AMP Saver Account
- Maximum variable rate
- 5.20% p.a.
- Base interest rate
- 1%p.a.
- Minimum deposit
- $1,000
Our verdict
Earn an ongoing total bonus variable rate of up to 5.2% 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 5.2% 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 | 5.20% p.a. |
| Standard Variable Rate | 1.00% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Age | 18 |
"I opened this savings account because the minimum requirements to earn the bonus interest are super easy to meet – I just need to transfer $1k into the account each month. I can withdraw as much as I like, and it doesn't matter if my balance ends the month lower than it began, I'll still get my interest. This really suits our lifestyle and spending, especially as I've had the pain of not earning interest in the past due to not meeting the minimum requirements. Ouch!"
Alison Finder
Editor
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Damien
September 02, 2024
Hi,
So, to get the 5.4% you need to deposit a minimum of $1000 anytime during the month? Do you still get the full 5.4% interest rate if you deposit $1000 on say the 15th of each month, then withdraw $1000 OR more out on the 16th of the month?
Thanks.
Sarah Megginson Finder
September 09, 2024
Hi Damien,
Yes that’s right. There is no requirement to make no withdrawals or maintain your balance. You could deposit $1,000 and on the same day, withdraw $5,000, and you’ll still qualify for the bonus rate.
Hope this helps!
Julian
May 04, 2024
Did the deposit need to be made from an external account or can it be a transfer between one of your other amp accounts?
Sarah Megginson Finder
May 30, 2024
Hi Julian,
It can be made from another AMP account.
ks
April 01, 2024
Does your bank have physical office in Sydney ? Would the account still entitle the 5.4% interest for a month if I deposited 1000 dollars in previous month and withdrew some amount in that month ?
Sarah Megginson Finder
June 26, 2024
Hi KS,
Yes, you would still be eligible if you withdraw money. As long as the account receives a deposit of at least $1000 within the month, you’re eligible for bonus interest.
AMP doesn’t have any branches where customers can visit, you can reach them online or through phone customer service.
Hope this helps!
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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
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.
Angus Kidman Finder
September 23, 2024
Hi George, the AMP Saver account is essentially set up for an individual – it’s not clear that you can set it up as a joint account. But you could link a jointly-held AMP transaction account to it.