The AMP Notice Account has no minimum opening balance and a generous 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.

“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,” Mr Slocombe said.

AMP Notice Account features:

• Variable interest rate set at a minimum of 100 basis points above the Reserve Bank of Australia Cash Rate Target
• Customers must provide at least 31 days’ notice to access funds
• Ability to add to balance whenever you want
• No opening or ongoing fees
• No minimum opening balance
• Maximum balance $10 million
• Limit of two withdrawals per month with a minimum of $500 per withdrawal.

The AMP Notice Account is available now to new and existing customers.

Full details can be found in the AMP Notice Account can be found at www.amp.com.au/bank.

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The consistent production of high quality home loans won AMP Bank gold for overall ‘best bank’, along with four other product medals: 

• Gold Medal – Best Bank 3 Year Fixed Rate Home Loan
• Silver Medal – Best Bank 1 Year Fixed Rate Home Loan
• Silver Medal – Best Bank Introductory Home Loan
• Silver Medal – Best Bank Basic Variable Home Loan

AMP Bank Chief Operating Officer Rob Slocombe credits the bank’s success with listening to customers and distributors and creating products to suit their needs. 

“We’ve worked hard to give our customers home loans with features they want at a competitive price.  Over the past 12 months we’ve refreshed our product range, introduced a new low cost variable rate home loan and had a greater focus on creating competitive pricing for fixed and variable rate loans. 

“In 2011, we just missed out on the top spot for the Bank of the Year award, so we’re thrilled to have won this year.  It demonstrates that AMP Bank is a real alternative to the major banks and we will continue to adapt our offerings to the needs of our customers,” Mr Slocombe said. 

The product that took out the gold medal was the AMP Bank 3-Year Fixed Rate Home Loan.  With an initial interest rate of 5.99 per cent per annum (6.18 per cent per annum comparison rate), the product then rolls into a competitive 6.57 per cent per annum rate after three years. 

This product also allows for up to $10,000 per year in additional repayments at no extra cost, along with the option to pay interest only.  An LVR maximum of 90 per cent with LMI, or 80 per cent without, provides a compelling offer for those looking to borrow at least $250,000.

The AMP Bank Basic Variable Rate Home Loan won a silver medal in the Best Basic Variable category.  The product boasts a 6.27 per cent headline rate, backed up by a 6.34 per cent comparison rate.  This product includes such features as unlimited additional mortgage repayments, 100 per cent offset and unlimited redraws.

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