If you have a home loan through AMP you have the opportunity to shave years off of the life of your loan. The Offset Deposit Account is a convenient transaction account that links to your home loan and each time the balance of your loan has its interest applied, it is first reduced by the amount of cash in your account. Over the course of your home loan terms, this could lead to a tremendous savings.
AMP Offset Deposit Account
- Account keeping fee
- $6
- ATM withdrawal fee
- $0
- Overseas ATM withdrawal fee
- $4.5
- Overseas transaction fee of transaction value
- 2.5%
Our verdict
Save thousands of dollars on your home loan just for doing your banking with an AMP Offset Deposit Account.
This account works as a standard everyday transaction account, but the money in the account will also offset your home loan repayments with AMP. This means that, when calculating how much interest you owe on your AMP home loan, AMP will first deduct your Offset Deposit account balance. This could potentially save you thousands over the life of your loan.
This account could be suited to you if you’ve got an existing home loan with AMP, if you’re thinking about getting a home loan with AMP or if you’re switching an existing loan with another provider over to AMP.
If you don’t have a home loan with AMP, note that there is a $6 monthly account fee on this account. So if you’re just looking for a standard transaction account that’s not used as an offset account, you’ll likely be better off with the AMP Access Account instead as this account has no monthly fee.
Pros
-
No minimum account opening balance
-
Full access to online banking, mobile banking and phone banking
-
Unlimited fee-free ATM transfers
Cons
-
Need to hold an AMP home loan to be eligible
Details
Key details
Product Name | AMP Offset Deposit Account |
Monthly account fee | $6 |
Card access | Visa |
Own network ATM fee | $0 |
International ATM Fee | International ATM fee $4.50 |
International transaction fee | 2.5% |
Monthly deposit required to waive account fee | N/A |
Contactless Payments | Apple Pay, Google Pay, Samsung Pay |
Eligibility
Minimum Age | 18 |
Joint account availability | No |
Minimum opening deposit | N/A |
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