In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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AMP Saver Account

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AMP Saver Account
1.8
★★★★★
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. So if you deposited $1,000 into the account in January, you'd get the higher interest rate applied in February.

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

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

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

Key features

Earn an ongoing bonus variable rate of up to 5.4% p.a.

This account offers an ongoing total bonus variable rate of up to 5.4%. The total variable rate will apply each month if you deposit $1,000 in the previous month into your AMP Saver Account. This could be 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.

Interest calculation and payments

Interest is earned on your 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.

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.
  • 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.

Ask a question

Ask a question
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Alison Finder

Editor

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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


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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.


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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!


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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.


Avatar

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?


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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


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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


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Patrick

February 28, 2022

Can my account be joint with my wife?


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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


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