AMP Saver Account is changing

Instead of the current requirement to deposit $1,000 or more each month, you’ll just need to grow your account balance by $250 or more each month.

Additionally, we’re increasing the cap on balances eligible for bonus interest. Previously, bonus interest was earned on balances up to $250,000. With the new changes you can earn bonus interest on balances up to $500,000, which lets you benefit on more of your money. 

From 1 February 2025 , you’ll need to grow your account balance by $250 or more each month to qualify for your monthly bonus.

You’ll no longer need to deposit $1,000 or more each month.

The great news is that most of our customers are already doing this most months. And if that’s you, you’ll continue qualifying for the bonus when you grow your balance by $250 or more each month. 

If you haven’t been, it’s still great news because this change will help you start small, regular savings today and reach your saving goals faster, helping you qualify for the bonus each month.

To grow your balance and qualify for the bonus interest, you will need to ensure that your final balance at the end of the current month has increased by a minimum of $250 or more (excluding interest earned), than your final balance at the end of the previous month.

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 or more each month will unlock our highest variable rate. 

If you grow your balance by $250 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.

No, the $250 is based purely on customer-initiated transactions. Interest payments, fees and charges are NOT considered as part of the $250 growth.

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 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 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.

Yes, 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. 

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.