Should have rang them. It does say variable and every bank has done that so far in these trying times when I shop around trying to maximise my savings. They did the same to me, I rang expressing frustration at that and they then kept my interest at the new higher rate and the bonus for 6 months FIXED! They're the only bank that came to the party for me. I was more than happy with that.
I use the AMP Saver account which I locked in a phenomenal 6 month 2.65% rate when they had it. This is well above all others and the app is super easy to use and highly recommend. The only downside is they don't have Osko/instant payment which most banks have. So it makes transferring back and forth between my everyday account (with another bank) time consuming.
Three days ago (Saturday) I applied online for a business saver account. Yesterday (Monday) mailed by express post application form & certified ID documents (their instruction was to mail them back to a reply paid address (surely they didn't mean for me to mail them back in a plain envelope? Today (Tuesday) I receive an email starting with Hi, (no title, no name, no nothing) asking a question and saying they haven't received my certified ID copies - oh please, should I have flown up and delivered them by hand? Many years I worked for AMP - sad to see this motley email.
Opened in mid March 2020 with offer of 2.26% for 4 months, but interest paid in April 2020 was only 2.11%. When queried I was told the rate had dropped to 2.11%. However, in April 2020 AMP upgraded the offer to new customers to be 2.26% again, but this time for 6 months. Terrible treatment of a new customer. Avoid them.
I opened 2 x Savings accounts, one for my wife and myself. The bonus 4 months interest rate was up on the 14th March 2020. I contacted them on the 14.03.20 asking to withdraw my money. They informed me that I can’t do that myself only they could transfer it to another bank and it would take 3 business days (earning little interest). So that meant for 3 days I didn’t receive any interest on a considerable amount of money. 4 days had passed still no money transferred back to my regular bank. Contacted them again, they said they tried to ring me which was a lie as we all know mobiles phones show call history. Then they said they tried to email me, again another lie as surprise surprise no email. After demanding my money as it is only earning minimal interest they said it will be another 3 business days. That will make 8 days to withdraw my funds. We are in a pandemic with Coronavirus and I need money to live on. DO NOT MAKE THE MISTAKE I MADE AND BANK WITH AMP.
No Osko/instant transfers to everyday account when banks such as NAB/Westpac, etc. have it. Seems odd not to have it in this day and age.
Different people telling me different things. They set up a withdrawal limit without my knowledge. When wanting to withdraw all of my funds they definitely did not make it easy, had to jump through so many hoops to get this done. I would not recommend them to anyone.
Easy saving, and you can transfer deposits from another account.
Introductory rate of 2.75% for 4 months is the best deal I could find in the current climate.
The staff and account are most helpful. The elderly need a simple account that helps them in their banking.
The online banking website needs to be more user friendly, other than that it is easy to bank with them
The call centre staff are in Australia and are helpful, the bonus interest rate for 6 months was good.
Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.
No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.15% rate after*
Bonus rate for the first 4 months from account opening
Increase balance by at least $300 in the month
Minimum deposit of $200 and no withdrawals in the month.
Want more? Compare all 223 savings accounts in the Mozo comparison engine.
Compare more savings accountsMozo gives you the inside story on the best banking, energy and insurance products as rated by thousands of real customers around Australia. We don't make subjective judgments, nor do advertisers influence our ratings. Although our reviews may be moderated to improve quality standards, they are moderated independently of any of Mozo’s commercial relationships.
