Offset Deposit Account

Reduce the term and interest repayments on your home loan

You may pay off your home loan ahead of its term and save thousands of dollars, by simply depositing all your regular income and earnings into an Offset Deposit Account, available when you take up a Business Classic variable rate loan1.  

You can choose between 1 and 10 Offset Deposit Accounts to be linked to Business Classic variable rate loan1. The balance in your linked Offset Deposit Accounts is offset against your loan balance every day, which means you only pay interest on the remaining portion of your loan.

1 Not available with a Business Classic Line of Credit.

An Offset Deposit Account may suit if you’re:

  • an AMP Bank home loan customer
  • looking for a home loan plus an everyday account
  • switching your home loan to AMP Bank
  • interested in paying off your home loan sooner.

Here’s what you get:

  • easy banking with My AMP, mobile banking and BankPhone
  • an AMP Visa Debit card for ATM and eftpos access
  • a cheque book to draw funds from the account
  • Bank@Post at participating Australia Post Offices.

Open a Company or Trust account

Apply online now

For any help or questions, call us on:

13 30 30

Monday to Friday
8.00am – 8pm (AEST)
Saturday and Sunday
9am – 5pm (AEST)

Lost / Stolen Cards 24 hours 7 days

Effective 26 June 2017


Interest rate2

All balances

0.00% pa

No interest is payable on the Offset Deposit Account, as all your funds work to reduce the amount of interest you pay on your Business Classic variable rate loan1. Deposits over $5,000,000 are at our discretion.

1 Not available with a Business Classic Line of Credit
2 These rates are variable and are subject to change.

Pay off your home loan sooner

Use all your deposited funds to reduce your interest repayments with our Offset Deposit Account that offers:

  • no minimum account opening balance
  • unlimited fee-free3 rediATM transfers and withdrawals with an AMP Visa Debit card
  • full access to My AMP, mobile banking and BankPhone
  • a savings preview with our Loan offset calculator.

3 Other ATM provider fees may apply to ATM transactions at non rediATMs. Fees also apply for international transactions and special services.

How fast can you own your own home? 

See how you can potentially save years and many thousands of dollars of loan repayments with an Offset Deposit Account, so request an account application with your approved variable rate home loan. Use our Loan offset calculator to compare how any regular deposits (like salary, bonuses or other income) work to offset the outstanding balance of your loan.

This is because your interest is calculated on a lower amount than your actual loan, as long as the funds are in the account. Of course you have access to those funds when you need them with online banking and an AMP Visa Debit card.


Open an AMP Offset Deposit Account today

Whether you already have a Business Classic variable rate loan with AMP or you’re applying for a new one, make your repayments work harder using all your deposited funds to offset the cost of your interest:

Apply online now

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Important information

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It’s important to consider your particular circumstances and read the relevant Product Disclosure Statement or Terms and Conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account.

This information is provided by AMP Bank Limited. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.

The credit provider and product issuer is AMP Bank Limited, AFSL 234517 and Australian Credit Licence 234517.