- AMP's digital GO brand is on target to top $1.5 billion in customer deposits in its first year
- AMP Bank GO was launched in July 2025, offering a competitive interest rate on a no strings savings account product
- It later added two term deposit products as part of an AMP strategy to diversify bank funding
AMP Bank revealed its digital-only GO product, launched in July last year, has accrued deposits of $942 million as at the end of March.
That's $632 million more than at the end of December - a growth rate of more than 200% in a quarter.
AMP revealed the figures as part of an update to the Australian Stock Exchange on Thursday, outlining growth in the company's net cashflows in the first quarter of 2026.
AMP puts the AMP GO's strong deposit growth down to a Qantas Frequent Flyer offer on transaction accounts and competitive GO Save rates.
GO Save is currently offering a variable interest rate of 4.85% p.a. on balances up to $500,000, which is paid monthly with no conditions attached.
How does GO Save compare?
The rate is perhaps strategically positioned 10 basis points higher than Macquarie Bank's ongoing rate of 4.75% p.a. on its popular 'no strings' Savings Account.
Macquarie pays the rate on balances up to $2 million and also offers a 5.10% p.a. welcome rate on balances up to $250,000 to new account holders for the first four months.
Macquarie's share of the household transaction and savings account market is around 7% with its growth rate far outstripping the rate of all banks.
Market analysts attribute its success to customers opting for transparent deposit products that pay the interest rate advertised without conditions attached, such as balance growth requirements and withdrawal limits.
Unlike many other banks, Macquarie also pays a substantial interest rate on transaction account balances, currently 2.50% p.a. on all balance amounts.
Hot competition in the deposit market
In February, Aussie neobank Judo launched a personal high-interest savings account product, currently paying a top rate of 5.35% p.a. on balances up to $250,000.
But Judo's new savings product comes with one condition, requiring customers to deposit $300 a month into the account or receive a base rate of 0.05% p.a.
There is no balance growth requirement, however, with some Judo account holders reporting in forums they are making an automated $300 deposit each month then withdrawing it which still triggers the top rate.
Judo Bank is also notorious in the market for offering highly competitive term deposit rates.
AMP Bank GO also offers term deposits
In a further bid to boost AMP's deposit offerings, AMP Bank GO added two term deposit products, also offering among the market's most competitive rates.
AMP GO's current 12-month term deposit rate is 5.35% p.a. on balance amounts from $5,000 up to $10 million.
The upper end of the limit is considerably above the amount many banks will entertain for their highest interest rates.
AMP GO's six-month rate at 5.15% p.a. is also among the market's most competitive for shorter-term deposits.
As AMP Bank informed the Stock Exchange, it is focusing on achieving an "appropriate mix of transaction and savings accounts as part of its strategy to diversity its bank funding".
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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.
| 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 |
