Following the Reserve Bank of Australia’s (RBA) decision to increase the official cash rate by 0.25 per cent, AMP Bank has announced interest rate changes for customers.

The interest rates for variable rate home loans will increase by 0.25 per cent per annum (pa) effective 14 October 2022 for new customers and 17 October 2022 for existing customers.

Interest rate increases have been made for the below savings and deposit products:

• AMP Notice products¹ will increase by 0.25 per cent pa effective 10 October 2022.
• Cash account rates offered by AMP Bank to investment clients through AMP wealth platforms will increase by 0.25 per cent pa effective 10 October 2022.
• Welcome bonus² rate for new AMP SuperEdge Saver customers will increase by 0.30 per cent pa effective 17 October 2022.

To better support savers, AMP Bank reviewed the AMP Saver Account in advance of the RBA’s decision and confirmed the deposit bonus variable interest rate will increase by 1.00 per cent pa to 3.00 per cent pa effective 1 November 2022, and customers can earn up to 3.60 per cent pa.³

The Bank is committed to providing competitive rates for both home loan customers and savers to help them manage their budgets and achieve their financial goals.

For more information on home loan rate changes, customers can visit amp.com.au/interest-rate-update.

Information on banking accounts can be found at amp.com.au/banking.

Target market determinations for AMP Bank products are available at amp.com.au/banking/info/target-market-determinations.

_{¹AMP Bank’s AMP Notice Account, AMP 6-month Notice Account, AMP Notice Account Financial, AMP 6-month Notice Account Financial.}

_{² Eligibility criteria applies. Full terms and conditions are available at www.amp.com.au/banking/smsf-accounts/amp-superedge-saver-account.}

_{³Up to 3.60 per cent pa ongoing variable rate effective from 1 November 2022 on balances up to $250,000 for customers who meet the deposit bonus criteria. Full terms and conditions are available at www.amp.com.au/saver.}

_{The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517.}