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.
Effective 15 July 2022 for new customers and 18 July 2022 for existing customers, the interest rates for all variable rate home loans will increase by 0.50 per cent per annum (pa).
To help customers reach their savings goals, the deposit bonus interest rate for the AMP Saver Account will increase from 1.25 per cent pa to 2.00 per cent pa effective 1 August 2022 and customers can earn up to 2.10 per cent pa[1].
AMP Bank will also increase interest rates on AMP Notice products[2] by 0.50 per cent pa effective 11 July 2022. In addition, cash account rates offered by AMP Bank to investment clients through AMP wealth platforms will increase by 0.50 per cent pa, effective 11 July 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:
“Our decision on interest rates is made with careful consideration, being conscious of the impact that increasing home loan rates has on homeowners and their household budgets.
“With the majority of AMP Bank’s home loan customers ahead on their repayments, they are well-positioned to manage rising interest rates.
“We’re focused on helping customers understand what the increasing interest rate environment means for their mortgage repayments and household budgets. Through our partnership with Good Shepherd, AMP Bank can refer any customer who would benefit from specialised financial wellbeing support.
“The increased bonus interest rate for the AMP Saver Account, our most popular savings account, makes it a market-competitive product for customers, to help them achieve their long-term savings goals.
“AMP Bank remains focused on providing competitive rates for both our home loan customers and savers to help them achieve their investment goals.”
For more information on our home loan rate changes, customers can visit www.amp.com.au/interest-rate-update.
Details about the AMP Saver Account variable bonus interest rates can be found at www.amp.com.au/saver.
Term deposit rates are available at www.amp.com.au/banking/term-deposit.
Target market determinations for AMP Bank products are available at www.amp.com.au/banking/info/target-market-determinations.
[1] Up to 2.10 per cent pa ongoing variable rate on balances up to $250,000. Offer is limited to one account per person. For any portion of the balance over $250,000 and up to $5,000,000 the interest rate reverts to the standard rate only. The maximum ongoing balance per customer name is $5,000,000. For more information, see the AMP Saver Account Rewards Rules – Deposit & Wealth Bonus Interest.
The deposit bonus interest rate is applied for customers who deposit $250 or more into their AMP Saver Account each month. Bonus interest is earnt in the month after the $250 deposit is made. This will provide a potential maximum interest rate of 2.10 per cent, up to $250,000, for customers who meet the deposit bonus criteria in July comprised of the standard variable rate and deposit bonus interest rate. See www.amp.com.au/saver for terms and conditions.
[2] AMP Bank’s AMP Notice Account, AMP 6-month Notice Account, AMP Notice Account Financial, AMP 6-month Notice Account Financial.
The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517.
