AMP Bank Retirement Savings Account

AMP Bank Retirement Savings Account

Maximum Variable Rate

1.95

Standard Variable Rate

0.00

Make the most of your super savings with a retirement savings account that is easy to manage while giving you maximum financial security

  • This product is no longer available for new customers

Product details

The AMP Bank Retirement Savings Account provides a way for both individuals and employer sponsors to maximum a super funds potential. With the financial security in knowing that your investment is never going to decrease, you are able to make sound decisions about your financial future.

Product Name
AMP Bank Retirement Savings Account
Maximum Variable Rate
1.95% p.a.
Standard Variable Rate
0.00% p.a.
Bonus Variable Rate
0.00% p.a.
Monthly Fee
$0
Minimum Opening Deposit
$0
Minimum monthly deposit for bonus interest rate
$1,000
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the AMP Bank Retirement Savings Account?

AMP is an investment specialist company, providing a range of products designed to help Australians build their wealth and secure their financial future. The Retirement Savings Account has not been available to new customers or employers since 2013, but those who have continued using their account still can take advantage of its features and benefits. Compare those against what you may find with other Australian banks and their accounts geared towards retirement when trying to decide which one is right for your circumstance:

  • Availability. The Retirement Savings Account was designed to meet the needs of individuals looking for a simple and safe way to grow their super savings and for employers who wanted a solution for meeting their super obligations. However, this account is no longer available for new customers.
  • Fees. There are no exit or entry fees associated with this savings account.
  • Investment growth. Your rate of return will never be negative, meaning that your investment will never decrease unless it is affected by government charges outside of AMP’s control.
  • Contributions. There are no limits or requirements for you contributions, you can add as much as you want whenever you want to.
  • Interest rates. The interest rates are tiered, growing in value with higher balances.

Important

As of 2013, this product is only available to existing customers. It is no longer available to new customers. For existing customers, variable interest rates still apply.

Pros

  • No application or exit fees
  • Easy application and operation of account

How do you apply for the AMP Bank Retirement Savings Account?

Unfortunately, this account is no longer available for new applicants. If you are looking for an account that can help with growing your SMSF, AMP has alternative savings account specialised for handling your retirement savings.

I have an existing AMP First account. What interest rate will I get on a retirement savings account for balances above $50000?. Your internet says 3.1% below $50,000.

Apologies it seems there was a technical glitch that prevented the rate for above $50,000 to show, it is 3.10% p.a., however, please note that AMP are no longer offering this account as a product and this information is for current account holders and as a general reference.

I have a new employee which I need to contribute to his super. how do I create an account for me to do this?

If you’d like to make a contribution to your employee’s AMP superfund, please see this page.

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4 Responses to AMP Bank Retirement Savings Account

  1. Default Gravatar
    Fatima | October 12, 2016

    I have an employee who has elected to have her super paid to AMP, as an employer do I need a member number in order to make contributions on behalf of the employee?

    • Staff
      Clarizza | October 13, 2016

      Hi Fatima,

      Thanks for your question. Yes, generally the employee needs to provide their member number, the fund ABN and Product Identification Number.

      Regards,
      Clarizza

  2. Default Gravatar
    michael | January 10, 2016

    We have a casual employee who has an super account with AMP Retirement Savings Account, can you please tell how us how to register to electronically pay across funds? We have searched on the website but have not been able to resolve this issue, kind regards Michael

    • Staff
      Shirley | January 11, 2016

      Hi Michael,

      Thanks for your question. AMP uses a platform called eSuper to manage your employees super payments, they recommend that you speak to them directly to get started.

      Here is the payment information for the AMP Bank RSA.

      Fund name: AMP Superannuation Savings Trust
      Australian business number (ABN): 76514770399
      Registrable superannuation entity (RSE): R1001648
      Superannuation fund number (SFN): 4792 959 85
      Superannuation product identification number (SPIN)/ Unique superannuation identifier (USI): AMP0276AU

      All the best,
      Shirley

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