AMP Saver Review, Rates & Information | finder.com.au

AMP Saver Account

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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.

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

Expert review

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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.

Launch savings calculator


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

    Default Gravatar
    Tiyana
    August 6, 2019

    Hi, I want to open online AMP Saver Account ASAP with $250,000 balance. I can email you the copy of my Australian passport certified recently by JP. What else do I need to do?

      Default Gravatar
      Nikki
      August 6, 2019

      Hi Tiyana,

      Thanks for your question. It’s great to hear that you are looking to open an online AMP Saver Account. To get started, click the HOW TO APPLY tab on the page above to check the eligibility requirements of this savings account. When you’re ready, begin your application online by clicking the green “Go to Site” button found on the top page.

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

      Hope this helps!

      Cheers,
      Nikki

    Default Gravatar
    Susan
    July 3, 2019

    Do I need to open an AMP linked account to earn the bonus interest rate in the AMP saver account and is the 2 .75% interest rate only on balance amount of $250,000. what is the rate for any amount more than $250,000.

      Default Gravatar
      Nikki
      July 3, 2019

      Hi Susan,

      Thanks for your inquiry!

      You will need to provide a linked AMP transaction or everyday account to earn the the 2.75% bonus rate (which is applicable for the first 4 months from the date your account is opened.) This linked AMP account’s purpose is so 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

      The bonus rate is payable on account balances of up to $250,000 per customer. Deposits over $250,00 are available upon request from the bank.

      Hope this helps! For any further questions, feel free to reach out to us again, we’re here to help.

      Best,
      Nikki

    Default Gravatar
    Ian
    May 3, 2019

    I am a British citizen and I am buying an apartment off plan in Broadbeach QLD and need to invest $450,000 until end of 2020. Can I invest and earn interest on the Saver Account without a tax number with interest being deducted at source?

      Avatarfinder Customer Care
      Jeni
      May 5, 2019

      Hi Ian,

      Thank you for getting in touch with Finder.

      You may apply for this account without a tax file number as it is not mandatory however your AMP would deduct taxes on your account at the highest marginal rate.

      Please make sure that you’ve read the relevant T&Cs or PDS of this account to help consider whether the product is right for you. It is also helpful to contact AMP directly for a more precise info on this account.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

    Default Gravatar
    Oscar
    April 5, 2019

    Hi

    If i were to invest $1,150, 000 for 35 days how much interest would i earn?

    Oscar

      Avatarfinder Customer Care
      John
      April 8, 2019

      Hi Oscar,

      Thank you for reaching out to Finder.

      Though I am not certain of your special request to have a savings account set up for 35 days, you may contact AMP directly to check if this is allowed as well as the interest percentage they could provide you. Hope this helps!

      Cheers,
      Reggie

    Default Gravatar
    Frank
    March 31, 2019

    HI folks, thanks for the info. This saver account needs to be linked to an AMP transaction or everyday account. Does this second account have any fees, and are there any transaction charges associated with moving funds between the accounts? Thanks again.

      Avatarfinder Customer Care
      Mai
      April 1, 2019

      Hi Frank,

      Thank you for contacting Finder.

      An AMP transaction or everyday account does not have any fees when transferring funds between accounts. You can move funds using your app without incurring any charges. To compare available everyday or transaction accounts from AMP, please use our comparison table to find the account that suits you. When you are ready, press the ‘Go to site’ button to apply.

      Please ensure you review the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Hope this helps.

      Kind Regards,
      Mai

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