On 27 March AMP announced a new interest rate on its AMP Saver Account, increasing the rate by 54 basis points from 2.11% p.a. to 2.65% p.a. 

This interest rate was 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

The maximum interest rate of 2.65% p.a. was one of the highest savings account interest rates available - only Macquarie Bank held a similar interest rate with its 4-month introductory rate of 2.65% p.a. 

However, less than two weeks later, AMP reversed most of this interest rate increase, cutting the new interest rate by 39 basis points to a maximum rate of 2.26% p.a. 

Key info

  • The base rate is 1.05% p.a. 
  • The introductory rate is 1.21% p.a. 
  • These rates apply for deposits between $5,000 to $500,000
  • The introductory term is still six months 

UPDATE: An AMP spokesperson told Savings.com.au that "clients who signed up during the bonus period will continue to receive the bonus 1.60% above the standard variable rate (currently 1.05%) for six months", meaning their interest rate will remain at 2.65% p.a.

All new customers however will get 2.26% p.a.

The table displays how this account now compares to other introductory savings accounts on the market with high interest rates. 

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
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
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 $200 per month to activate bonus interest
020000$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
        • 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

                            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 $1,000 in the previous month
                            • No account fees
                            • Easy access to your money
                            02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Bonus Saver (<$1 Million)

                              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 May 28, 2024. View disclaimer.

                                The 2.26% p.a. interest rate is still higher than nearly every other non-introductory savings account on the market - only Xinja, which recently stopped taking new customers in order to preserve its interest rate - comes close at a 2.25% p.a maximum rate at the time of writing. 

                                But the caveat with products like the AMP Saver is that the rates are introductory - such accounts only have a temporarily-high interest rate, which reverts to the base rate specified once the introductory term is over. 

                                In this case, the rate on AMP's account would revert to just 1.05% p.a. after 6 months, well below the annual rate of inflation (1.80%) and the rates of other savings account products. 

                                The table below features savings accounts with some of the highest non-introductory interest rates on the market.

                                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 May 28, 2024. View disclaimer.

                                    Non-introductory savings accounts tend to have lower total interest rates than introductory ones, but could allow you to earn more interest long-term.

                                    Read: The different types of savings accounts explained