Fact checked
Founded in the mid-19th century, the Australian Mutual Provident Society was a not-for-profit which also provided life insurance to customers. By 2022, the Sydney-headquartered company has almost 4,900 employees and more than 1.5 million customers. They also have branches and offices across the country, plus a range of savings and banking options for personal and commercial customers.
AMP offers a range of savings accounts and comparing with Savvy makes finding the best one easier. Whether you want flexibility or stability from your fund, your decision-making will be made easier by weighing up your choices with Savvy.
*Please note that Savvy does not represent AMP for their banking products. All product information and rates are correct as of May, 2022.
Savings accounts can be great tools for earning interest on money you’re not currently using. Being able to grow your balance is a key difference between savings accounts and bank accounts and AMP offers several long and short-term savings options if you’re looking for somewhere to park your money. However, it’s important to do your homework to make sure you’re picking the best savings account for your money.
These savings accounts are all accessible via AMP’s internet portal or mobile banking app. The My AMP app is a relatively basic mobile banking tool which allows you to set up a budget, check your balance and transfer money. If you have insurance or superannuation with AMP, you’ll be able to track these using the same app.
AMP Saver Account
The AMP Saver is a flexible savings account which rewards you with bonus interest for making a minimum monthly deposit. It gives you easy access to your money, the option to link to an everyday bank account and no monthly account fees.
An AMP Saver can earn you up to 1.45% p.a. interest rate. The account comes with a variable base rate of 0.10% p.a. but if you deposit more than $250 per month and your balance is under $250,000, you’ll earn a bonus interest rate of 1.25% p.a., amounting to a total of 1.35% p.a. On top of this, you’ll earn an additional 0.10% p.a. if you already have a super fund or investment product with AMP. If you’re budgeting to estimate how much you can deposit and need to project your annual income, you can use Savvy’s income annualisation calculator.
AMP Cash Manager
A low-cost account earning a modest return, the AMP Cash Manager gives you full access to your savings without risking your interest. Interest on the account is calculated at a variable ongoing interest rate of 0.10% p.a. The Cash Manager comes with a debit card, giving you direct access to your money. Unlike some savings accounts, you can pay bills through your account with BPAY facilities, as well as set up digital wallet payments with Apple Pay, Samsung Pay or Google Pay. You're also able to link this account to your AMP Saver.
AMP Bank Term Deposit
AMP’s term deposit option is a safe and secure way to save, allowing you to earn up to 4.15% p.a interest on your savings. The locked savings account offers terms ranging from one month to five years, with minimum deposits of $5,000. These accounts are simple to roll over and come with no monthly fees. You can only deposit or withdraw money once the term matures, or you provide AMP with 31 days' notice, so it’s important to pick a timeframe which suits you.
Interest is calculated at a fixed rate over a set term. Interest rates start from a low of 0.10% p.a. and reach a maximum rate of 4.15% p.a. Choosing the right term will allow you to get the best interest rate. Some of the term deposit options for deposits of more than $25,000 include:
Interest is calculated monthly, quarterly or six-monthly. You can use Savvy’s compound interest calculator to estimate your savings growth.
AMP SuperEdge Pension Account
The AMP SuperEdge Pension Account is an easy-to-access SMSF savings account for your pension drawdown. As you phase into retirement, these accounts give you a place to park your pension payments and top up your income. You can earn a return of 0.10% p.a. on your retirement funds, with your money accessible through a debit card or the My AMP mobile app. These savings accounts are free of monthly fees.
AMP Business Saver Account
Companies, sole traders and charities can open an AMP Business Saver Account to house money for day-to-day operations. These accounts come with a variable rate of 0.50% p.a. and a six-month introductory high interest rate of 1.05% p.a. These fee-free business savings accounts can be linked to your AMP business bank account to make purchases.
AMP SuperEdge Account
Earn interest on your superannuation funds by opening an AMP SuperEdge Account. The account comes with a standard variable rate of 0.65% p.a. and an introductory rate of 1% p.a. This bonus rate is available to new customers for six months. You can access your funds online and there are no minimum deposit or balance requirements on these accounts.
Savings accounts with AMP can be opened online through the bank’s website. Most require you to be over 14 years old and an Australian resident, for tax purposes, to open an account by yourself. There are several steps you’ll have to complete to open an account including:
Highly competitive term deposit rates
The term deposit interest rates on offer are among the most competitive on the market. These rates are up to four times higher than competitors, helping you get a strong return on your savings.
Easy access to money
While some savings accounts have bonus interest requirements such as limiting your withdrawals, AMP’s doesn’t restrict you from dipping into your money.
No monthly fees
The interest you earn isn’t likely to be eaten up by monthly charges, as all of these accounts come with no account keeping fees.
Limited branches
AMP has a limited number of offices and branches with only a handful of outlets in capital cities, which may not be convenient if you wish to bank in person.
Opening balance requirements on term deposits are quite high compared to other banks. Where competitors may require you to deposit a minimum of $500 or $1,000, AMP requires $5,000.
Low base interest rates
If you miss out on bonus interest rates, you’ll earn a much-lower 0.10% p.a. on your savings, potentially stymying your account’s performance.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.