AMP Saver Account
- Maximum variable rate
- 4.95% p.a.
- Base interest rate
- 0.75% p.a.
- Minimum deposit
- $250
Our verdict
Earn an ongoing total bonus variable rate of up to 4.95% p.a. if you grow your balance by $250 each month.
This account offers an ongoing total bonus variable rate of up to 4.95% if you grow your balance by $250 each month (excluding interest earned). The total variable rate will apply each month if you grow your AMP Saver Account balance by $250 in the previous calendar month.
One great thing about this account is there are no monthly spend requirements to meet. Plus, the bonus variable rate is available on large balances up to $500,000.
Pros
-
Competitive ongoing interest rate
-
The monthly account growth condition is smaller than other accounts
-
Make withdrawals whenever you need to
Cons
-
Any withdrawals must be replaced by end of month to meet the account growth condition
Details
Key details
| Product Name | AMP Saver Account |
| Maximum Variable Rate | 4.95% p.a. |
| Standard Variable Rate | 0.75% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Age | 18 |
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Alison Finder
Editorial Manager, Money
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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.