21:08
  
  That’s what I understood as well. Yup
  
  Question is it 1.2% in the current month? Is there any variable bonus current first month?
  - aka nioh on 01/02/2024 - 21:56
    
    +1
    
    You either get the standard rate which I assume is 1.2% or the bonus rate which is 5.4% for balances up to 250k.
- aka nioh on 01/02/2024 - 21:54
  
  Yes. So deposit 1k, withdraw 1k. Then on the 1st of March deposit funds and enjoy 5.4%
  - yht on 01/02/2024 - 22:58
    
    Don't forget to leave some money in the account as otherwise how the interest will be calculated from ? Lol
    - aka nioh on 02/02/2024 - 08:01
      
      +1
      
      ? 1st month is at standard rate. 2nd month will be at bonus rate provided you fulfilled the criteria. As mentioned above you deposit funds starting March 1st to get the 5.4%. You should not leave funds in the acc between today til the end of Feb as you'll be getting the standard and much lower rate
WilliamDGH on 19/02/2024 - 16:04

+1

Thanks, signed up and did the $1000 transfer in and out. Hopefully will get the rate next month.

Does anyone know if you can open multiple savings accounts with AMP and all get the 5.4% rate? UBank is giving 5.1% for all savings accounts, which I found to be very handy for septate different savings purpose.
- aka nioh on 19/02/2024 - 20:55
  
  Not sure, I just tried opening another savings account via their app, but got redirected to their website to open another savers account so it doesn't seem as easy as ubanks. They do have a live chat option in their app.
  - wwwboy on 06/07/2024 - 14:32
    
    did you find out if you could have multiple ?
YoursTruly on 01/03/2024 - 18:20

Anyone has their account indicating 5.4% anywhere in the app? Mine still shows 1.2% despite a deposit (and remained there) last month
- c64 on 01/03/2024 - 18:23
  
  +1
  
  my account says 5.40% (for march) using web site
  - YoursTruly on 01/03/2024 - 21:47
    
    Both app and web is still at 1.20%
    - YoursTruly on 02/03/2024 - 05:41
      
      +1
      
      they fixed it
      - aka nioh on 02/03/2024 - 09:10
        
        +1
        
        @YoursTruly: 🥂
- aka nioh on 01/03/2024 - 19:25
  
  +1
  
  Mine has 5.4%. usually it takes a business day after the 1st of the month, if you just qualified. Give em a call/live chat on Tuesday if it's not shown on the app
yht on 01/03/2024 - 22:44

Mine has 5.4 in App
Iluvfreebies on 03/03/2024 - 20:53

+1

Since Hiver reduce their interet from 5.5 to 5.25. This is the next best thing with min hoops
hash88 on 04/03/2024 - 08:07

-1

Can someone please confirm that you can actually transfer more than $5k into your linked external bank account from the AMP saver account?

This link seems to indicate a $5k limitation? https://www.amp.com.au/banking/faqs/whats-the-maximum-daily-…
- aka nioh on 04/03/2024 - 14:03
  
  I can change my daily limit from 1.5k to 250k
Moo Deng on 04/03/2024 - 12:10

Does this bank not have push notifications when you receive an incoming deposit? I only seem to get an SMS saying the balance is greater than $0
- aka nioh on 04/03/2024 - 14:04
  
  Seems like it. I turned off notifications as I only use it once a month when I do the deposit and withdraw.
chrisharry53 on 20/04/2024 - 09:32

I deposited over $1k yesterday into a new account. Anyone know if I will get bonus interest for April? Most banks waive the qualifying criteria for the first month and some for the second month too especially if spend transactions criteria also exist.
- Iluvfreebies on 20/04/2024 - 09:34
  
  No. I did not get it for the first. You can check this under account details if show 5.4%.
  I am on the second month and it shows 5.4% under account details.
  - chrisharry53 on 20/04/2024 - 09:41
    
    Thanks. It only shows 1.2%. If you didn’t get it then I won’t and I will move the funds out on Monday until 1/5.
    
    Stupid error by me and I should have asked on here and/or AMP before a Saturday 🤣
    - Iluvfreebies on 20/04/2024 - 09:44
      
      It is on their website with an example.
      
