AMP Saver Account

AMP Saver Account

Maximum Variable Rate

2.55

Standard Variable Rate

2.10
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New customers can start building their savings with an introductory bonus rate given just for opening an AMP Saver Account.

  • Introductory rate of 2.55% p.a. for 4 months
  • Manage your account online
  • No minimum opening deposit
  • No monthly fees

Product details

Sign up for your first AMP Saver Account and for the first four 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.

That along with no monthly fees makes this a savings account product that can help you to meet your financial goals quicker.

Product Name
AMP Saver Account
Maximum Variable Rate
2.55% p.a.
Standard Variable Rate
2.10% p.a.
Bonus Variable Rate
0.45% p.a.
Introductory / Bonus Offer Conditions
The bonus rate is applicable for the first 4 months from the date your account is opened. Bonus rate is payable on account balances of up to $5 million per customer.
Monthly Fee
$0
Minimum Opening Deposit
$0
Introductory Interest Period
4 month(s)
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Maximum Deposit
$0
Joint application?
No
Minimum Age Requirement
18
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the AMP Saver Account?

Take the time to compare the AMP Saver Account with similar products from other Australian banks. As you do, keep in mind the following features offered by AMP:

Receive a maximum variable interest rate of 2.55% for the first 4 months

New customers will have a variable bonus rate of 0.45% per annum (p.a.) applied to their balance along with the standard rate for the first four months after the account has been activated. After the introductory period, the rate will revert to the standard variable interest rate of 2.10%.

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

The linked account you provide will have to be an AMP transaction or everyday account.

Account use

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.

Compare more AMP products

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Pros

  • Competitive interest rate
  • Flexible at-call account
  • No monthly fees

Cons

  • Reverts to variable rate after introductory growth

How do I apply for the AMP Saver Account?

If after considering all of your savings options you have decided that the AMP Saver Account is right for your saving goals, than you can begin your application online by clicking “Go to Site”.

Eligibility to apply online

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.

Documentation required to apply online

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've applied online?

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.

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