Savings account vs term deposit
AMP Bank GO Save vs term deposit
vs
Compare on
Interest over 1 year on $50,000
$2,750
5.50% a year
$2,775
5.55% a year · paid at maturity
Over 1 year on $50,000, AMP Bank GO Save pays $2,750; AMP GO's 12-month term deposit pays $2,775.
Worked out on $50,000 until you pick a balance
AMP GOAMP Bank GO Save
AMP GOTerm deposit
Figure by figure
Interest over 1 year
on $50,000
$2,750
nothing to do each month
$2,775
paid at maturity
+$25 · More interest over the term
Rate over the term
a year, on $50,000
5.50%
5.55%
fixed for the term
+0.05 · Higher rate over the term
Asked of you each month
Nothing
Nothing
the money stays put
Getting the money out
Any time
no notice needed
Locked for 1 year
31 days’ notice to break it early, usually at a lower rate
Can the rate change?
Yes, at any time
the bank sets it
No
fixed for 1 year
Minimum to open
None
$5,000
Who can open it
Anyone 15 or over
Anyone
How they differ
- A savings rate can change at any time. AMP Bank GO Save's figure holds today's rate for 1 year.
- A term deposit's rate is fixed for the term, but the money is locked in: breaking it early needs 31 days' notice and usually costs some of the interest.
- Both are covered by the Financial Claims Scheme, up to $250,000 per person at each bank. Money in both at AMP GO shares that one $250,000.
AMP Bank GO Term Deposit at every term
The rate the balance above gets at each term, and the interest it pays over that term.
3 monthsNot offered——
1 yearPaid at maturity5.55%$2,775
2 yearsNot offered——
As of 1 November 2026, over 1 year on $50,000, AMP Bank GO Save pays $2,750 with nothing to do each month; AMP GO's 12-month term deposit pays $2,775 at 5.55%. Figures are the bank's published rates, worked out on the balance above as simple interest. Each row says which figure is higher; it doesn't say which one suits you.