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.
All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product.
By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of April 24, 2024. View disclaimer.
Brooke Cooper
Harry O'Sullivan
Harrison Astbury
