AMP Saver Account is changing

To qualify for the bonus interest, your account balance needs to grow by at least $250 (excluding interest earned) by the end of the calendar month.

For example, if your starting balance is $1,000 and you earn $52 in interest, you’d need to deposit at least $250 by the end of the month to qualify. However, if you withdrew the $52 in interest, your balance would have decreased, so you’d need to deposit $302 (the $52 you withdrew + the $250 growth requirement) to ensure your balance grows by at least $250. 

If you withdrew your interest during the month, this would reduce your balance, and you’d need to replace the amount withdrawn in addition to depositing at least $250 to qualify for the bonus interest.

For example, if your starting balance is $1,000 and you earn $52 in interest, you’d need to deposit at least $250 by the end of the month to qualify. However, if you withdrew the $52 in interest, your balance would have decreased, so you’d need to deposit $302 (the $52 you withdrew + the $250 growth requirement) to ensure your balance grows by at least $250.

No, the $250 is based on funds you deposit into the account and does not include interest earned on funds already in your account.  You will need to grow by at least $250 by the end of the calendar month on top of any interest earned to qualify for bonus interest. Interest payments, fees and charges are NOT considered as part of the $250 growth.

You can make as many withdrawals as you like, you just need to make sure you increase your account balance by at least $250 by the end of the calendar month The $250 growth does not include any interest earned.

If you make a withdrawal, (including any interest earned), this will decrease your account balance. To earn the bonus interest, you will need to deposit any amount you withdraw, plus at least another $250 to be eligible for the bonus interest. 

For example, if your starting balance is $1,000 and you earn $52 in interest, you’d need to deposit at least $250 by the end of the month to qualify. However, if you withdrew the $52 in interest, your balance would have decreased, so you’d need to deposit $302 (the $52 you withdrew + the $250 growth requirement) to ensure your balance grows by at least $250.

No, there won’t be any changes to the current standard variable rate or to the bonus rate at this stage.

To calculate the interest on your AMP Saver Account you can refer to the table in the AMP Saver Account Reward Rules Handbook.

While we’re changing the way you qualify for the monthly interest, how and when the interest is paid won’t change.

Customers who consistently grow their balance by $250 (excluding interest) or more by the end of the calendar month will unlock our highest variable rate. 

If you grow your balance by $250 (excluding interest) or more in month 1, you’ll unlock AMP Saver’s highest variable interest rate in month 2. This bonus interest will be paid out in month 3.

An example of how it works:

For more information, refer to the table in the AMP Saver Account Rewards Rules Handbook.

For more information, please see our AMP Saver Rewards Rules Handbook, send us a secure message via My AMP, or contact us on 13 30 30. We’re available from 8am-8pm on weekdays and 9am-5pm on weekends (Sydney time).

Up to 31 January 2025, the current criteria still applies, and you’ll continue to qualify for bonus interest if you deposit $1000 or more each month. From 1 February 2025, instead of needing to deposit $1,000 or more each month, you’ll just need to grow your account balance by $250 (excluding interest) or more each month to qualify for your monthly bonus.

For example, if you deposit $1000 in January, you will be earning the bonus interest in February. This interest will be paid out in March.

In February, you will need to grow your balance by $250 (excluding interest) or more by the end of the month to qualify for the bonus interest to be applied in March. This interest will be paid out in April.

You’ll be able to see what your available rate for the month is on your account through your My AMP app.

We’ll apply AMP Saver’s bonus interest rate to balances up to $500k. For any portion of the balance over $500,000 and up to $5,000,000 we’ll pay out an ‘effective rate’. 

For more information, see the AMP Saver Account Rewards Rules Handbook.

The Australian Government guarantees combined deposits up to $250,000 per customer, in the event a financial institution fails.