AMP Bank GO
Save FAQ's

To open a Save account,

1. Go to your Profile menu
2. Select 'Open a new account'
3. In the 'Add to an existing account' section, select your personal account
4. Select 'Savings' as the Account type you want to open.

Balance Earning Interest means the balance of your Save Account together with the total balance of your Savings Spaces.

Balance Earning Interest means the balance of your Save Account together with the total balance of your Savings Spaces.

To switch between your linked transaction accounts, go to the Account Selector section of your app. You will be able to view all linked accounts and select the account you would like to switch to.

To change your Save account display name, just follow the steps below:

1. Go to your Profile menu
2. Select the three dots next to your Save account
3. Select 'Edit display name'
4. Update your display name
5. Select 'Save'

To add a tax exemption:

1. Go to your profile
2. Select 'Relevant tax authorities'
3. Select 'Edit my domestic tax details',
4. Select 'Yes' for 'if you are an Australian resident for tax purposes',
5. Select 'I have an exemption',
6. Select the reason for your tax exemption

No, you can't link your Save account to earn Qantas Points. You can only earn interest on Save accounts. 

Once you have closed your Save account, you will receive an email with your Closing Statement. If you require any other statements, please contact us.

To close your Save account go to your Profile, select the three dots next to your Save account, select 'Close Account'.

If you have an Everyday Account, you can open a Save account linked to your Everyday Account. 

To do this, just go to the Profile section of the app to select 'Open a new account' and proceed.

You can track your interest accrued for the month on your Save Account homepage where it says 'Interest accrued this month'. This will be paid into your Account on the first day the following month. 

You are paid interest on the 1st of the following month that you have earned interest on. 

Interest is paid daily on your positive cleared account balance at the end of the day, including balances in your Save account Spaces. 

This is also known as your 'Balance Earning interests'. 

Interest is calculated based on the following formula:

Daily Accrued Interest = (Daily Balance Earning Interest x Interest Rate %) / 365

Your balance at the end of the day (Daily Closing Balance) is multiplied by the interest rate and divided by 365 days (even in leap years). This is your Daily Interest Earned.

Where tiered interest rates apply, each tiered interest rate applies to the portion of the Balance Earning Interest that falls within that tier. Each tier can earn a different interest rate, and only the portion of your balance that falls within a specific tier earns interest at that tiers rate.

For example, if your Save account is opened on the first day of June, which has 30 daysYour Save account balance is $20,000 and your Save account Space balance is $5,000 = your Balance Earning Interest is $25,000

There are no changes to the balance of your Save account or Save account Space through the month.

Your Save account has the following interest tiers.
$0 - $5000: 1.00% p.a.

$5,000.01 - $20,000: 2.00% p.a.

$20,000.01 and above: 3.00% p.a.

The interest paid to your account on the first day of July will be calculated as follows:

 [[ ($5,000 x 1%) + ($15,000 x 2%) + ($5,000 x 3%) ] / 365] x 30 days = $41.10

When a Space is archived, the automatic transfers will stop. The funds from the Space will automatically transfer back to your Save account balance. 

Your statement shows the total balance of your Save account plus any funds you have in your Save account Spaces. You will not see transfers to and from your main Save account to your Save account Spaces.

Go to the Spaces tab and select the Space you wish to withdraw funds from. Select 'Withdraw' and enter the amount you wish to move. Transfers can only be made to and from your main Save account balance.

To set an automatic transfer into a Space, enter in the amount and frequency of the transfer when creating a Space, or select a Space and then configure the automatic transfers using 'Manage Space'. Transfers can only be made to and from your main Save account balance.

Go to the Spaces tab and select the Save account Space you wish to set a target for. Select 'Target Amount' to toggle it on and to set the target amount. 

To create a new Space in your Save account, go to the Spaces tab and select 'Create Space'.

Navigate to Spaces and select the Space you wish to archive. Select 'Manage Space' and select 'Archive Space'.

Go to the Spaces tab and select the Space you wish to add funds to. Select 'Add' and enter the amount you wish to transfer.

You cannot send money directly to or from an external bank account. 

You can only send money from your AMP Bank Save account to your AMP Bank Everyday Account and vice versa. 

Yes, you can do this by:

1. Navigating to the Spaces tab
2. Select 'Archived Spaces'
3. Select the Save account Space you wish to restore
4. Select 'Restore Space'

To view your Interest and Tax Summary:

1. Go to your Account Profile
2. Select 'Statements and Documents'
3. Select 'Interest and Tax Summary'
4. Select your desired date range 
5. Select PDF

To view your Account Statement:

1. Go to your Account Profile
2. Select 'Statements and Documents'
3. Select 'Account Statements'
4. Select your desired date range 
5. Select PDF or CSV

You are able to view your Account Statements and Interest and Tax Summary in the 'Statements and Documents' section of AMP Bank GO.

You can generate and access your Account statements at any time by logging into AMP Bank GO and navigating to ‘Statements and Documents.

Your Interest and Tax Summary outlines the gross amount of interest earned, interest that is subject to withholding tax, and where applicable the amount of tax deducted, from your interest bearing Account with AMP Bank in a given financial year. 

The interest subject to withholding tax summarises interest payments from which withholding tax was deducted. If you have quoted your Tax File Number to AMP Bank part way through the year, you may have received other interest payments which were not subject to withholding tax.

You cannot set up recurring transfers between your Save account and linked Everyday Account.