If you are eligible for one of the Bonus Interest Rates and your Bett3r Save account balance is more than $100,000, when you view your interest rate in the AMP Bett3r App you will see an effective rate that is between the Standard Interest Rate and the Bonus Interest Rate.
This rate is an effective rate for the entire balance of your Bett3r Save account and reflects that both the Standard Interest Rate and Bonus Interest Rate has been applied to the first $100,000 balance of your Bett3r Save account and only the Standard Interest Rate has been applied on the balance over $100,000.
For example, if you are eligible for Bett3r Rewards,
the Standard Interest Rate is 1.50%, the Bonus Interest Rate is 1.00%, and your balance is $150,000 for the month of June, you will see an interest rate shown as 2.17%.
Interest is calculated as follows:
Balance x Interest Rate x days in the month ÷ days
in the year = Interest Earned
Standard Interest and Bonus Interest:
$100,000 x 2.50% x 30 days in June ÷ 365 = $205.48
$50,000 x 1.50% x 30 days in June ÷ 365 = $61.64
Total interest for June = $267.12
The effective interest rate is calculated as follows:
Interest ÷ balance ÷ days in the month x days in the year x 100 = Effective Interest Rate
$267.12 ÷ $150,000 ÷ 30 days x 365 x 100 = 2.17%