- AMP GO has lifted its 6- and 12-month term deposit rates to among the market's highest
- The increases come before the Reserve Bank's decision on whether to raise the official cash rate on Tuesday
- Commonwealth Bank and Westpac also increased select term deposit rates this week
AMP GO offers only two deposit terms - six months and 12 months - with both rates getting a hike before the Reserve Bank's cash rate decision on Tuesday, as follows:
| New rate (% change) | Deposit amount | Interest paid | |
| 6 month | 4.50% p.a. (+0.10) | $5,000-$10m | End of term |
| 12 month | 4.65% p.a. (+0.20) | $5,000-$10m | End of term |
Both the six-month and the 12-month rates are the highest on Savings.com.au's database for their respective terms.
The 12-month rate is just shy of the market's highest rate of 4.70% p.a., currently offered by Australian Military Bank for 9, 10 and 11-month deposits and Rabobank for a five-year term for amounts between $500,000-$2 million.
AMP GO goes big
The new rates mark AMP GO as a player in Australia's boutique short-term term deposit market, outstripping the rates offered by its parent AMP Bank which also lifted its rates on Tuesday.
AMP Bank's top term deposit rate is now 4.55% p.a. for a 10-month term for amounts between $25,000-$10 million.
The app-based AMP GO launched in July 2025 with a non-conditional high interest rate savings product which, at the time, matched the ongoing rate offered by Macquarie Bank 's popular no-strings Savings Account product.
AMP GO is targetted at individuals and small businesses looking for simple, digital-only deposit products.
Its transaction account is fee-free while its Save account continues to match Macquarie's ongoing Savings Account rate of 4.25% p.a. - both non-conditional for earning interest.
AMP GO pays 4.25% p.a. on balances up to $250,000 while Macquarie pays the same ongoing rate on balances up to $2 million.
How do AMP GO's rates compare with the big five?
Here's a look at the highest term deposit rates currently on offer from Australia's biggest banks:
| Bank | Top term deposit rate | Term | Amount deposited | Interest paid |
| AMP GO | 4.65% p.a. | 12 months | $5,000-$10m | End of term |
| CommBank | 4.40% p.a. | 24-33 months | $5,000-$5m | Annually |
| Westpac | 4.35% p.a. (online rate only) | 12 months | $5,000-$2m | Monthly or at maturity |
| NAB | 4.25% p.a. | 12 months | $5,000-under $2m | End of term |
| ANZ | 4.35% p.a. | 12 months | $5,000-under $2m | At maturity |
| Macquarie Bank | 4.50% p.a. | 1 year | $5,000-$1m | At maturity |
Commonwealth Bank raised some of its term deposit rates on Monday for the second time this year.
Westpac also launched its new special offer rate (shown above) on Tuesday after being slow to lift rates compared to its big bank counterparts over recent weeks.
Rates have been increasing across the term deposit market for the past two months with deposit-takers positioning themselves for an expected hike in the cash rate as inflationary pressures re-emerged in the Australian economy in late 2025.
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Want to earn a fixed interest rate on your cash? The table below features term deposits with some of the highest interest rates on the market for a six-month term.
| Bank | Term Deposit | Interest Rate | Interest Frequency | Term | Automatic Rollover | Maturity Alert | Early Withdrawal Available | Minimum Deposit | Maximum Deposit | Notice Period to Withdraw | Account Keeping Fee | Online Application | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.35% p.a. | At Maturity | 6 months | $5,000 | $19,999 | – | – | |||||||||||||
5.20% p.a. | At Maturity | 6 months | $10,000 | $5,000,000 | – | – | |||||||||||||
5.15% p.a. | At Maturity | 6 months | $1,000 | $1,000,000 | – | – |
