AMP Bank is announcing changes to the AMP Saver Account which will provide clients with a competitive and simple solution to help them reach their financial goals faster.

The new offer from AMP Bank will reward clients for good saving practices, providing ‘bonus interest’ for those who deposit $250 or more into their AMP Saver Account each month. This will provide an interest rate of 1.25% pa, up to $250,000, for clients who want to boost their savings^[1]. The 1.25% pa is comprised of the standard variable rate and deposit bonus interest rate.

This new offer and changes to the standard variable rate are effective 1 April 2021:

• For accounts opened from 1 April 2021 the new interest rate will be:
  • 0.10% pa on the full balance
  • 1.15% pa deposit bonus interest rate on up to $250,000
• For accounts opened before 1 April 2021 the interest rate will be:
  • 0.85%^[2] pa on up to $250,000
  • 0.40% pa deposit bonus interest rate on up to $250,000
  • 0.10% pa on balances over $250,000

For more information about the new variable bonus interest rates visit www.amp.com.au/saver.

Sean O’Malley, AMP Bank’s Acting Managing Director, said: 

“The new offer is designed to reward loyalty, especially for clients who are developing good savings habits, to help them achieve their long-term savings goals.

“One of the top priorities people have when looking for a good savings account is the interest rate. A higher rate can make a big difference, particularly as you deposit more money along the way.

“AMP Saver provides an ongoing benefit to both new and existing customers – a competitive, simple solution to get what they’re saving for faster.”

^[1] The bonus interest is earned  in the month after the $250 is deposited and will be paid into the account the month after that. Any balances over $250,000 will revert to the standard variable interest rate of 0.10% pa. The maximum ongoing balance is $5 million per customer name.  For accounts opened from 1 April 2021, the offer is limited to one account per client.

^[2] Rate only applicable to accounts opened before 1 April 2021. The standard rate applicable to accounts opened from 1 April 2021 will be 0.10% regardless of balance.

Important information

The product issuer is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517. Information, including interest rates, is correct as at 1 April 2021 and is subject to change without notice. Terms and conditions apply. Fees and charges are payable. Any application is subject to AMP Bank’s approval.

It’s important to consider your circumstances and read the relevant Terms and Conditions available from AMP at www.amp.com.au/bankterms or by calling 13 30 30 before deciding what’s right for you. This information hasn’t taken your circumstances into account.