AMP Notice Account
A high interest savings account that requires you to give 31 days notice before withdrawing funds.
The AMP Notice Account is a high interest savings account, structured to limit your access the way a term deposit does.
The big difference being that you can release your funds, simply by giving AMP notice ahead of time. This gives you the higher interest earning benefit of a term deposit, but without the risk of paying withdrawal fees if you want the money.
Instead, you just have to give AMP 31 days notice.
No monthly account keeping fees
There are no account keeping fees deducted from your AMP Notice Account.
Interest rate of 0.8%
The interest rate is variable, and competitively set at a minimum margin above the Reserve Bank Australia cash rate.
Interest calculated daily
Interest is calculated on your daily balance and paid into the account monthly, allowing for you to earn more with compound interest.
With this account you can continue to make as many deposits as you like without penalty.
31 days notice required to withdraw
In order to make a withdrawal from the Notice Account you must give AMP at least 31 days notice of your intent. You will have to make a minimum withdrawal of $500, unless your account balance is less than that amount. Up to two withdrawals are allowed each month. Notice to make a withdrawal can be done using secure message online at My AMP, BankFax, Bank Assistance or by writing AMP a letter.
AMP Bank Deposit Account needed
You will need to link a separate AMP Bank Deposit Account to this one from which you can make your deposits and withdrawals through electronic transfers. There is also the option of making deposits with a cheque.
This account is available for individuals and joint account holders for personal use, businesses, companies and trusts.
How to applyYou can visit the AMP website to download an application for the AMP Notice Account. There are specific applications available depending on your circumstance, so ensure that you are accessing the correct one. Before you begin, look over the following eligibility requirements to ensure that you qualify for this account.
- Minimum age. There are no minimum age requirements for this account, however a parent or guardian must act as a signatory for a minor account holder under the age of 13. A minor aged 13 or more may be nominated as a signatory for the account provided that they are able to meet the other requirements.
- Residency requirements. All applicants must be Australian residents who can confirm their presence in Australia at the time the account is activated.
- Depository requirements. You are not required to make a minimum opening deposit with the Notice Account.
- Tax file number. AMP will ask for your tax file number (TFN) or exemption code, but you are not obligated to provide it. This is used to determine the correct withholding tax rate to apply to your interest earnings, but without it AMP is bound to apply the highest marginal rate.
- Identification. A passport or driver's licence will have the information needed by AMP to verify your identity.
- Bank account information. In order to operate the Notice Account you must hold another account with AMP. You will need to provide the account number so that these two can be linked and you can make your transfers.
What happens after I submit my application?
Once you have completed the application in its entirety, you can then send it to AMP for review either by fax or through the Australian post. After your identity has been verified to AMP's satisfaction, the Notice Account will be activated and the details sent to you. You will then be able to transfer cash into the account and begin earning the higher interest rate.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
If you regularly need to dip into your savings account or regularly have unexpected expenses to pay, you're probably more suited to a savings account with unlimited access to your funds.