AMP Saver Account Introducing a Balance Increase Requirement from 1st February 2025

Ave Maria on 09/12/2024 - 20:54
Last edited 10/12/2024 - 17:06 by 1 other user

From 1st February 2025 the AMP Saver replaces the $1000 deposit requirement that could be easily met by moving funds between the Saver & Access accounts.

"Instead of the current requirement to deposit $1,000 or more each month, you’ll just need to grow your account balance by $250 or more each month."

Full details at https://www.amp.com.au/amp-saver-changes

The only benefit associated with this change, for those not making withdrawals to pay for living expenses and able to increase the balance (on top of interest earned), is that the upper limit for earning the bonus has increased to $500K.

AMP Saver with an interest rate of 5.20%, was favoured over other saving accounts because of not having to increase the balance each month. Not any more.
At a time when everyone is doing it tough, and "feeling the strain" in the AMP owns words in an unrelated Facebook post, AMP is counting on more savers failing to meet the bonus criteria.

It is all about greed and maximising profits. Nothing about customer care.

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Comments

        • Mad Max on 31/01/2025 - 16:53

          I think it is a battle not worth the effort.

          • Ave Maria on 31/01/2025 - 16:59

            @Mad Max: I agree but it is about the princible of it - they have the all facts infront of them but are unable to read them correctly.
            They will never improve their customer srvice if they keep making mistakes and not own the.

            On the funny side, if I receive another negative response (next week) stating that is still all my fault I will reply cc: tothe customer advocate and ass the belowafter my signature

            XXX

            Impeccably process financial transactions
            Never blame someone else for my mistakes
            Graciously aknowledge and apologise for what I do wrong

            Unfortunately this is no what ING stands for -:)

          • Ave Maria on 01/02/2025 - 00:53

            @Mad Max: Actually - it was more than just worth it.

            After forwarding the email rejections to the ING customer advocate, on Friday the 31st of January, ING has immediately credited my account same day with $467.12

            This is the interest I would have received for the month of January if I never took out the $100K !

            I only found out as I just checked my account balance and noticed the remediation credit. The ING Customer Advocated must have acted quickly as I did not even get an email or message to let me know they would do that.

            It just proves is not what you know but who you know (or rather know who to send your complaint to).

            Amazing outcome.

            • Mad Max on 01/02/2025 - 09:21

              @Ave Maria: Wow. That's great!!!
              Where did you find out about the ING customer advocate? Did you also initiate a complaint with AFCA?

      • theycallmeXYZ on 31/01/2025 - 16:03

        Even though the RBA are not meeting for another 18 days, banks have already dropped term deposit rates
        Earlier today AMP 6 month TD was 5.15%
        AMP have already dropped it to 4.90%

        I have also found CBA, NAB have already dropped their TD rates as well

        Seems like the RBA are just wasting our time and money at the next meeting, it's already been decided they are going to drop the cash rate by 0.25%

        • Mad Max on 31/01/2025 - 16:55
          +1

          Bugger! Next thing will be all the savings account down 0.25%.
          Elections coming, the government's pressure on the RBA to reduce the rates must be enormous.

        • Ave Maria on 31/01/2025 - 17:11

          Term Deposis have been going that direction for about a year now - last time we had good TD rates was August 2023 (5.45% with both AMP & Judobank). At call savings accounts are the way to go at present.

          How exactly has the RBA already decided on a .25% drop already. I seem to have missed that memo -:)
          Yes it s likely as there is a small inflation drop, but that is not the only factor and things can change quickly.

          The only article about that is that banks think will happen (most of the time they are wrong) -:)

          https://www.news.com.au/finance/economy/interest-rates/austr…

  • Ave Maria on 31/01/2025 - 11:54

    That is right - you are correct , missed that one. Even though I do not expect trouble I may move the money to CBA instead today once they hit the St George account and do it from the Goal Saver account. I never had any issues with transferring large amounts from St George via OSKO before, so I was not too concerned, but better safe than sorry -:)

  • YoursTruly on 02/02/2025 - 11:35

    Thanks OP for this post

    What’s the next no-nonsense account that does not require balance growth?

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