      $1,000 into your AMP Saver account in October
      
      the Deposit Bonus Interest Rate during November on top of your standard rate, with interest calculated daily, on account balance up to $250,000
      
      the interest payment into your account by 10 December
      - chrisharry53 on 20/04/2024 - 10:07
        
        @Iluvfreebies: Thanks and I know that the example applies to existing accounts. I was hoping the criteria was waived for new accounts.
    - cumova on 20/04/2024 - 19:17
      
      Pretty sure it's real time payments so get that money into high interest account mann
      - chrisharry53 on 20/04/2024 - 20:59
        
        @cumova: Only $5k a day. I did one today. Will just wait until Monday now.
OzByte on 27/04/2024 - 11:54

Pretty poor experience so far, opened an account, it says wait 48 hours before registering online, ok … 4 days later, still cant register online. Call them up, sounded Filipino, 10 point ID check, then asking me to verify balance after explaining its a new account twice, still asking me … finally they decide to escalate to the IT department, sorry sir, we will have to raise an IT ticket if your online registration wont work. Ok, so what is your turnaround time? No idea sir. Several days go by… Customer service is a bit of a joke with this mob.
- CYMA on 30/04/2024 - 09:41
  
  Heh same deal here, signed up on 21st of April and still can't register or login. Supposedly have a ticket lodged with their tech support but seems like they don't know what's going on. Pretty terrible onboarding experience so far…
- OzByte on 01/06/2024 - 12:29
  
  They finally fixed my new account after a week. Support is a black hole. Deposited the $1k last month, so now its 1 July and still showing 1.2% interest rate.
  
  IT systems with this bank seem very sketchy. Hopefully it shows the 5.4% tomorrow or I will just give up all together.
  - aka nioh on 01/06/2024 - 15:52
    
    Usually it takes a business day or two. So check on Tuesday. If no luck, down the black hole you go. I've been lucky so far, never had to contact support, but I've had similar probs with qudos bank which got fixed by contacting the ombudsman
    - bluesky on 01/06/2024 - 22:00
      
      I saw this forum post first, which covers the same topic as this deal post, and asked this question over there. In several of your comments here, you have mostly answered my question, that the rate display typically takes time to update, esp beg of month. But do you think the bonus rate would have applied from 1st anyway, even if the app doesn't show this until several days later?
      - aka nioh on 03/06/2024 - 08:59
        
        +1
        
        @bluesky: Yes the rate should apply from the 1st of the month but the displayed rate takes a few days to update
        
        bluesky on 03/06/2024 - 16:55
        
        @aka nioh: Thanks for the info. BTW, the rate started showing 5.4% yesterday, even though it is a Sun.
- OzByte on 05/06/2024 - 15:33
  
  +1
  
  Ended up getting the higher rate shown after 2nd of the month, so that was ok. Their IT systems are just a bit slow at AMP
reachdigital on 01/06/2024 - 12:41

+2

Hi @aka nioh , thank you.

Does it mean if I open the account today, and deposit the 1K it will be ready for next month, so nothing this month?
aka nioh on 01/06/2024 - 15:50

No worries. Yes you are correct
djoz on 03/06/2024 - 10:43

This or uBank (given the recent changes to deposit amount and tiered interest rates) ?
- aka nioh on 03/06/2024 - 13:01
  
  +1
  
  Depends on what the interest rates are at ubank, they don't mention it anywhere about what the new rates are, only that they will come next month
umoddbro on 04/06/2024 - 00:23

+1

I've tried to send money to my AMP savings account but it keeps getting rejected… Any idea? Do I have to wait till I receive the card first?
- Iluvfreebies on 04/06/2024 - 06:09
  
  No. When did you open the account. Contact their customer Service
- aka nioh on 04/06/2024 - 09:06
  
  I've always been able to send money direct to my savings. Nearly all bank accs are active and do not require having the card first (some banks even give you the option of opting out of a bank card). Contact your sending (not amp) bank if the transaction gets rejected. I assumed you've double checked the bank acc details and tried 2 different banks to transfer to amp
yht on 06/06/2024 - 11:19

