Following the Reserve Bank of Australia’s (RBA) decision to increase the official cash rate by 0.25 per cent, AMP Bank has announced interest rate changes for customers.
The interest rates for variable rate home loans will increase by 0.25 per cent per annum (pa) effective 9 June 2023 for new customers and 12 June 2023 for existing customers.
Interest rate increases have been made for the below deposit products:
- AMP Notice products1 will increase by 0.25 per cent pa effective 13 June 2023.
- Cash account rates offered by AMP Bank to investment clients and superannuation members through AMP wealth and super platforms will increase by 0.25 per cent pa effective 13 June 2023.
In addition, AMP Bank will be offering highly competitive rates on a range of term deposit products effective 13 June 2023.
The Bank continues to regularly review its products to ensure they remain competitive and meet customer needs.
AMP Bank is focused on helping customers understand what rising interest rates means for them and their household budgets, with dedicated financial wellbeing support available.
Information about interest rates and resources to help with building financial resilience can be found at amp.com.au/home-loans/interest-rates-explained.
For more information on home loan rate changes, customers can visit amp.com.au/interest-rate-update.
Target market determinations for AMP Bank products are available at amp.com.au/banking/info/target-market-determinations.
1 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.