On Monday, AMP increased the base rate on its savings account by 20 basis points, effective immediately.

The increase takes the rate to 0.80% p.a. up from 0.60% p.a. 

In combination with the 3.50% p.a. bonus interest rate, AMP's total interest rate for its AMP Saver Account sits at 4.30% p.a. in April for balances up to $250,000. 

The bonus rate applies when the customer deposits at least $1,000 the previous month - so, savers would need to deposit $1,000 in May to be eligible for the bonus in June.

Interest would then be paid the following month, so customers could wait up to two months to see interest paid into their account.

The bonus rate is also due to rise to 4.00% p.a. from 1 May, meaning new and existing AMP customers will soon be eligible for a maximum rate of 4.80% p.a.

Although AMP has hiked its savings account rate out of the RBA cycle, it still lags behind the likes of ING, BOQ, RaboBank, and MOVE Bank which offer savings rates of 5% p.a. or greater.

Read More: Which banks offer savings accounts above 5%?

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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Rates
Features
Conditions
Other
Provider
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
More details
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

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
More details
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 $1,000 in the previous month
  • No account fees
  • Easy access to your money
More details
02000$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
More details
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 April 27, 2024. View disclaimer.

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