AMP Saver Account
![AMP Saver Account](https://www.finder.com.au/niche-builder/5f8f6ab21cab5.png)
- 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 |
![Sarah Megginson](https://www.finder.com.au/finder-au/wp-uploads/2023/10/Sarah-Megginson_2023_600x600.jpg)
Sarah Megginson's experience
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!— Sarah Megginson, Finder crew member
![Avatar](https://www.finder.com.au/finder-au/wp-uploads/2021/07/AlisonBanney_Finder_600x600.jpg)
Alison Finder
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![Avatar](https://www.finder.com.au/finder-au/wp-uploads/2023/10/Sarah-Megginson_2023_600x600.jpg)
Sarah Megginson Finder
May 30, 2024
Hi Julian,
It can be made from another AMP account.
![Avatar](https://www.finder.com.au/global/images/finder-default-gravatar-64.png)
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 ?
![Avatar](https://www.finder.com.au/finder-au/wp-uploads/2023/10/Sarah-Megginson_2023_600x600.jpg)
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
![Avatar](https://www.finder.com.au/finder-au/wp-uploads/2023/10/Sarah-Megginson_2023_600x600.jpg)
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.
![Avatar](https://www.finder.com.au/global/images/finder-default-gravatar-64.png)
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!
![Avatar](https://www.finder.com.au/finder-au/wp-uploads/2021/07/RichardWhitten_Finder_600x600.jpg)
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](https://www.finder.com.au/global/images/finder-default-gravatar-64.png)
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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![Avatar](https://www.finder.com.au/finder-au/wp-uploads/2021/07/AlisonBanney_Finder_600x600.jpg)
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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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?