All customers earn the standard variable rate on the AMP Saver account, and can earn a bonus rate on top of this following a month where they deposit $1,000 or more, on balances up to $250,000.

Group Executive of AMP Bank Sean O’Malley said the account is designed to reward customers for developing good savings habits.

"This product is a great option for customers who are looking for a simple, market-competitive product to help them achieve their long-term savings goals.” Mr O’Malley said.

See how the AMP Saver account account fares in this review.

Key Features

Get rewarded for saving more

You can earn a significantly higher total ongoing variable rate by depositing $1,000 in the previous month into your AMP Savings Account.

No monthly fees

The bank won't charge any monthly management fees on your AMP Saver Account.

Linked to a transaction account 

Customers can get access to their Visa Debit Card and digital wallet by opening an AMP Access Account at the same time. 

See how the Saver Account rate compares to other savings accounts at AMP

Rates
Features
Conditions
Other
Provider
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SuperEdge Saver

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

    What's included?

    • Phone banking and easy access to accounts via the app
    • A competitive savings rate
    • Easy online access to your money
    • Bonus interest rate after depositing at least $1,000 in the previous month.
    • The option to link your savings account to an everyday transaction account

    What's not included?

    • Access to the bonus interest rate if you save less than $1,000.
    • The ability to use the account for direct debits
    • A cheque book, Bank@Post or the option to use a digital wallet

    How is interest calculated?

    If customers meet the eligibility requirements and deposit $1,000 into their AMP Saver Account in a month, they'll earn the maximum rate (standard variable plus bonus) on their balance up to $250,000 the next month, with the interest paid the month after that.

    For example, if a costumer deposits $1,000 into their AMP Saver Account in October:

    • They'll earn the applicable bonus interest for November, on top of the applicable standard variable rate, with interest calculated daily.

    • They'll receive the interest payment into their account on 10 December 

    Eligibility

    • You must be aged over 18.

    • You must be an Australian resident

    • You must supply an email address and a mobile number

    • You must have one of form of ID, such as driver's license, passport or Medicare card

    What you’ll need to apply

    The application process will take around 5 minutes, to proceed with it customers must be over the age of 18 and have a valid form of identification.

    It's also recommended you have your tax file number handy. Providing this will prevent you from having to pay unnecessary tax on any interest you might earn. 

    Image by Annie Spratt via Unsplash.