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

010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

Saver Account (<$250k)

  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
020001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest

Home Saver

  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
4000$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

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
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

      Target Saver

        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
          • Maximum Age - 24

          Goal Saver

          • Maximum Age - 24
          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 (31 years +) ($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

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

                        Savings Maximiser (<$100k)

                          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)

                                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 February 28, 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

                                02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                                No monthly fees
                                • Download the App to open your account
                                • Get better visibility of your spending within App!
                                • Deposit $200 per month to activate bonus interest
                                No monthly fees

                                Save Account

                                • Download the App to open your account
                                • Get better visibility of your spending within App!
                                • Deposit $200 per month to activate bonus interest
                                010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                Savings Maximiser (<$100k)

                                  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 February 28, 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.