AMP Savings Accounts

Find the best AMP account for your savings by comparing different deals with Savvy.

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, updated on August 8th, 2023       

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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.

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More about AMP savings accounts

What type of savings products does AMP offer?

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:

  • Three-month term: 0.35% p.a.
  • Six-month term: 2.15% p.a.
  • 12-month term: 2.90% p.a.
  • 24-month term: 3.65% p.a.
  • 36-month term: 3.90% p.a.
  • 60-month term: 4.15% p.a.

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.

How can I open an AMP account?

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:

  • Personal details: You’ll be asked to provide your name, address and contact details to get your application underway. This must match the name and details on your chosen photo ID. You can also choose if you’re opening a single or joint account.
  • Tax information: AMP requires your tax file number (TFN) and source of income and wealth.
  • Verify your identity: You’ll need to submit two forms of photo ID. This can be made up of your driver’s licence, passport, citizenship certificate, Medicare card or birth certificate.
  • Declaration: Review the details of your application and click that you agree that all the information provided is correct. Wait for a confirmation email that your account has been created and you can start saving.

Pros and cons of AMP savings accounts


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.

High term deposit conditions

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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