AMP Bank's savings account is AMP Bank GO Save, opened and managed through the AMP Bank GO app. It pays a tiered variable rate with no ongoing conditions to earn it — no minimum monthly deposit and no penalty for withdrawing money. The full rate applies to balances up to $500,000, then steps down on the portion above that. Within the one GO Save account you can set up multiple 'Savings Spaces' to organise money toward separate goals, rather than opening several accounts. You'll need an active AMP Bank GO Everyday Account first, and must be an Australian resident aged 15 or over to open one.
Deposits with AMP Bank are protected under the Financial Claims Scheme up to $250,000 per account holder per ADI.