Savings accounts

To open a, save account, you first need to have an Everyday account with AMP Bank GO. Once that’s set up, follow these steps:

1. Go to your Home Screen and select ‘Open a new account’

2. In the  ‘Add to an existing account’  section, choose your personal or business account.

3. Select  ‘Savings’  as the account type you want to open.

Yes. AMP Bank GO offers a Save account for personal and business customers. To open you will need an existing Everyday Account via AMP Bank GO

Interest is worked out as a percentage of the money you have in your savings account. You can work it out by taking the bank’s current interest rate and applying it to the balance with the frequency applied to the account. This is usually daily, weekly or monthly.
For further information in relation to how interest is calculated, please refer to the Savings Accounts Terms and Conditions.

Some banks offer a bonus rate for new customers for a limited time, after which it moves to the standard variable interest rate.

Compound interest is the interest you get on:

• The money you initially deposited (the principal)
• The interest that has accumulated on your principal in previous periods.

For example, if you deposit $1,000 into your account for 10 years at 1.00% pa (compounded monthly) and make no additional deposits or withdrawals, you’ll have earnt $105 compound interest at the end of the 10 years compared to $100 simple interest.

If you’ve received a lump sum of money you’re keen to put away, or you’re saving for something big, a term deposit might be suitable for you.

It can be an ideal way to save for a specific goal, as it enables you get a guaranteed return based on the amount you invest and the interest rate on the day you open your term deposit.

Leaving your money in a transaction account generally earns you little or no interest. You may also be tempted to spend it. Instead, consider putting those funds away for a set period of your choice that pays you a guaranteed return at the end.

Whether you want to put down a deposit on a new home, buy a car or start a family, a term deposit could help you achieve your goals faster.

It's important to think carefully when choosing your term duration as you need to provide 31 days' notice¹ if you want to access the money earlier than the selected term². If you choose to continue your term deposit at maturity (rolling-over), the interest rate on the day the roll-over occurs will apply, this may be different to the interest rate for your initial term. Talk to a financial adviser to see what kind of saving strategy works best for you.

AMP Bank GO Everyday Accounts and AMP Bank GO Save Accounts are designed for different purposes – spending and saving. We have broken down the difference below:

• The AMP Bank GO Everyday Account gives you access to your everyday money with zero monthly fees, in addition, you can earn Qantas Points when you link your Qantas Frequent Flyer number to your account. You do not earn interest on your AMP Bank GO Everyday Account.

• The AMP Bank GO Everyday Business Account gives you access to your everyday business money with zero monthly fees, in addition, you can earn Qantas Points if you link your Qantas Business Rewards number to your account. Your ABN must match the one registered with Qantas Business Reward when linking. You do not earn interest on your AMP Bank GO Everyday Business Account.

• AMP Bank GO Personal and Business Save is a savings account that allows you to earn interest on your balance. You do not earn Qantas Points on a save account. For details on how interest is calculated, please refer to the Savings Accounts Terms and Conditions.

Yes, you need an Everyday account to be able to open a Save account.