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AMP Bank has launched a new deposit product said to offer Australians good returns.
According to the lender, the deposit product will offer customers an ongoing variable interest rate of a minimum of 100 basis points above the Reserve Bank's official cash rate.
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In addition, the AMP Notice Account has no minimum opening balance and a maximum balance of $10 million. Interest is calculated daily and paid monthly. Customers must provide a minimum of 31 days’ notice to withdraw funds.
AMP Bank chief operating officer Rob Slocombe said the account is suitable for everyone from retail customers wanting to save more to wholesale investors looking for a competitive rate for their funds.
“This is a real 'set and forget' account as it offers a great rate all the time, so there’s no need to shop around. It allows you to access a highly competitive interest rate without having to lock your money up for a long time, offering the best of both a term deposit and a high interest savings account,” he said.
“Unlike a term deposit, there’s no maturity date so you can top it up any time with unexpected lump sums or regular contributions. There’s also no penalty for putting your money on notice, so you can access it within 31 days.
“The account balance is treated separately from the $5 million maximum account balance for other AMP Bank deposit products. This means customers can have an AMP Notice Account in addition to their shorter period term deposits with AMP Bank.”
