AMP Saver Account

Worst Banking Experience, Funds Frozen with No Info on Why & How Long; Avoid for Large Transfers

I withdrew my funds to another bank account in my name elsewhere in pursuit of a higher interest rate (as this account only pays the bonus interest in the second month) but found not only that my funds had been returned but my account now had restrictions on it preventing internal and external transfers. Interestingly enough, smaller transactions I made before and after the large transaction were successful whereas my large transaction was not. Additionally, I had raised my transaction limit in the app to an amount higher than what I had transferred so it should have worked based on that. I have attempted to use the secure messaging system, live chat and the call centre to get information on why this has occurred but they refuse to provide any information on that or even a rough timeframe or compensation for financial losses if I cannot meet my bonus interest requirements due to the restrictions placed. There's also apparently no one I can contact for information about this issue whilst their internal team conducts a review and no information on what they need from me until they contact me at some point in the future (no timeframe). I have made my complaint to AFCA and am hoping for a swift resolution in the meantime though. However, I expect that based on my experience with no transparency and accommodation so far, I'll be waiting for a long time like others here who faced the same issue and without an adequate response outside of AFCA.

Was a great savings account.

Was a great product until they increased the monthly deposit from $250 to $1000. That is a huge hike for retirees. Will be looking at other banks. Shame.

Disappointed

I have had an AMP Saver Account for over 10 years and have always had great service from them. BUT now with this change in February 2023 to min deposit of $1000 a month I will be looking elsewhere for another institution to put my savings in. As a retiree I struggle to deposit the 250 each month so $1000 is way out of my reach!!

AMP BANK Won't refund money if scammed

Don't trust AMP BANK if you get scammed. It took just under 108 days to get back to you to tell you that they won't pay my money back. To them $2000 isn't a lot to worry about but to me as a low wage earner it's a lot. Don't Trust AMP BANK to recover your money back if scammed!

AMP stole my money

My business savings account was closed, without my permission or without informing me. I've contacted AMP on multiple occasions via phone and email - as they have no branches - and was repeatedly given incorrect information by various agents about what had happened to my funds and how I could retrieve my funds. I am asked to fill out forms that I already completed upon opening the account, I am told to email the forms, then after weeks of no news, I call up to hear the forms need to be posted. Again weeks go by without response. I call up yet again to then be told I need to fill out a whole other set of forms. Long story short, I have been trying to get my funds back for the past 6 months and haven't gotten anywhere. The bank does not even get back to me. This is unacceptable. I feel I am dealing with scammers, not a financial institution. I do not know where my funds are and when (if at all) I will receive my funds back.

A disgrace

opened a saving account with AMP, but could not get any response from them , they do not answer the telephone, or send a email, thank goodness I never deposited any money into the account, would not recommend AMP you can get the same interest with other banks, and they do answer the phone.

Terrible Service

Careful in dealing with AMP - lost my Super and transferred it to ATO even though I was in communication with them trying to transfer it into another Super fund. Then 5 months after I had retrieved the money from ATO , I received letter from AmP advising they were going to transfer the money to ATO. They have absolutely no idea on handling your money and are impossible to deal with.

Very poor communication

I also had my account locked with no explanation. Phone queues take forever to get through and then they cannot tell you why your account has been locked. No useful responses, or the request disappears if you try to work through their request and complaint system. It took just over a month to get the account unlocked. It is not worth it

Super dodgy!

They let me set up a saver account, which I chose for their competitive bonus interest rate. Then they allowed me to transfer $60k into the savings account. Then I discovered they won't pay me any bonus interest until 2 months in. Then they would not let me withdraw my $60k, instead they locked my account and can't tell me why. Nothing can be sorted over the phone or online. Instead I have no choice but to wait for snail mail. Still waiting. Will be lucky if I get access to my own money again in a few weeks. Apparently when I get the letter from them, I will need to fill out a form and get my ID verified, and then I cannot return to them via email, again I have to send snail mail. No ability to help me, not a care in the world. Wish I had done my research, if you look at Product Review there are many other reviews with people being put into same situation. They will lock you out of accessing your money, and hold it to ransom and there is no way to resolve except to accept their process. What a joke.

Best Interest Rate

It has gone up last month.. First bank to give you more.. Customer service is good too... Cant complain