AMP's Saver Account incentivises customers to reach their savings goals faster, providing bonus interest when they deposit $250 or more in the previous month.
Group Executive of AMP Bank Sean O’Malley said the account is designed to reward customers who are developing good savings habits.
"This product is a great option for customers who are looking for a simple, market-competitive product to help them achieve their long-term savings goals.” Mr O’Malley said.
See how the AMP Saver account account fares in this review.
Get rewarded for saving more
You can earn a significantly higher total ongoing variable rate by depositing $250 in the previous month into your AMP Savings Account.
No monthly fees
The bank won't charge any monthly management fees on your AMP Saver Account.
Linked to a transaction account
Customers can get access to their Visa Debit Card and digital wallet by opening an AMP Access Account at the same time.
See how AMP's Savings Account compares to other high interest savings accounts on the market
Saver Account (<$250k)
- Phone banking and easy access to accounts via the app
- A competitive savings rate
- Easy online access to your money
- The requirement to save at least $250 each month to access the bonus interest rate
- The option to link your savings account to an everyday transaction account
What's not included?
- Access to the bonus interest rate if you save less than $250 each month
- The ability to use the account for direct debits
- A cheque book, Bank@Post or the option to use a digital wallet
Already a member?
Existing customers who already hold an eligible AMP super, pension or investment account may also be entitled to an additional wealth bonus variable interest rate of 0.10% pa on balances up to $250,000.
This is paid on top of your applicable standard and deposit bonus interest rate.
To receive the added wealth bonus interest rate, customers must be able to view both their AMP Saver Account and AMP Wealth product together in the same My AMP login.
How is interest calculated?
If customers meet the eligibility requirements and deposit $250 into their AMP Saver Account in the previous month, they'll receive the deposit bonus interest rate during the current month on top of the standard rate.
The rate will then be paid the following month and will be payable on AMP Saver Account balances up to $250,000 only.
For example, if a costumer deposits $250 into their AMP Saver Account in October:
They'll earn the applicable bonus interest for November, on top of the applicable standard variable rate, with interest calculated daily.
They'll receive the interest payment into their account on 10 December
- You must be aged over 18.
You must be an Australian resident
You must supply an email address and a mobile number
You must have one of form of ID such including driver's license, passport or Medicare card
What you’ll need to apply
The application process will take around 5 minutes, to proceed with it customers must be over the age of 18 and have a valid form of identification.
It's also recommended you have your tax file number handy. Providing this will prevent you from having to pay unnecessary tax on any interest you might earn.
Image by Annie Spratt via Unsplash.