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.
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Harry O'Sullivan
Harrison Astbury
