Here’s a 5-point checklist to ensure your savings account is the one for you.

Looking for a good savings account can sometimes be a little like looking for a good partner – the honeymoon period might be important, but so is achieving your happily ever after. While different features will suit different people, here’s a bit of a checklist of things you may want to look out for when choosing the savings account for you.

5 questions to ask yourself

Is the interest rate attractive?

Savings accounts can make you money by earning you interest on the savings you’ve put away. This is why a higher interest rate can make a big difference, particularly as you deposit more money along the way.

With that in mind, when you’re comparing savings accounts, it’s worth looking at not only the introductory rate, but the ongoing rate as well. Reason being, some providers will offer a great introductory rate, but this could be reduced to a not so great ongoing rate after several months.

Some banks offer customers a great ongoing rate but require multiple conditions to be met. Common conditions include a minimum monthly deposit, or no withdrawals to be made. Customers should be certain they can meet these conditions, otherwise they will earn a much lower rate for that month.

What fees might I be charged?

If you’re trying to save money, you probably want to avoid as many fees and charges as possible. These may include anything from monthly account keeping fees to withdrawal fees. So, when it comes to comparing accounts, make sure you’re across any potential fees your provider may charge you, including where fees may apply for special services.

How easily can I access my money?

Some savings accounts may limit your ability to access your money to help you avoid dipping into your savings. For instance, savings accounts generally don’t come with debit cards or ATM access. However, because accessing your money may be important to you (particularly at short notice), looking into how you can access your money could be worthwhile when choosing an account.

You may want to see whether you’re able to link your savings account to a transaction account with a debit card, as this could make any withdrawals or payments you need to make faster and simpler.

On top of that, check out mobile banking apps and online banking features different providers offer, as having online and around-the-clock access to your account might also be something you want.

Do I have to make minimum deposits or maintain a certain balance?

Depending on the provider, you may need to make minimum monthly deposits or maintain a certain balance to avoid potential fees or losing any potential interest rate benefits. This is worth investigating, particularly if may go through a period where you don’t have the money to make the minimum monthly deposits required.

Some providers may also only pay high interest up to a certain balance. Once your savings reach this balance, you may only receive a marginal interest rate.

How safe are my savings if I choose a certain provider?

Depositing with a bank, credit union or building society will probably mean you are protected by the Australian Government’s Financial Claims Scheme, commonly known as the Government Guarantee, up to a combined $250,000 with that organisation. Check to make sure your deposit will be covered. This is usually outlined in the terms and conditions or product disclosure statement of the product you are considering purchasing.

You might also want to look into secure internet banking, fraud prevention measures and any money-back guarantees for unauthorised transactions.

Where to find an account that ticks the boxes

The AMP Saver Account was recently recognised for offering one of the best combination of rates within the first year by comparison group Mozo, being awarded the 2019 Winner of Kick Start Savings title.

At the same time, the AMP Saver Account was named Mozo’s 2019 Winner of the No String Savings Account award, being recognised for having the one of the best unconditional interest rates, unlimited free internet transactions and no monthly service fee out of 168 savings accounts across 70 providers.

On top of that, comparison group Canstar gave the AMP Saver Account a five-star Flexible Saver rating for outstanding value for a savings account in 2019.

What are the features of the AMP Saver Account?

The AMP Saver Account offers:

  • Ongoing standard and bonus rates for all customers
  • Deposit at least $1,000 per month
  • Protection under the Government Guarantee for combined deposits up to $250,000 per customer
  • No monthly fees
  • Ability to make unlimited transactions and withdrawals
  • 24/7 access via our My AMP app, internet banking and phone services
  • Ability to link to an everyday transaction account.
  • To find out more, check out the AMP Saver Account info page.

Learn more about the AMP Saver Account

What you need to know

The credit provider for all banking products is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian Credit Licence 234517. Approval is subject to AMP Bank guidelines. Terms and conditions apply and are available at or by calling 13 30 30. Fees and charges are payable.

Any advice and information is provided by AWM Services Pty Ltd ABN 15 139 353 496, AFSL No. 366121 (AWM Services) and is general in nature. It hasn’t taken your financial or personal circumstances into account.

It’s important to consider your particular circumstances and read the relevant product disclosure statement, or terms and conditions, available from AMP at, or by calling 131 267, before deciding what’s right for you.

Taxation issues are complex. You should seek professional advice before deciding to act on any information.

You can read our Financial Services Guide online for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. You can also ask us for a hardcopy. All information on this website is subject to change without notice. AWM Services is part of the AMP group.