AMP boosts savings account rate, matches ING

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on January 05, 2022 Fact Checked
AMP boosts savings account rate, matches ING

From February, AMP's Saver Account will offer an interest rate of up to 1.35% p.a. matching ING's popular 'Savings Maximiser'.

The total ongoing rate consists of a 0.10% base interest rate, and a 1.25% bonus rate applicable on balances up to $250,000.

The bonus rate applies when the customer deposits at least $250 the previous month - so, savers would need to deposit $250 in January to be eligible for the bonus in February.

Interest would then be paid the following month, so customers could wait up to two months to see interest paid.

There does not appear to be the requirement of growing the account each month, merely deposit $250.

This is comparable to ING's popular 'Savings Maximiser' account, which also attracts 1.35% p.a. total interest, however AMP's account has fewer hoops to jump through.

With ING, customers must deposit $1,000 per month and have five settled debit card transactions on their linked Everyday account.

That said, by qualifying for the bonus interest with ING, savers also get access to fee-free foreign transactions and ATM fees refunded globally.

In Savings.com.au's market research, 1.35% p.a. appears to be the highest ongoing, non age-limited savings account rate in the market.

Compare some of the highest savings account interest rates below.

Lender

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Online Saver (Amounts < $499999)

    4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    High Interest Savings Account (< $250k)

      4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Online Saver ($1-$100k)

        0500$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Reward Saver

          000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          BU Savings Account

            Rates based on a savings balance of $10,000. Sorted by total interest rates. Refer to providers' websites for bonus rate conditions and for any applicable fees and charges. Rates correct as of June 30, 2022. View disclaimer.


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            author-avatar
            Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison strives to deliver and edit news and guides that are engaging, thought-provoking, and simple to read.

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