AMP Saver Account
Earn an ongoing total bonus variable rate of up to 1.35% p.a. if you deposit $250 into an AMP Saver Account in the previous month.This account offers an ongoing total bonus variable rate of up to 1.35% per annum. The total variable rate will apply each month if you deposit $250 in the previous month into your AMP Saver Account, which is easy to achieve if you have your pay deposited into the account. This ongoing total bonus variable rate is only available on balances up to $250,000.
Maximum variable rate
Base interest rate
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This account offers an ongoing total bonus variable rate of up to 1.35% per annum, which will apply each month, if you deposit $250 in the previous month into your AMP Saver Account, with no monthly spend requirements to meet.
This is a competitive interest rate in today’s low-rate environment, and the account conditions are much easier to meet than others in the market. This bonus variable rate is only available on balances up to $250,000.
If you have an AMP Super, pension or investment product in the same name as your AMP Saver Account, you could earn a slightly higher bonus rate on your savings on top of the 1.35% p.a.
Earn an ongoing bonus variable rate of up to 1.35% p.a.
This account offers an ongoing total bonus variable rate of up to 1.35% per annum. The bonus interest rate will apply each month if you deposit $250 in the previous month into your AMP Saver Account, which is easy to achieve if you have your pay deposited into the account. This bonus variable rate is only available on balances up to $250,000.
Earn another bonus rate if you have an AMP Wealth product
If you already have an eligible AMP Super, pension or investment product you can earn a slightly higher total bonus rate on your AMP Saver. You need to have both accounts in the same name, and be able to see both accounts together in your AMP mobile banking app or Internet banking portal. Both accounts need to be in the same My AMP login.
Interest calculation and payments
With the AMP Saver Account, customers can earn up to an ongoing total variable bonus rate of 1.35% p.a. in interest (0.1% p.a. standard variable rate + 1.25% p.a deposit bonus variable rate). To get the deposit bonus customers need to deposit $250 in the previous month (Eligible deposit) into their AMP Saver Account.
Interest is earned on their account balance in the month following each Eligible deposit and will be paid by the 10th of the next month.
The deposit bonus rate applies to the first $250,000 of the account balance. For any account balance over $250,000 up to $5,000,000 (maximum balance limit), only the standard variable rate applies.
The total variable bonus rate offer is available for one account per person.[/fin_show]
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 in order to earn standard interest or avoid fees
No monthly keeping fees
AMP Bank does not charge a monthly account keeping fee for the Saver Account.
Manage your account online
You can manage your account easily and conveniently via online banking.
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. To apply online for this account, you must be 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.
- One account per customer. The bonus interest on the AMP Saver Account is limited to one account per person.
- Bonus interest. To receive the bonus interest the AMP Saver Account that earned the interest must be open when the payment is made.
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.