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 10 February 2023 for new customers and 13 February 2023 for existing customers.

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

• AMP Notice products¹ will increase by 0.25 per cent pa effective 13 February 2023.
• Cash account rates offered by AMP Bank to investment clients through AMP wealth platforms will increase by 0.25 per cent pa effective 13 February 2023.

AMP 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.

AMP Bank previously announced the AMP Saver Account variable deposit bonus interest rate would increase by 0.50 per cent pa effective 1 February 2023, and customers can earn up to 4.10 per cent pa (eligibility criteria applies).²

The Bank continues to regularly review its products to ensure they remain competitive and meet customer needs. AMP Bank considers several factors when assessing its rates.

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 Up to 4.10 per cent pa ongoing variable rate on balances up to $250,000 effective from 1 February 2023. Offer is limited to one account per person. For any portion of the balance over $250,000 and up to $5,000,000 the interest rate reverts to the standard rate only. The maximum ongoing balance per customer name is $5,000,000. For more information, see amp.com.au/saver/reward-rules. 

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