Variable rate effective 13/09/2024
Up to 5.20% pa variable rate on balances up to $250,000
1.00% pa standard rate + 4.20% pa Deposit Bonus Interest Rate = 5.20% pa total rate
No notification from AMP
AMP Saver Account Rates Dropped 5.40% → 5.20% Effective 2024-09-13
c64 on 13/09/2024 - 09:35
Last edited 13/09/2024 - 10:32 by 1 other user
Last edited 13/09/2024 - 10:32 by 1 other user
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From a quick glance at the spreadsheet for similar account features, Rabo PremiumSaver probably. Minimal hoops.
Surly it's illegal not to notify customers!? I didn't get any communication.
Update: Small print says rate subject to change without notice - should still be illegal!
Note how they send out plenty of e-mails when the rate is increasing…
Dodgy bastards.
Absolutely! Formal complaint lodged. Breach of Section 12DA of the ASIC Act and Australian Consumer Law - AMP's actions are misleading, deceptive, or likely to cause confusion.
Dammit, I haven't heard from AMP either. Very disappointed. I'll start packing my bags and move out
BTW thanks heaps for the heads up OP! I'm going back to UBank I think
I love their promotion of a "bonus" for people who hold other products with them.
An added bonus of 0.00% pa
…
If you hold an eligible super, pension or investment product, you may also be eligible for an additional Wealth Bonus Variable Interest Rate of 0.00% pa on balances up to $250,000.
This will be paid on top of your applicable standard and Deposit Bonus Interest Rate [….]That
bonusnothing will be handyLOL 🤣
There's a reason AMP were pretty prominent in the royal commission…
I'm guessing that the new lower rate is only effective from today for new accounts as when I login to my account, the 'account details' section is showing the rate as 5.40%
No doubt though they'll contact existing customers soon to advise of an upcoming rate drop
I'd check back tomorrow as I don't expect legacy accounts to get any special treatment. I've found displayed rates usually lag a day behind.
The info caption on the 5.4% rate says: "…the interest rate applicable to your new closing balance will be updated on the following business day."
The banks are now front running the RBA.
Just move to Rabobank or Ubank.
My app dropped down to 5.20% this morning
"We’re letting you know that we are changing the AMP Saver interest rates by 0.20% pa, this means your standard rate is changing from 1.20% pa to 1.00% pa*. Effective 13 September, if you meet the eligibility criteria, you can earn up to 5.20% pa*^, which applies to balances up to $250,000^. To see the new rates, visit our website or refer to the communication we sent you."
- goes without saying I don't think anybody got that communication.
Down goes the rate, out goes the money…🚀
Money going back to Ubank today.
If it's less than 100k it should have been in Ubank for 5.5% if more than that, it should stay in AMP for the 5.2% vs 5% at Ubank.
Yes agree, I have more savings and it's still better for me to keep at AMP over Ubank.
I have gone to RaboDirect. 5.75 for 4 months and then 5.45 with a $200 monthly deposit. I opened an account in 3 days and am transferring funds now.
@mreddie: Then you cannot get 5.75% but can still get the 5.45%, which is still very good. Fourth after ING, ME and ubank (first 100k) - I think.
@Mad Max: The HomeMe 5.5% account is only on the app, $100k max and the balance has to increase each month, I do it by 1c. Also, you need to deposit $2k into the SpendMe (transaction) account. OSKO is only $1k per month. I have had it for over 12 months and do not recall any issues with opening or operation. It is part of Virgin and Bank of Qld and transfers to them are immediate. The only irritating part is the OSKO limit since you have to deposit $2k and then cannot get it out immediately.
@Yola: Can you bounce money out of HomeMe to SpendMe on the last day and back in on first day to overcome the balance increase requirement? Only thing is that the overall interest rate decreases if you do that.
OSKO is only $1k per month
Do you mean per day? So when you deposit the $2000 you can get out $1000 same say and the other $1000 the next day?
Can you bounce money out of HomeMe to SpendMe?
Maybe, but you would lose interest while it's in SpendMe. I assume you want the maximum amount in there as I do. On the 1st of each month, I transfer anything over $100k to another bank. On the last day, I return the same amount plus 1c. You have to be disciplined or you will lose $300 plus.
Do you mean per day? So when you deposit the $2000 you can get out $1000 the same day and the other $1000 the next day?
Yes. Alternatively, you can just transfer $2000 but it will not go via OSKO. But if you do it in the morning it will arrive by the end of the day. As long as it's not on the weekend or PH.
You have to be disciplined or you will lose $300 plus.
You really need to be on the ball doing that. Miss it by 1 day and you only get 0.55% on the whole amount instead of 5.55%. That is about $416 loss for the month.
@Mad Max: Yes, it's better to start at, say, $95k, but with the interest, it will go up pretty fast. I have now reached over $100k, so I either have to do this or withdraw the whole amount for one month. I keep doing this dance since it is one of the highest available rates. Similarly, I also flip-flop between 2 Maximiser accounts in ING, but it's only required bi-monthly.
Bankwest Easy Saver has 5.35% for 4 months
Ugh wtf?? I only just got this email today.
Bastards.Time to move 100k back to Ubank I suppose..
Ubank was higher before this drop.
Looks like AMP has lowered it again as I'm seeing 5.16% now but website is still at 5.20%….
Weird. Mine still says 5.2%.
Might they be showing your average rate? I have seen odd rates like that displayed with other banks when you go over the bonus limit ($250k). So 5.2% for the first $250k and 0% on the remainder - which would drag the average down a bit.
Interesting to know
Still odd as my balance is the same as the previous months give or take a buck or two and it hasn't behaved like that.
Will keep an eye on if the rate updates in the app.
Where to now then?