AMP Saver Account
- Maximum variable rate
- 5.40% p.a.
- Base interest rate
- 1.2%p.a.
- Minimum deposit
- $1,000
Our verdict
Earn an ongoing total bonus variable rate of up to 5.4% p.a. if you deposit $1,000 into an AMP Saver Account in the previous month.
This account offers an ongoing total bonus variable rate of up to 5.4% if you deposit $1,000 into an AMP Saver Account in the previous month. The total variable rate will apply each month if you deposit $1,000 in the previous month into your AMP Saver Account.
One great thing about this account is there are no monthly spend requirements to meet.
This bonus variable rate is only available on balances up to $250,000.
Pros
-
Competitive interest rate
-
Small monthly deposit condition compared to other accounts
-
Make withdrawals whenever you need to
Cons
-
Bonus rate will only apply on $250,000 and revert to standard rate after that
Details
Key details
| Product Name | AMP Saver Account |
| Maximum Variable Rate | 5.40% p.a. |
| Standard Variable Rate | 1.20% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Age | 18 |
Alison Finder
Editor
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Sarah Megginson Finder
January 30, 2024
Hi Heather, yes as long as the account receives a deposit of at least $1000 per month you receive the bonus interest, regardless of how many withdrawals you make or their value.
AG
January 22, 2024
Hi,
If I have over $250,000 (say $270,000) and then also deposit the monthly requirement of $1,000 into this, will I still receive the 5.4% interest on the amount under $250k and just the variable rate on anything over?
Thanks!
Richard Whitten Finder
January 22, 2024
From AMP’s website: “For any portion of the balance over $250,000 and up to $5,000,000 the interest rate reverts to the AMP Saver Account standard rate only.”
So yes, I believe that is correct.
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.
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Alison Banney Finder
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
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Gary
March 02, 2022
Regarding the AMP Saver Account, what is the daily limit for electronic transfers out of the account?
Alison Banney Finder
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
Alison Banney Finder
March 09, 2022
Hi Gary,
The default limit is $5000. You can request AMP to increase your limit up to $25,000 if needed.
Thanks,
Alison
Patrick
February 28, 2022
Can my account be joint with my wife?
Alison Banney Finder
March 09, 2022
Hi Patrick,
Yes, the AMP Saver Account is available as a joint account. Reach out to AMP for more details.
Regards,
Alison
Heather brown
January 29, 2024
Thinking of opening an account once more. After depositing the $1000 pcm is there any penalty for withdrawing,say, $900 in a same calendar month, ie the balance has risen by only $100. Do you still earn the 5.4% interest