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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.
2.1 ★★★★★ (8 reviews) Write a review

1.35% 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 Rate1.35% p.a.
Standard Variable Rate0.10% p.a.
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age18

Review by


Alison Banney is the banking and superannuation editor at Finder. She has written about finance for more than 8 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 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. 

Key features

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.

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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.
  • 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.

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73 Comments

  1. Default Gravatar
    Rachael
    May 26, 2022

    I am confused about how this works. I have been depositing over $250 every month into my AMP saver account. I have only been getting 0.1% interest monthly. I asked them about this and they gave me a complicated answer about how the 1.35% p.a. interest rate works, that I didn’t understand. Can you explain it in layman’s terms? I’m not sure if they’re scamming me and if I should move my money, as at the moment it seems like I am somehow not eligible to receive anything about 0.1% month on month, so I’d rather take my money somewhere else.

    • Avatarfinder Customer Care
      Alison
      June 24, 2022

      Hi Rachael,

      If you’ve only recently opened the account, you might find that you don’t receive bonus interest for the first 2 months. The way AMP calculates the interest is as follows:

      – You deposit $250 (or more) in one month,
      – The following month, the bonus rate will be applied to your balance (but not paid yet)
      – You’ll be paid your interest the month after that

      Hope this helps,
      Alison

  2. Default Gravatar
    Gary
    March 3, 2022

    Regarding the AMP Saver Account, what is the daily limit for electronic transfers out of the account?

    • Avatarfinder Customer Care
      Alison
      May 11, 2022

      Hi Gary,

      That’s a good question.

      The default limit is $5,000. You can request AMP to increase your limit up to $25,000.

      I hope this helps.

      Regards,
      Joshua

    • Avatarfinder Customer Care
      Alison
      March 9, 2022

      Hi Gary,

      The default limit is $5000. You can request AMP to increase your limit up to $25,000 if needed.

      Thanks,
      Alison

  3. Default Gravatar
    Patrick
    February 28, 2022

    Can my account be joint with my wife?

    • Avatarfinder Customer Care
      Alison
      March 9, 2022

      Hi Patrick,

      Yes, the AMP Saver Account is available as a joint account. Reach out to AMP for more details.

      Regards,
      Alison

  4. Default Gravatar
    Garry
    February 7, 2022

    AMP saver account,1.16% or 1.35% some reviews vary.

    • Avatarfinder Customer Care
      Alison
      February 15, 2022

      Hi Gary,

      As confirmed by AMP’s official website, the maximum total bonus variable rate you can potentially earn for their Saver Account is 1.35% p.a. if you deposit $250 into an AMP Saver Account in the previous month. This account did previously offer a rate of 1.16% p.a., however it has recently increased.

      Thanks,
      Alison

  5. Default Gravatar
    Caspian
    January 25, 2022

    How long is the offer of 1.35% valid for ? Is it ongoing or only for the first few months? if the latter, how many months is it for ?

    • Avatarfinder Customer Care
      Alison
      January 29, 2022

      Hi Caspian,

      The AMP Saver bonus rate is an ongoing rate that is available each month you meet the account conditions.

      Note that this is a variable rate, so it can be reduced or increased at any time.

      Thanks,
      Alison

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