The AMP Saver Account has increased its maximum interest rate to 2.65% p.a. today, a 54 basis point increase from yesterday. 

Currently, this interest rate is comprised of: 

  • An introductory interest rate of 1.60% p.a.
  • A base interest rate of 1.05% p.a. 
  • An introductory term of six months

Previously, it had a maximum interest rate of 2.11% p.a, with:

  • An introductory rate of 1.06% p.a.
  • A base rate of 1.05% p.a. 
  • An introductory term of four months 

The table below shows how this savings account rate compares to other savings accounts with introductory interest rates. 

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
*Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • No balance growth needed or card transactions necessary.
  • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
  • 5.50% p.a. available on total savings up to $100K.
  • 5.00% p.a. applies to savings between $100K-250K.
*Rate varies on savings amount

Save Account (>$100,000)

  • Deposit $500 per month to get bonus interest
  • No balance growth needed or card transactions necessary.
  • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
  • 5.50% p.a. available on total savings up to $100K.
  • 5.00% p.a. applies to savings between $100K-250K.
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.

Savings Accelerator (Amounts < $50000)

  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account ($0 - $100,000)

    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Growth Saver ($1 - $25k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
      For customers aged 14-35 years
      For customers aged 14-35 years

      Future Saver Account ( < $50k)

        05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Goal Saver

          010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Boost Saver

            00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Reward Saver Account($0-$100k)

              01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Bonus Saver Account (Amounts < $100k)

                0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Reward Saver Kick Start (Amounts ≤ $1m)

                  00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  Life (< 30 years) (Monthly deposit)

                    5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    NetBank Saver

                      000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      ANZ Save

                        050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Young Saver Account

                          0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Save up

                            02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Bonus Saver (<$1 Million)

                              010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Saver Account (<$250k)

                                000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                Smart Saver Account (Under 25)

                                  Important Information and Comparison Rate Warning

                                  All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of July 15, 2024. View disclaimer.

                                  AMP could not confirm with Savings.com.au whether this change has anything to do with coronavirus, but this wouldn't be out of the question. 

                                  On Wednesday AMP announced a COVID-19 support package for customers, which included an increase to various term deposit products.

                                  “We’re facing unprecedented times and we recognise the important role we have to play in supporting our clients through these challenging circumstances," AMP Bank Managing Director Rod Finch said.

                                  A number of different banks have also substantially increased term deposit and savings account rates as well in the wake of coronavirus' effect on people's financial stability, and this new 2.65% p.a. account could make a big difference for people's savings at the moment. 

                                  As the table above shows, it's one of the highest savings account rates available. 

                                  What is an introductory interest rate?

                                  If you look at Savings.com.au's monthly list of highest savings account rates (or in the table below), you'll see rates that are a fair bit lower than the one described in this article. 

                                  Provider

                                  000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                                  *Rate varies on savings amount
                                  • Deposit $500 per month to get bonus interest
                                  • No balance growth needed or card transactions necessary.
                                  • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
                                  • 5.50% p.a. available on total savings up to $100K.
                                  • 5.00% p.a. applies to savings between $100K-250K.
                                  *Rate varies on savings amount

                                  Save Account (>$100,000)

                                  • Deposit $500 per month to get bonus interest
                                  • No balance growth needed or card transactions necessary.
                                  • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
                                  • 5.50% p.a. available on total savings up to $100K.
                                  • 5.00% p.a. applies to savings between $100K-250K.
                                  010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                                  • Deposit at least $1,000+ each month from an external source
                                  • Make 5 or more eligible transactions
                                  • Grow your savings balance each month

                                  Savings Maximiser (<$100k)

                                  • Deposit at least $1,000+ each month from an external source
                                  • Make 5 or more eligible transactions
                                  • Grow your savings balance each month
                                  010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                  Boost Saver

                                    Important Information and Comparison Rate Warning

                                    All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of July 15, 2024. View disclaimer.

                                    You'll also see under these tables it says "introductory bonus interest rate products not included".

                                    That's because an introductory savings account only has a temporarily-high interest rate, so it's not fair to compare these accounts with non-introductory savings accounts.

                                    Once the introductory period ends (in AMP's case, six months) then the maximum rate you can earn reverts to the much lower base rate.

                                    Many of the highest-interest non-introductory savings accounts have a bonus rate you can earn if you meet certain conditions, such as depositing at least $1,000 a month or making at least five transactions each month.

                                    However, some have very few conditions, like Xinja's Stash account, which only requires customers to have less than $245,000 deposited in order to earn its highest interest rate. 

                                    Non-introductory savings accounts tend to have slightly lower overall interest rates than introductory ones, but could allow you to earn more interest long-term instead of just the short-term. 

                                    But with some of the highest savings account interest rates barely scraping past the annual rate of inflation, a six-month introductory savings account rate of 2.65% p.a. may seem quite attractive.