AMP Launch First Home Saver Account

The AMP Bank First Home Saver Account (FHSA) is a simple and tax effective special purpose savings account that is designed to help customers get into their first home sooner.

Customers can use the account to save the deposit for their first home, or to cover other costs associated with purchasing their first property.

This account has been designed by the Federal Government to help boost customers chances of buying their own home in a tax effective way.

Account features include:

• No minimum opening deposit.
• No bank fees.
• Interest is calculated daily and paid monthly.
• Government contributions in addition to customer savings.
• Special Bonus interest rate offer for launch - 8.00%p.a. (applies until 31 December 2008)
• Standard interest rate at launch - 7.00%p.a. (all account balances)
• The additional 1% bonus rate above the standard rate expires as at 31 December 2008, and the rate then reverts to standard variable rate current at that time.

IMPORTANT NOTE: Both the standard rate and the interest rate bonus are variable, and subject to change at any time at the Bank's discretion