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

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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

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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
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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*^.

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closed Comments

    • djoz on 01/07/2024 - 12:26
      +1

      On the App/Internet Banking, the Savings Rate updates on the second banking day of the month for AMP.
      This is normal. You would see the correct 5.40% from 2nd July onward in the App, although the rate would apply from today, 1st July itself.

  • OzByte on 28/07/2024 - 10:46
    +1

    Have been with AMP for a few months now, after the initial sketchy sign-up delays, everything has been fine until I changed address recently, submit the details via the website then get a call a week later from an unknown number wanting to verify my account details. Ok, maybe its nice they want to check, but I can almost gaurantee this is just yet another piece of evidence that their processes are antiquated and their back end systems are very, very basic. When I finally call them back they have the updated address in some places but not in other places, lol. Really makes you wonder what goes on behind the scenes at AMP, the dinosaur bank.

    • aka nioh on 28/07/2024 - 17:16

      Cheers for the review. Probably the same kind of stuff at rabobank. But hey these 'dino' banks give better rates than the 'less basic' banks (I'm looking at you commbank and Macquarie) so I know where I'm storing my mullah.

      No risk as well if amp goes belly up, I'll be claiming the government guarantee. Not like the moo trade thing where it gives >6% on balances but no gov guarantee if it collapses

      • cumova on 28/07/2024 - 18:13

        Read up on the government gtee legislation mate.
        You don't just drive down to Canberra and ask for your money back. Esp after they made amendments to it. Lolz.
        Check my post history.

        • aka nioh on 28/07/2024 - 18:34

          Cbb mate

      • Iluvfreebies on 28/07/2024 - 18:15

        As long as the housing market is strong, no bank is going belly up.

        • aka nioh on 28/07/2024 - 18:34

          I don't think any Aussie bank has gone belly up.

          • Yola on 29/07/2024 - 01:10
            +1

            @aka nioh: The State Bank of Victoria collapsed in 1990.

            • aka nioh on 29/07/2024 - 08:25

              @Yola: Knew I shoulda googled it😂

              • Yola on 29/07/2024 - 09:10
                +1

                @aka nioh: I knew because I had a mortgage with them. They were a good bank that was quite advanced with their processes. The mortgage was transferred to the Commonwealth Bank and the bureaucracy was horrible, pages of forms to be filled out and signed to do the smallest thing. I spent many a lunchtime in queues. Bit too ambitious with their investments.

                • aka nioh on 29/07/2024 - 19:36

                  @Yola: Sorry to hear that you had to go through that 😓

                  • Yola on 30/07/2024 - 07:31
                    +1

                    @aka nioh: Thank you. It was a long time ago I have recovered.

  • djoz on 07/08/2024 - 10:12

    I have read the terms and conditions for the AMP Saver account, and I think making withdrawals does not impact the Interest rate (5.40%) if there was a $1,000 deposit in the prior month. Is my understanding correct?

    • Yola on 07/08/2024 - 11:37
      +2

      Yes completely.

  • umoddbro on 01/09/2024 - 09:54

    How long until qualified interest rate shows? I deposited on 30th but on the app under ampsaver still shows 1.2%

    • aka nioh on 01/09/2024 - 14:32

      A business day. So contact amp by Tuesday if it don't show

    • Iluvfreebies on 13/09/2024 - 09:52

      Dam…It still show 5.40% in my account details
      Ubank will drop them too

    • aka nioh on 14/09/2024 - 12:09

      Thanks for the headsup

  • Ave Maria on 13/09/2024 - 18:15
    +4

    AMP wanted Friday the 13th to be a realy bad/scary experiene for their customers.

    Always happy to thrill should be their new mission statement -:).

    I will move money to another bank still offering a higher rate on Monday - it does not bother me so much that they dropped the rate, but what's bad is they way they did it

    • they did not issue any advice
    • they did it on a Friday, by the time you find out (if you find out) you cannot move money out until Monday

    and supposedly the Australian Government wants banks to behave ethically (yeah right) pigs may fly

    • Iluvfreebies on 13/09/2024 - 18:57

      1 Up to 5.20% pa ongoing variable rate on balances up to $250,000 and is subject to change without notice.

      There is no ethics when it comes to money.

    • bluesky on 13/09/2024 - 21:04

      I will move money to another bank still offering a higher rate on Monday

      Think you might have mentioned before that AMP does not limit the amount transferred out in one go. So it is possible to move out the entire amount in one go on Monday, yes?

      • Ave Maria on 13/09/2024 - 22:00

        Yes up to $250K - you need to go to the payee list and increase the limit using SMS code. Up to $100K is automatic. $250K they review before approving, you may receive a call - They may call you t confirm but as I am only transferring to my own accounts (a lot) they stopped calling me.

    • aka nioh on 14/09/2024 - 12:14

      It's a shame. I'll still stick with em coz of the easy requirements. I forgot one month to do the 5 transactions and missed out on the month of interest for boq. Yes I set a reminder on my phone but at least the deposit 1k is easy just like ubank with no penalties for withdrawing or growing your balance like other banks. Banks use us just like we use them 🤷‍♂️

      • Ave Maria on 14/09/2024 - 17:44
        +1

        I will keep some money in so to pay my bills via scheduled payments out - it is one of the few high interest saving accounts banks that allows you to make payments out of a saver acount that way or at all. MEB/BOQ, ING, UBANK don't. If AMP drops any further then eveything left there will go back to St George (still at 5.15%). In the mean time I will start using the $100K limited Great Southern Bank for 5.25% or even HIVER if I have to (MEB/ING/Rabo no longer an option for me). It is a pain having to move money around all the time, but the ideal saver account has not been found yet, or when found it is only temporary (like it was the case for AMP - their high rate was only short lived - now that I properly checked ONLY since August 1st - that was a ridiculous bate & exit increase - they do need to be named & shamed just for that.

        Perhaps if all the money that went in on August 1st comes out again they will be forced to rethink - YES we should all take the money our of AMP now.
        They are counting on savers not noticing the interest rate change or being passive - not everyone keeps an eye on forums or visits their online account every day (but should).

        • Mad Max on 16/09/2024 - 10:27

          MEB/ING/Rabo no longer an option

          ING still 5.5%
          Rabo Premium still 5.45%
          For now…

    • Mad Max on 16/09/2024 - 10:24
      -1

      they did it on a Friday, by the time you find out (if you find out) you cannot move money out until Monday

      $5,000 out on Saturday (immediate)
      $5,000 out on Sunday (immediate)
      Rest out on Monday, today - is $240,000 same day?

      • Ave Maria on 16/09/2024 - 16:41
        +1

        That is what I did (including $5K on Friday) - what I meant is you could not move all your money out until Monday -:)

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