- AMP Bank GO Save is an app-only, no-conditions savings account
- It pays a competitive ongoing base interest rate
- A linked Everyday transaction account is eligible to earn Qantas points
AMP has been around since 1849 and remains a prominent player in Australia's financial sector.
AMP's banking operations offer the full gamut of retail banking services although its savings products have undergone some changes in 2026.
AMP savings accounts & interest rates
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.25% p.a. | 5.25% p.a. | $1,076 | – | $0 | $49,999 | $0 | $0 | $0 | |||||||||||
4.25% p.a. | 4.25% p.a. | $867 | – | $250,000 | $99,999,999 | $0 | $0 | $0 |
AMP Bank GO Save
AMP launched its mobile-only AMP Bank GO Save brand in July 2025, targetting everyday Australians and small businesses with a simple no-conditions savings account.
GO Save's first interest rate offering boldly matched the ongoing rate of Macquarie Bank's popular no strings Savings Account but has more recently sat 10 basis points above it (at the time of writing).
GO Save's top interest rate is payable on account balances up to $500,000 and it offers a competitive tiered interest rate on balances from $500,001 up to $5 million. At the time of writing, few savings accounts offer such generous rates on such high balance amounts.
Features
Here's what AMP Bank GO Save offers:
- No deposit or withdrawal conditions
- No minimum balance to earn interest
- No balance growth requirement
- No monthly account fees
- Linked to AMP Bank GO Everyday transaction account able to earn Qantas points (more below)
- Able to set and track savings goals with Savings Spaces
- Set up of automated transfers
- Interest calculated daily and paid monthly
- 24/7 customer support
And here's what AMP Bank GO doesn't offer:
- Access to an online Web portal
- Issuing of cheques
But wait, there's more
It's also worth mentioning, AMP GO Everyday Account earns Qantas points when a customer's Qantas Frequent Flyer number is added to their account. (Note: an AMP GO transaction account does not earn interest and you cannot earn Qantas points on a Save account.)
See also: What's the difference between savings accounts and transaction accounts?
AMP Bank GO takes off
In April 2026, AMP revealed in an update to the Australian Stock Exchange that AMP Bank GO was on target to attract more than $1.5 billion in customer deposits in its first year.
Market analysts attribute the product's growth rate to customers opting for transparent deposit products that pay the advertised rate without conditions attached.
People 'sick of the complexity': AMP Bank GO
"There's a growing gap between what savers see advertised and what they actually earn in interest.
"When interest rates go up, people assume their savings will benefit automatically - but if you're not meeting every conditions, that often isn't the case.
"For many Australians juggling busy lives, the reality is those hoops are easy to miss. And that can cost you thousands over time.
"Short-term 'honeymoon' offers can also act like a bait-and-switch - delivering a strong return upfront before dropping back to a much lower base rate, often with little visibility."
See also : Savers 'missing out on thousands' in bonus interest trap
Hear more of John Arnott speaking on the Savings Tip Jar podcast.
GO Save Term Deposit products
Shortly after the launch of AMP Bank GO, two term deposit products were added:
- 6-month term deposit
- 12-month term deposit
Since their launch, the rates for both have consistently mixed it with the more competitive end of the term deposit market.
AMP Bank GO: The way of the future
As of 1 July 2026, less than a year after the launch of its GO app, AMP Bank announced it was no longer accepting new applications for its legacy deposit products, including:
- AMP Saver Account (AMP's previous flagship savings offering)
- AMP Business Saver Account
- Super Edge Cash Account
- Super Edge Pension Account
- Super Edge Saver Account
- Retail term deposits offered through MyAMP and intermediaries
For now, all are still supported for existing customers through AMP's MyAMP app.
From 16 July, AMP Bank also stopped accepting term deposit reinvestments. For any deposits reaching maturity on or after that date, funds will be paid out to nominated accounts.
AMP Bank said the changes will "allow AMP Bank to focus on an easier, streamlined offering for customers across its broader product suite".
Enticing customers to AMP Bank GO
To existing customers, AMP touts its AMP Bank GO platform as a "smarter, faster, and more intuitive way" to manage their money.
It points to its competitive no-conditions Save rate, its Savings Spaces feature for keeping track of savings goals, and its ability to view account statements, interest, and tax summaries at any time via the app.
New features are set to be added to the app in the near future
AMP Bank Savings Accounts Review
What the expert says
"AMP's new app-only GO Save account proves the old bank can hang with the cool kids. It has a competitive rate and no hoops to jump through. This is welcome at a time when customers are becoming increasingly tired of dancing like a monkey just to get a good rate.
As mentioned, GO is app-only, and luckily AMP has made significant strides in updating its app. You can also earn a Qantas Point for every $10 in its Everyday Account each month.
AMP Bank is worth a look, and although other banks are offering higher rates via bonus interest, its GO Save boasts a market-leading base rate, and we’re all about that base."
Applying for an AMP Bank GO Save account
For new customers
To be eligible for an AMP Save accoun
You must be aged 15 or over
You must be an Australian resident
You must have an active Everyday account with AMP Bank Go
You must have one of form of ID, such as driver's license, passport or Medicare card
To open a Save account :
- Download AMP Bank GO to your phone via the Apple App Store or Google Play
- Onboard with your ID and film yourself for extra security
- Once approved, your Everyday Account will be opened
- To set up a Save account:
- Go to the Home Screen and select 'Open a new account'
- In the 'add and existing account' section, select 'Save' as the account you want to open
Customers are permitted to open only one GO Save account but can access to up to 99 Saving Spaces within the app.
For existing MyAMP customers wanting to switch
Existing AMP customers can choose whether they wish to change over to the slicker GO app. There is no automatic switch over so they will need to:
- Download the AMP Bank GO app
- Sign up to a new Everyday Account (or Everyday Business Account)
- To open a Save account, proceed to the Home screen and select 'Open a new account'
- In the 'Add to an existing account' section, choose personal or business Save account
When that is set up, customers can choose to:
- operate their existing accounts alongside their new GO accounts
- transfer their funds from MyAMP to their new GO accounts