General

How do you calculate interest earned on a savings account?

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.

What is a bonus (honeymoon) interest rate?

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

What is compound interest and how is it calculated?

Compound interest is the interest you get on:

  • The money you initially deposited (the principal) and
  • 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.

Are my savings secure?

The Australian Government guarantee protects combined deposits up to $250,000 per customer in the unlikely event that a financial institution fails.

How can I view and track my savings?

  1. Login or register for My AMP
  2. Click on the Bank account you want to view
  3. Scroll down the page to see the details of the account and your transactions
  4. Filter your transactions by pressing on the Filter and search transactions options.

Applying for a savings account

What do I need to apply?

Applying online is easy and will take you about five minutes to complete. You’ll need a valid form of identification, and your tax file number if you wish to provide it. Providing this will prevent you from paying unnecessary tax on any interest you might earn.

Can I link my AMP Saver Account to an everyday transaction account?

Yes, like an AMP Access Account It gives you access to a Visa Debit card and the ability to make mobile payments with Apple Pay, Samsung Pay or Google Pay. You’ll also get rebated ATM fees. Apply for both accounts at the same time in the online AMP Saver Account application form.



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.