Following the Reserve Bank of Australia’s (RBA) cash rate decision, AMP Bank has announced interest rate changes for home loan, savings, and deposit customers.

The interest rates for variable rate home loans¹ will increase by 0.50 per cent per annum (pa) effective 12 August 2022 for new customers and 15 August 2022 for existing customers.

To help customers reach their savings goals, the following interest rate increases have been made:

• The variable standard rate for the AMP Saver Account will increase by 0.50 per cent pa, from 0.10 per cent pa to 0.60 per cent pa effective 8 August 2022, and customers can earn up to 2.60 per cent pa^[1].
• The interest rate on AMP Notice products³ will increase by 0.50 per cent effective 8 August 2022.
• Cash account rates offered by AMP Bank to investment clients through AMP wealth platforms will increase by 0.50 per cent pa, effective 8 August 2022.

AMP Bank continues to offer highly competitive term deposit rates on longer terms and will continue to review its position on other at call products.

In making its decision, AMP Bank considered various factors including the change in the official cash rate, the impact on customers, and the need to manage a balanced portfolio.

Sean O’Malley, AMP Bank Group Executive said:

“We are conscious of the impact that increasing home loan rates will have on our customers, and are focused on helping customers work through what it means for them and their household budgets. In cases where it’s needed, we have dedicated financial wellbeing support available for our customers.

“While home loan rates have increased, we are committed to providing competitive rates for both our home loan customers and savers to help them achieve their financial goals.”

Customers can access AMP Bank’s repayments and offset calculator or contact a home lending specialist, or their broker, to understand options available to them.

More information on home loan rate changes is available at  www.amp.com.au/interest-rate-update.

Details about the AMP Saver Account can be found at www.amp.com.au/saver.

Term deposit rates are available at www.amp.com.au/banking/term-deposit.

_{¹For the AMP First Home Loan, available to certain eligible customers, the following interest rate changes will apply. Owner Occupied Principal & Interest products, Investment Principal & Interest products, and Investment Interest Only products will increase by 0.25 per cent pa. Owner Occupied Interest Only products will increase by 0.40 per cent pa.}

_{²Up to 2.60 per cent pa ongoing variable rate on balances up to $250,000 for customers who meet the deposit bonus criteria. Full terms and conditions are available at www.amp.com.au/saver.}

_{³AMP Bank’s AMP Notice Account, AMP 6-month Notice Account, AMP Notice Account Financial, AMP 6-month Notice Account Financial.}