Who's eligible to apply for a business bank account?

  • Companies or organisations (excluding financial institutions)
  • Non-SMSF trusts
  • Government entities
  • Charities
  • Sole traders or partnerships.

Are my savings secure?

The Australian Government guarantee protects combined deposits up to $250,000 per customer if a financial institution fails.

Business everyday account

What everyday business accounts does AMP offer?

AMP has two everyday accounts available:

What are the fees?

There are no ongoing account management fees. Fees may apply for international transactions and special services. Read the Deposit product fees and charges guide for more information.

How can I apply?

If you’re an Australian company, unregulated trust, or sole trader, you can apply online, and it will take 10-20 minutes to complete. Other entities should download and complete the application form.

Business savings account 

What is the effective interest rate for balances over $1,000,000?

When your account balance is over $1,000,000, you will see an Effective Interest Rate displayed when you view your interest rate in My AMP or the My AMP app. The Effective Interest Rate is calculated based on a Weighted Bonus Interest Rate. The Effective Interest Rate is applied to the entire balance of your AMP SuperEdge Saver Account.

How is interest calculated on my AMP SuperEdge Saver Account when my balance is over $1,000,000?

If you hold an AMP Business Saver Account and you are eligible for the Bonus Interest Rate and your AMP Business Saver Account balance is over $1,000,000 this is how we calculate interest that will be applied to your account:

Interest earned calculation Effective Interest Rate Weighted Bonus Interest Rate 
(Account Balance x effective interest rate x number of days )/365 Weighted Bonus Interest Rate + standard rate (Bonus Interest Rate x $1,000,000 )/(Account balance)

The Weighted Bonus Interest Rate is applied to the entire balance of your AMP Business Saver Account and reflects that the Bonus Interest Rate is only for the first $1,000,000 balance of your AMP Business Saver Account. The Weighted Bonus Interest Rate is calculated to two decimal places (rounded to the nearest number, unless the value of the Weighted Bonus Interest Rate at the third and subsequent decimal places is exactly 0.005, then it is rounded to the nearest even number).

Example of interest calculation when Business Saver Account balance is over $1,000,000

1.1450% is rounded to the nearest even number 1.14%

1.1550% is rounded to the nearest even number 1.16%

If you are eligible for the Business Saver bonus interest rate, and the Standard Interest Rate is 0.50% pa, the Bonus Interest Rate is 0.25% pa, and your balance is $3,000,000 at the close of business for every day of the month of June, you will see an Effective Interest Rate shown as 0.58% pa.

Weighted Bonus Interest Rate Effective Interest Rate Interest earned 
(0.25% x $1,000,000 )/$3,000,000 = 0.0833% (this is rounded to 0.08%)
 0.08% + 0.50% = 0.58% ($3,000,000 x 0.58% x 30)/365 = $1,430.14

What are the fees?

There are no ongoing account management fees. Some fees and charges for special services may apply, such as a duplicate statement fee. Read the Deposit product fees and charges guide for more information.

Talk to a financial adviser to see what kind of saving strategy works best for your business.

How can I apply?

If you’re an Australian company or unregulated trust, you can apply online, and it will take 10-20 minutes to complete. Other entities should download and complete the appropriate application form.

Can an SMSF open a business saver?

SMSFs are not eligible to apply for a business saver account, only the AMP SuperEdge Saver Account.

Business Term Deposit

How does a term deposit work?

If you’re planning a major business purchase or have received a lump sum of money you’re keen to put away, a term deposit might be suitable for you.

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

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 purchase a new asset for your business or have the peace of mind you have cash stored away for future opportunities, 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' notice if you want to access the money earlier than the selected term (costs apply to break your term deposit early). If you choose to continue with your term deposit once it matures (rolling over), the interest rate on the day the roll-over occurs will apply, this may be  lower, the same as or higher than the interest rate from your initial term. Talk to a financial adviser to see what kind of saving strategy works best for your business.

What are the fees?

There are no ongoing account management fees for a Business Term Deposit. If you want to access your money before the end of your term, fees may apply. Read the Deposit product fees and charges guide for more information.

Who can apply?

We are currently accepting new direct applications for personal and sole trader term deposits only.

How can I apply?

If you’re a sole trader, you can apply online and it will take between 10-15 minutes to complete. You’ll need valid forms of identification and your bank account details for the initial deposit.  Other entities should download and complete the appropriate application form.

Can I set up a direct debit?

Direct debits are not permitted on term deposits. Read our Account Access and Operating Terms and Conditions for more information.



Download the My AMP app

What you need to know

The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517.

It’s important to consider your circumstances and read the relevant Product Disclosure Statement or Terms and Conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account. Information including interest rates is subject to change without notice.

Any application is subject to AMP Bank’s approval. Terms and conditions apply and are available at amp.com.au/bankterms or 13 30 30. Fees and charges may be payable. Full details are available in the Fees and charges guide.

This information is provided by AMP Bank Limited. Read our Financial Services Guide available at amp.com.au/fsg 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. All information on this website is subject to change without notice.

AMP Bank is a member of the Australian Banking Association (ABA) and is committed to the standards in the Banking Code of Practice. 

A target market determination for these products is available on our TMD page.