Following the RBA’s decision to decrease the official cash rate by 0.25%, AMP Bank is reducing interest rates across all variable rate home loans by 0.25% per annum (pa) effective 2 June 2025 for customers.
We will continue to offer a range of competitive options for customers looking for both at call savings and term deposits, including rates of up to 4.70% pa*^ on the AMP Saver account and Term Deposit rates up to 4.50% pa.^
Michael Christofides, AMP Bank’s Director, Lending & Everyday Banking said:
“We’re pleased to pass on this rate reduction to our customers, helping to ease some of the financial pressure many are feeling.
“We remain committed to supporting our customers through changing economic conditions, and we encourage anyone experiencing financial difficulty to reach out – our team is here to help.”
More information to help those experiencing financial hardship is available here. Customers can also call 1300 721 862 or our contact centre on 13 30 30
* Up to 4.70% pa ongoing variable rate from 23 May 2025 on balances up to $500,000. Offer is limited to one account per person. For any portion of the balance over $500,000 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.
^Interest rates are variable and subject to change.
The product issuer is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian Credit Licence 234517. Information including interest rates is correct as at 20 May 2025 and is subject to change. Terms and conditions apply and are available at amp.com.au/bankterms or by calling 13 30 30. Fees and charges may be payable. A target market determination for this product is available at www.amp.com.au/bank/TMD.