- AMP GO Save will lift its savings account rate by 0.35% to 4.60% p.a.
- It's rare for banks to raise savings rate above the 0.25% cash rate increase announced this week.
- AMP GO Save is a digital-only savings account that comes with no conditions to achieving its advertised interest rates.
AMP GO's new rate of 4.60% p.a. will take effect on Monday 9 February - a 0.35% hike on the existing rate of 4.25% p.a. for balances up to $250,000.
On top of passing on a generous rate increase, AMP will also be extending the new rate to account balances up to $500,000.
That's a 1.10% p.a. increase on the current rate for account balances of $250,000 to $500,000.
Account balances of $500,000 to $5 million will see a 0.25% increase to 3.75% p.a., as follows:
| Account balance | New rate (% increase) | Old rate (balance amount) |
| $0-$500,000 | 4.60% p.a. (+0.35) | 4.25% p.a. (up to $250,000) 3.50% p.a. ($250,000.01-$5m) |
| $500,000-$5m | 3.75% p.a. (+0.25) | 3.50% p.a. ($250,000.01-$5m) |
| over $5m | 0.00% | 0.00% |
Interest on GO Save accounts is applied to the portion of the balance that falls within each tier.
GO Save takes on Macquarie
Notably, AMP's digital-only GO Save account, launched in July 2025, has no conditions on earning the advertised interest rates.
Its top rate will now also jump the ongoing rate on Macquarie Bank's popular no-strings Savings Account, which will lift to 4.50% p.a. on balances of up to $2 million from 20 February.
This follows a four-month introductory rate of 4.85% p.a. on balances of up to $250,000, which also takes effect from 20 February.
See also : Guide to Macquarie Bank Savings Account
The two products offer standout rates in the non-conditional savings account market, which has shrunk markedly over recent years.
GO Save is a recent player, aiming its products at individuals and small businesses looking for simple digital-only deposit products.
The new rates will also apply to GO Save's business customers.
What is happening to savings accounts after the RBA hike?
While banks are generally quick to pass on cash rate increases to their variable home loan customers, they tend to be much slower to increase their savings account rates.
Of the big banks, only Westpac and Commonwealth Bank had formally announced their savings account rate changes at the time of writing.
See also : Which banks are lifting savings rates after the RBA February rate rise?
Both banks have announced increases to their introductory and bonus interest rates which apply when customers meet certain monthly conditions.
See also : Different types of savings account interest rates
Commonwealth Bank bucked the trend of keeping base savings rates low by boosting the standard variable rate on its NetBank Saver account by 0.15% to 1.70% p.a. (up from 1.55% p.a.).
It passed on the rest of the 0.25% cash rate hike by lifting NetBank Saver's fixed introductory rate margin to 3.00% p.a. (up from 2.90% p.a.) for the first five months for new account holders.
However, this also means that existing NetBank Saver customers will not receive the full 0.25% increase on their savings interest.
CommBank has so far not announced any rate increases for its Youthsaver accounts for under 18s and its Pensioner Security accounts for over 55s.
When will other banks lift their savings rates?
However, not all banks will publicly announce their savings rate changes.
Some may inform their customers directly while others may choose to quietly update their websites, particularly if they elect not to pass on the full 0.25% cash rate increase to their savings accounts customers.
It is quite rare for deposit-takers to lift their savings account rates above a cash rate increase.
The day after this week's cash rate hike, Dutch-owned online bank ING announced a 0.40% increase to its Savings Accelerator rates from 10 February.
However, it requires a balance of $150,000 or over to get the top new introductory rate of 5.40% p.a. (for fourth months) for new customers before reverting to an ongoing rate of 4.35% p.a.
The rates drop according to the account balance, paying an ongoing 3.40% p.a. for balances between $50,000-$149,000 and 2.50% p.a. for balances up to $49,999 from 10 February.
Savings Accelerator is also a no-condition savings account.
AMP Bank has also chosen to start paying interest on balances over $5 million in its Cash Manager accounts.
The rate will increase to 2.00% p.a. from its current 0.00% from 27 February.
Coming off the back of AMP GO's competitive six and 12-month term deposit rates announced earlier this week, it's safe to assume AMP Bank is looking to gain more traction in the deposit market.
Check our Which banks are lifting savings rates after the RBA February rate rise? for ongoing updates on savings account rate changes
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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 |