LOL, my old inactive account is unable to be reactivated, thus I applied for a new on as per customer service. I applied on 9/5 and told the details will be mailed. Then on 10/5, received the welcome letter, but no bank account details provided then I've got mail which require me to login to my internet banking. How do I do this as I don't have the full details of my account number ? I have mailed them my identity verification and then chat with them, they said to call. I called, they also said can't help as I need to fill out some documentation. When I asked what documentation, they said to know me better. LOL
Then I have to wait another week or so for the documentation to arrive then sign and return to them, before I can even login or transfer any money.
I wonder why this is so hard to open a savings account. Much easier with other banks.
Update: just got the phone call that my account is now opened and they gave the details over the phone. No need to fill out further documentation after all. What a joke.
- umoddbro on 11/06/2024 - 18:58
  
  AMP is such a pain in the @$$, did you have to physically send in ID verification? And do they accept auspost verification.
  - yht on 11/06/2024 - 19:20
    
    Yes, I have to send via snail mail. Been 2 weeks but they said they haven't received it. I am able to send and withdraw the money from my AMP saver account, so not bother to resend.
aiyoyo on 18/06/2024 - 11:48

Can we open 2 account if I want to deposit more than 250k and take advantage of the high interest?
- djoz on 18/06/2024 - 11:58
  
  +2
  
  The $250K limit applies per "Customer" and not per "Account". This is followed pretty-much by every bank.
  
  Saver Rewards are limited to one account per customer.
  
  Refer: AMP Saver Account Reward Rules Handbook
  - aiyoyo on 18/06/2024 - 12:50
    
    With Ubank for more than 10 years and certainly more than 1 account is ok from my personal experience.
    - djoz on 18/06/2024 - 13:01
      
      +1
      
      From the ubank website for their Save Accounts
      
      Open up to 10 Save accounts and get bonus interest on all of them, including shared Save accounts.
      
      Get bonus interest on a combined balance of up to $250K across all your Save accounts.
      
      From their FAQ:
      
      Q: Can I get the bonus interest on more than one account?
      A: Yes, you can earn bonus interest on all your Save accounts if you meet the bonus rate eligibility criteria. The bonus rate is only paid on balances up to $250K per customer. For more info, check out our FAQ on earning bonus interest.
      
      So, yes, you may get bonus interest on multiple accounts at ubank, but it would still check the total balance on which the Bonus Interest is calculated, and would give for up to $250K in my opinion.
      
      This is just from what I read, cant confirm from experience though.
Moo Deng on 25/06/2024 - 21:22

Anyone know what the maximum daily transfer limit is with AMP and if it can be increased over the phone?
- Yola on 25/06/2024 - 22:59
  
  I think you can increase to $25k online but that is per bank. So if you have a few different accounts you can transfer large sums in a day. The OSKO limit is $5,000 per day.
- bluesky on 26/06/2024 - 00:33
  
  +3
  
  On the AMP app, it allows you to change the daily limit for any payee to $250K.
  - Yola on 26/06/2024 - 17:37
    
    +1
    
    Yes thank you. I logged in today and saw that on the web also. Even better.
mouseman99 on 01/07/2024 - 08:49

Opened a new account last month and deposited $1,000.
The savings rate still says 1.2%. Is that normal? Shouldnt now reflect 5.4% for the month of July?
- Iluvfreebies on 01/07/2024 - 10:42
  
  Did you deposit this month?
  - mouseman99 on 01/07/2024 - 10:47
    
    no last month.
    So that would mean the higher interest rate would apply for the month of July?
    - Iluvfreebies on 01/07/2024 - 11:22
      
      You will have to this month too.
      - mouseman99 on 01/07/2024 - 11:52
        
        @Iluvfreebies: Got ya. Thanks for that
      - mouseman99 on 02/07/2024 - 10:46
        
        @Iluvfreebies: all good now - thank you

This was posted 11 months 4 days ago, and might be an out-dated deal.

Earn up to 5.4% p.a. Interest on Balance up to $250,000 ($1,000/Month Min Deposit Required) @ AMP Saver Account

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