AMP Saver Account
New Saver customers can take advantage of a bonus rate of up to 2% p.a. for the first 6 months.
Sign up for your first AMP Saver Account and for the first six months you’ll get a bonus interest rate on top of the already competitive rate. There are no deposit requirements and no limits on withdrawals in order to receive the bonus interest.
Maximum variable rate
Base interest rate
Bonus interest rate
for 6 months
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
This bonus rate of 2% is one of the best in the market, and there are no deposit conditions to meet to earn it. New account holders will get this bonus rate for the first 6 months after opening the account, which as far as introductory rates go is definitely one of the longest. Most introductory rates are for 3 or 4 months, so AMP’s is really generous.
The downside is that this bonus rate offer isn’t available to existing AMP customers, so if this is you, compare a range of savings accounts here instead.
After the introductory period ends you’ll earn the standard variable rate of 1.05%. This rate is quite good considering it’s an ongoing rate with no strings attached to earn it. However, if you’re happy to commit to a monthly deposit condition you could get yourself a higher ongoing bonus rate elsewhere.
Receive a maximum variable interest rate of 2% p.a. for the first 6 months
New customers will have a variable bonus rate of 0.95% p.a. applied to their balance along with the standard rate for the first six months after the account has been activated. After the introductory period, the rate will revert to the standard variable interest rate of 1.05% p.a. The bonus interest offer is not available for existing or prior Saver or eASYSaver customers.
Interest calculation and payments
Your interest will be calculated on the balance daily and paid into the account monthly.
No minimum deposit
You are not required to make a minimum deposit when opening this account.
No minimum ongoing balance
There is no minimum balance account in order to earn interest or avoid fees.
No monthly keeping fees
AMP does not charge a monthly account keeping fee for the Saver Account.
Manage your account online
You will need to provide a linked account so that you can move money in and out of your savings either by phone or online. This is considered an online account, where all of your transactions are made through the linked account.
Your linked account
You can link this account to any Australian transaction account.
This is an account meant solely for personal use. Business owners should consider the AMP Business Saver Account for keeping extra capital in a safe place.
Access to AMP expertise
AMP is a wealth management company that is able to provide expert advice to customers on how best to manage their savings in order to increase personal wealth.
How to apply
You should check the eligibility requirements first in order to ensure that you will qualify for this savings product:
- Minimum age. This account is only available for individuals aged 18 or older.
- Residency requirements. You must be an Australian citizen or resident that is able to provide proof of being in Australia when the account is opened.
- Tax file number. While providing your tax file number (TFN) or exemption code is not mandatory, it will prevent AMP from having to deduct taxes at the highest marginal rate.
In order to be able to complete the application quickly and correctly you will need to have the following documentation:
- Identification. AMP is required by law to verify your identity before issuing you an account. This is usually done by using a photo identification document such as a passport or driver's licence.
- Account information. Existing AMP customers will have to provide their current account number. You will also have to provide the details of an account that you wish this one to be linked to.
What happens after I submit my application?
If you choose to have AMP send you the forms needed to verify your identity you will need to wait approximately 3 business days for them to be posted. Once AMP has received those details regarding your identity, the account will be activated and details sent to you within 2 business days.