What has changed with the First Home Saver Account?

The First Home Saver Account scheme is abolished and all restrictions and benefits no longer apply, including related tax concessions and withdrawal limitations. You will be able to access your funds from this date. Once the funds have been moved, the account will be closed. For more information, refer to the Australian Taxation Office.

If you have a financial adviser, you may wish to speak with them to discuss your options. Otherwise, if you have money in your account, you will receive a letter from us in July 2015.

From September 2015, we will transfer the funds from your First Home Saver Account (FHSA) to your highest interest earning AMP Bank deposit account (excluding Term Deposits) and then close your First Home Saver Account, unless you notify us otherwise. 

You have the following options:

  • Speak to your financial adviser, or
  • Call us on 13 30 30 to ask us to assist you, or
  • Email your instructions to deposits@amp.com.au (available to customers who have opted in to electronic communication), or 
  • Mail your instructions in writing to 
    AMP Bank
    Locked Bag 5059
    Parramatta NSW 2124

You don’t need to submit a closure request form to close your account, as previously required under the legislation. Only you as the account holder can provide the instructions on moving your funds and closing the account.

This depends on whether or not you have another deposit account with us.

If you do have another AMP Bank deposit account, we will transfer your funds from September 2015 to your highest interest earning account.

If you do not have another account with us, we will close your First Home Saver Account FHSA and open a new AMP Cash Manager account with your existing funds. Once opened, you will receive the corresponding terms and conditions and an account confirmation form, which also enables you to request an AMP Visa Debit Card and nominate your preferred account access methods.

An interest earning deposit account with complete access to your funds with an AMP Visa Debit Card, and internet, mobile and phone banking. You also have access to free eftpos and ATM transactions at over 3,000 rediATMs nationwide. There is a $5 monthly fee, but we will waive this until the 31 December 2015. See our Deposits Fees and Charges Guide. Fees for special services also apply.

Yes, you can. We have a range of banking accounts that may suit your needs. Please contact us on 13 30 30 for more information on how to open another deposit account and to provide your instructions.

We will close your account on your behalf and you will receive a confirmation letter once it's closed. This type of account may not have suited you. We have a range of other banking accounts that may be better suited to assist you in meeting your financial goals.

If we don’t receive instructions from you prior to September 2015, we will move your funds to your other AMP deposit account (if applicable) or a new AMP Cash Manager.

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 Life 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, Australian Credit Licence 234517.