AMP Saver Account

Earn an ongoing bonus variable rate of 1.25% p.a. for each month you deposit at least $250.

This account offers an ongoing total bonus variable rate of up to 1.25% per annum. The bonus interest rate applies for each month that you deposit at least $250 into your AMP Saver Account, which is easy to achieve if you have your pay deposited into the account. This bonus variable rate is available on balances up to $250,000.
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1.25% p.a.

Maximum variable rate

0.1%p.a.

Base interest rate

$250

Minimum deposit

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Details

Product NameAMP Saver Account
Maximum Variable Rate1.25% p.a.
Standard Variable Rate0.10%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age18

Review by


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.

Expert review

This account offers an ongoing total bonus variable rate of 1.25% per annum, which applies for each month you deposit at least $250 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 available on balances up to $250,000.

Key features

Earn an ongoing bonus variable rate of 1.25% p.a.

This account offers an ongoing total bonus variable rate of 1.25% p.a. each month you deposit at least $250 into your AMP Saver Account, with no monthly spend requirements to meet. This bonus variable rate is available on balances up to $250,000.

Interest calculation and payments

Standard interest will be calculated on the balance daily and paid into the account monthly. If you're eligible for a bonus rate in a calendar month, you'll earn the bonus interest during the following month on top of your standard variable rate, and it will be paid the month after that.

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How to apply

Eligibility

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.

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44 Comments

    Default Gravatar
    Mark
    February 20, 2020

    When you say you don’t earn interest on deposits over $250000, do you mean just the bonus interest ?

      Default Gravatar
      Ash
      February 20, 2020

      Hi Mark,

      Thanks for contacting Finder.

      For the earning of interest rate, the introductory Bonus Interest Rate of 0.96% p.a. (along with the Standard Interest Rate of 1.40% p.a.) is only applicable for balance up to $250,000 in the first 4 months. For balances more than $250,000, the interest rate that will be earned is the standard which is 1.40%.

      I hope this helps.

      Cheers,
      Ash

    Default Gravatar
    Evan
    December 4, 2019

    I refer to part of one of your comments…”The bonus rate is payable on account balances of up to $250,000 per customer”! My question is related to the amount quoted! If I am opening a AMP Saver Account, do I already need a balance of $250,000 available to open up the mentioned account, or, does it mean that “2.75% bonus rate (which is applicable for the first 4 months from the date your account is opened) applies for any initial amount deposited between $1 and $250,000?

      Default Gravatar
      Nikki
      December 6, 2019

      Hi Evan,

      Thanks for your comment and I hope you are doing well.

      The bonus interest rate is now at 2.36% and not 2.75%. You are able to earn interest for whatever amount deposited on the account not exceeding $250,000 for the first 4 months upon opening your account and there is no minimum deposit and no minimum balance required. Anything above $250,000 will not earn interest.

      As a friendly reminder, review the eligibility criteria, fees, interest rates, and terms & conditions of the chosen account before applying. You may also contact the bank should you have any questions about their product.

      Hope this helps and feel free to reach out to us again for further assistance.

      Best,
      Nikki

    Default Gravatar
    Jamie
    November 15, 2019

    If I withdraw money during the opening 4 month period, will I lose the bonus opening rate for that month?

      Default Gravatar
      Ash
      November 17, 2019

      Hi Jamie,

      Thanks for contacting Finder.

      No, during the first 4 months since you have opened the account, even if you will withdraw from your AMP Saver Account, you will still receive the 2.36% p.a. maximum interest rate.

      Hope this helps.

      Cheers,
      Ash

    Default Gravatar
    Ted
    August 8, 2019

    Can I visit a branch of amp for opening the special offer of account with 2.75 pc interest for first four months. I live in Cremorne

      Avatarfinder Customer Care
      Faye
      August 9, 2019

      Hi Ted,

      Thanks for contacting Finder.

      Yes you may or you can apply online. It is easy and will take you about five minutes to complete. You can click the ‘Go to site’ button and process the application from the main page of AMP.

      I hope this helps.

      Kind Regards,
      Faye

    Default Gravatar
    David
    August 6, 2019

    I’m not an Australian citizen, therefore not on electoral roll. I have provided drivers license details now I’m being asked to send a copy of that for ID verification

      Default Gravatar
      Nikki
      August 7, 2019

      Hi David,

      Thanks for leaving a question on our page. As it says on our page, 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. It would be best to comply to their requests to proceed with opening an account with AMP.

      Hope this was helpful. Don’t hesitate to message us back if you have more questions.

      Best,
      Nikki

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