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AMP Offset Deposit Account

Save thousands of dollars on your home loan just for doing your banking with an AMP Offset Deposit Account.

If you have a home loan through AMP you have the opportunity to shave years off of the life of your loan. The Offset Deposit Account is a convenient transaction account that links to your home loan and each time the balance of your loan has its interest applied, it is first reduced by the amount of cash in your account. Over the course of your home loan terms, this could lead to a tremendous savings.

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Account keeping fee


ATM withdrawal fee


Overseas ATM withdrawal fee


Overseas transaction fee

of transaction value

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Product NameAMP Offset Deposit Account
Monthly account fee$6
Card accessVisa
ATM Withdrawal Fee$0
International ATM Fee$4.50 + 2.5%
International transaction fee2.5%
Monthly deposit required to waive account feeN/A
Contactless PaymentsGoogle Pay, Apple Pay, Samsung Pay

Review by

Alison Banney is the banking and superannuation editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

This account works as a standard everyday transaction account, but the money in the account will also offset your home loan repayments with AMP. This means that, when calculating how much interest you owe on your AMP home loan, AMP will first deduct your Offset Deposit account balance. This could potentially save you thousands over the life of your loan.

This account could be suited to you if you’ve got an existing home loan with AMP, if you’re thinking about getting a home loan with AMP or if you’re switching an existing loan with another provider over to AMP.

If you don’t have a home loan with AMP, note that there is a $6 monthly account fee on this account. So if you’re just looking for a standard transaction account that’s not used as an offset account, you’ll likely be better off with the AMP Access Account instead as this account has no monthly fee.

Key features


Most variable rate home loans with AMP are eligible to be linked to an Offset Deposit Account. Those excluded from this are the; construction and land loans, AMP Essential Home Loan, all lines of credit and all fixed rate home loans. You may request an Offset Deposit Account on a fixed rate home loan after the fixed rate period has ended.

Monthly service fee

There is a $6 fee payable from the account when it is linked to Basic Variable Rate home loan.

How to apply


You are given two choices for applying for the Offset Deposit Account, you can either download the application form or you can visit AMP website and begin your application online. This should only take about 10 minutes, but before starting you should check to see if you are able to meet the eligibility requirements:

  • Minimum age. You must be at least 18 years of age to be eligible for this account.
  • Residency requirements. You have to be an Australian resident and/or be available to be identified in Australia when the account is opened.

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