AMP Bank has launched a new deposit product which it says will offer customers an ongoing variable interest rate at a minimum of 100 basis points above the Reserve Bank cash rate target.
The product, the AMP Notice Account, has no minimum opening balance and a maximum balance of $10 million, with interest calculated daily and paid monthly.
The company says customers will have to provide a minimum of 31 days’ notice to withdraw funds.
AMP Bank chief operating officer Rob Slocombe said the account was 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.”
