- AMP Bank GO Save will be adjusting its interest rates and balance tiers from 21 August
- The top rate will increase to 5.25% p.a. on balance portions up to $50,000
- 4.75% p.a. will apply to amounts over $50,000 and up to $250,000
- Interest earnings will vary depending on deposit amounts
AMP Bank has announced its no strings GO Save account will undergo an "update" from 21 August.
At that time, its highest interest rate will lift 15 basis point to 5.25% p.a. for balance portions up to $50,000.
Amounts over $50,000 and up to $250,000 will see the current interest rate drop by 35 basis points to 4.75% p.a.
Currently, AMP GO's top rate of 5.10% p.a. applies to balances up to $500,000 while portions over $500,000 up to $5 million receive 4.25% p.a.
Here's a comparison of the new and current interest rate tiers:
| Balance | New interest rate | Current rate |
| $0 - $50,000 | 5.25% p.a. | 5.10% p.a. |
| $50,000.01 - $250,000 | 4.75% p.a. | 5.10% p.a. |
| $250,000.01 - $5 million | 4.25% p.a. | 5.10% p.a. up to $500,000 4.25% p.a. over $500,000 to $5 million |
| Over $5 million | 0.00% p.a. | 0.00% p.a. |
(Note: The rates above don't take into account any possible Reserve Bank cash rate increase that will be determined on 11 August.)
Essentially, the changes will introduce a new balance tier to GO Save's interest rate structure.
Will I be better off under the new structure?
While account holders may gain from the boost to the top rate on deposits up to $50,000, those with higher balance amounts will need to do their calculations as to whether they'll be better off overall.
Example
Someone with a deposit amount of $100,000 would earn $5,100 in annual interest (before tax) under the existing structure.
Under the new structure, they would earn $5,000 annual interest (before tax) - or $100 less.
There are other no-conditions savings account products on the market that pay higher rates for larger deposit amounts, but it depends how large.
For example, Macquarie Bank's popular savings account currently pays an ongoing rate of 5.00% p.a. on deposit amounts up to $2 million.
However, for amounts over $2 million, the rate is 2.75% p.a., considerably lower than AMP GO's 4.25% p.a. for balance portions over $250,000 and up to $5 million.
There are also higher savings account rates on the market but these generally come with conditions such as:
- minimum monthly deposits
- balance growth requirements
- no withdrawals or withdrawal limits
- a set number of transactions per month through a linked transaction account
- age limits in the case of targetted youth accounts
Notably, AMP GO recently warned Australians they could be missing out on significant interest under some conditional-rate scenarios.
What's behind AMP's GO Save changes?
AMP GO Save launched on the market just over a year ago on 17 July 2025, offering an app-only, no conditions savings account.
AMP no doubt noted the success of Macquarie's no strings savings product which has dominated household deposit market growth over recent years.
In its full-year results released in May, Macquarie reported its deposit book achieved 25% growth over 12 months, compared to an industry-wide growth rate of 8%.
AMP GO Save's top launch rate matched Macquarie's highest ongoing savings rate at the time, but GO's rate applied to balances up to $250,000.
Macquarie paid its top ongoing rate on balance amounts up to $1 million at the time but doubled that to $2 million shortly after AMP GO Save hit the market.
More recently, GO Save's top interest rate (currently 5.10% p.a.) has been positioned slightly higher than Macquarie's ongoing rate (now 5.00% p.a.).
GO Save also maintained its edge on paying up on mega-balances, with its 4.25% p.a. on balance amounts over $500,000 to $5 million outstripping Macquarie's 2.75% p.a. on balances over $2 million.
How has AMP GO Save fared in the market?
In April, AMP revealed in an ASX update that its GO digital products had attracted deposits of $942 million as at the end of March 2026, around nine months after GO Save's launch.
This figure also includes GO's two term deposit products (six and 12-months) but in the update, AMP attributed the growth to its Save account's "competitive interest rate" and a Qantas Frequent Flyer points offer on its transaction accounts.
AMP forecast AMP Bank GO deposits would exceed $1.5 billion in the 2026 financial year.
At the time, AMP told investors it was looking to "reduce the amount of capital the bank consumes" given its "steady" loan book.
It's also worth noting as of 1 July, AMP Bank no longer offers its legacy savings products to new customers, eventually aiming to switch its deposit products to its GO digital platform.
AMP GO Save 'following the playbook'
In online forums on consumer financial products, some participants have lamented the upcoming changes to GO Save's simple interest rate structure.
"Nothing like killing off a product shortly after you launch it," one Whirlpool user noted.
In recent years on the Australian market, many a popular savings account product has built its customer base before announcing changes or new conditions for achieving bonus interest, or fiddling with interest rate tiers.
The most high profile include NAB-owned Ubank's Save account and ANZ Plus' savings account.
Bendigo-owned Up also introduced new conditions and rate structure to its Up Saver account in 2025 that drew customer ire.
One Whirlpool forum participant advised aggrieved GO Save customers to "move to Macquarie like everyone else".
Savings accounts in the current market
Moving to Macquarie is one theory but with home loan applications drying up nationally, it's worth keeping an eye on savings account rates and offers as credit demand slows, particularly among challenger and mid-tier banks looking to fund their operations.
Deposits can be a cheaper source of funding for banks and was likely the reason Judo Bank launched its savings account product in February 2026.
It followed the model of deposit market growth leaders Macquarie and AMP GO in offering a simple product with a competitive interest rate but with one condition, a monthly deposit of $300 or more to achieve the bonus rate.
However, savers who switched to Judo waited in vain for an interest rate increase after the last Reserve Bank cash rate hike in May.
Judo didn't pass it on - and for good reason.
In June, the small-to-medium sized business lender delivered a profit downgrade on the back of three loans turned bad.
With markets lifting their expectation of another Reserve Bank interest rate increase on the back of this week's robust jobs figures, the highest (conditional) savings account rates could be set to hit the 6% mark if a full 25-basis point hike is passed on.
The Reserve Bank's monetary policy board is set to meet on 10-11 August.
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| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
0.05% p.a. Bonus rate of 5.30% Rate varies on savings amount. | 5.35% p.a. | $1,097 | – | $0 | $249,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
2.25% p.a. Bonus rate of 3.15% Rate varies on savings amount. | 6.00% p.a. Intro rate for 4 months then 5.40% p.a. | $1,134 | 4 months | $0 | $499,999 | $0 | $0 | $0 | Promoted | Disclosure | |||||||||
4.00% p.a. | 5.90% p.a. Intro rate for 4 months then 4.00% p.a. | $936 | 4 months | $0 | $249,999 | $0 | $1 | $0 | Disclosure |
