How to get AMP Saver’s new high interest bonus rate
AMP Saver has increased its interest rate with a new bonus rate offer of up to 1.25% p.a. on your savings.
AMP has increased the total bonus rate available on its AMP Saver account to a competitive 1.25% p.a. on balances up to $250,000. This is now one of the best bonus rates on offer in the market, and it's quite easy to earn it too.
How to get AMP Saver's new bonus rate
If you open an AMP Saver Account after 1 April 2021, you'll get a total bonus rate of 1.25% p.a. each month you deposit $250 into the account. You don't need to make a certain number of transactions during the month to be eligible for bonus interest.
This 1.25% p.a. rate is made up of a standard variable rate of 0.10% p.a. and a bonus rate of 1.15% p.a. This means if you fail to meet the $250 deposit requirement one month, you'll only earn the standard variable rate of 0.10% p.a. on your balance that month. If you do meet the deposit conditions you'll earn the total bonus rate on the first $250,000, but anything over this will only earn the standard rate.
If you've already got an AMP Saver account which you opened before 1 April, the new bonus interest rate will work a bit differently for you. You'll still be able to earn a total rate of 1.25% p.a., but your standard variable rate will remain the same as it is now at 0.85% p.a.
This is a good thing, as it means if you fail to meet the $250 deposit condition one month you'll still earn the standard rate of 0.85% p.a. on your balance (the same as you do now). This is significantly higher than the new standard rate of just 0.10% p.a.
How does the new AMP Saver bonus rate compare?
The new total bonus rate of 1.25% p.a. with the AMP Saver is one of the best in the market right now for an ongoing bonus rate. The only offers you'll find that are higher than this are with Westpac Life and ING Savings Maximiser, but both have a few more conditions you need to meet.
The Westpac Life Account offers up to 3.00% p.a. if you grow your balance each month, make sure your balance stays above $0 and make 5+ debit card purchases from your linked Westpac Choice transaction account each month. However, this bonus offer is only available for customers aged 18-29 and for balances under $30,000.
ING savings Maximiser offers a slightly higher rate than AMP Saver at 1.35% p.a., however the account conditions are a bit more complicated and harder to meet. You need to link to an ING Orange Everyday account and meet the following criteria each month: deposit at least $1,000; make 5+ card purchases; and grow your Savings Maximiser balance (excluding interest earned).
The MyState Bank Bonus Saver offers a similar rate at 1.20% p.a., and may be better suited to you if you don't think you can meet the $250 monthly deposit condition with AMP. To earn the 1.20% p.a. bonus rate with MyState you need to deposit $20 a month and make five transactions from your linked MyState Bank Account.