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AMP Bank GO Save Account 4.5% on Balance up to $250,000 @ AMP Bank

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AMP Bank GO Save Account 4.5% on Balance up to $250,000 @ AMP Bank
Go to Deal
Think on 19/07/2025 - 17:34 amp.com.au (1064 clicks)
Last edited 12/08/2025 - 17:17 by 3 other users

AMP Bank GO Save Account is a good replacement for uBank Save Account which requires account balance to increase by at least $1 excluding interest each month from 1 October.

AMP’s new app based savings account has come to market offering savers 4.5 per cent on balances up to $250,000, without a minimum deposit, no withdrawal conditions and no monthly fees. 3.75% p.a. on balances between $250,000.01 and $5 million, no interest payable on balance above $5 million.

AMP Bank is an authorised deposit-taking institution which is covered under the Financial Claims Scheme.

12-Aug-2025
Following the RBA's decision to decrease the official cash rate by 0.25%, AMP Bank is reducing variable interest rates across our Savings, Business and SMSF deposit products effective 15 August 2025 for all customers.

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  • luigough on 19/07/2025 - 17:43
    +38

    Another alternative is Macquarie Saver account, also 4.5%pa no catch and their app is very good in my opinion and daily limits are very generous with authenticator (up to $100k/day) - https://www.macquarie.com.au/everyday-banking/savings-accoun…

    Good to see we have options - haven't tried the new AMP app myself. Is it any good?

    • mmrazz on 19/07/2025 - 17:46
      +1

      Presuming the app acts the same as for their normal savings account, it's fine. I'd say probably not quite as clean as the Macquarie one, but it gets the job done.

    • the1doood on 19/07/2025 - 18:58

      Do they have other benefits of UBANK like FREE International ATM ?

      • luigough on 19/07/2025 - 19:12
        +6

        Macquarie certainly has zero FX fee, on the Mastercard network, just like Ubank. I tend to use them more when I travel overseas or buy overseas items (e.g. AliExpress USD). I find the Macquarie card tends to work better in overseas ATMs, but your mileage may vary. The card is linked to the Macquarie Transaction account.

        That being said, that doesn't stop the foreign ATM from slapping their own fee on you … so sometimes you will have to go ATM hunting.

        • Charlie Dont Surf on 19/07/2025 - 19:42
          +8

          And the Macquarie account gives you direct access to Macquarie Marketplace for buying discounted gift cards, and the Savings Account effectively works as a quasi-transaction account because you can pay in/pay out directly from the Savings account and set your PayID to it, and the Transaction Account is one of the very few that pays interest (2.25%), and (in my experience) Macquarie hasn't presented any problems when it comes to doing crypto deposits etc. Introductory rate of 4.85% too (4 months).

      • M00Cow on 19/07/2025 - 21:30
        +2

        Do they have other benefits of UBANK like FREE International ATM ?

        Go Wise, i was using ubank & Wise recently in vanuatu. Ubank was $vt75 = $au1, wise was $vt78 = $1

      • CtrlAltDelicious on 22/07/2025 - 10:14

        AMP's linked transaction account is very good and they dont charge any international currency conversion fees.

    • nategasm on 19/07/2025 - 19:12
      +4

      AMP app is fine if you are just gonna dump your money there and leave it, but Macquarie app has a far better UI with more features. Plus their transaction account is better if you end up using that too

    • MeatyOne on 19/07/2025 - 19:37
      -7

      Be careful of Macquarie. They can, and will, debank you at any time for any reason.

      • robinsoa on 19/07/2025 - 19:52
        +7

        They don't debank 99.99% of their customers. You would have to trigger an action that most people don't have to worry about.

      • peter on 19/07/2025 - 20:16
        -1

        Only two banks have ever closed my account unasked, or 'debanked' me as you refer to it. I raised a complaint with the Bank of Sydney, I did not ask them to close my account, but they may have misunderstood me, and closed my account anyway. ING were worse, I tried to use my seldom used ING Orange Everyday account online and discovered that it had been closed without any warning or notification. I was not impressed.

        • chickentaste on 19/07/2025 - 22:09
          +1

          My Orange Everyday account sits dormant for years on end, haven't had any issues since I opened it in 2017. Of all the 'occasional' accounts I have with different banks Orange were by far the easiest to deal with but your mileage may vary..

    • Drakesy on 19/07/2025 - 20:26
      +1

      Rabobank premium saver is at 4.8%

      • fry001 on 19/07/2025 - 22:09
        +1

        But this needs a balance increase as well, so still has hoops to jump through like ubank

    • jono5 on 19/07/2025 - 21:58

      Yep! I like the new app, other than a bit of an annoying application process which involves recording a video. Otherwise was pretty quick to set up, and works well. Good UI and features.

    • Dr Phil on 20/07/2025 - 14:31
      +1

      WRONG!
      No comparison with Macquaire !

      In fact AMP is a distant 3rd place behind uBank!

      And there is NOTHING NEW about this
      AMP is trailing well behind the other banks on this one.

      Becuase it looks like this is yet another Purely Digital banking account paying 4.5% that can only be operated via a Mobile Banking APP and a Debit card
      i.e. No access to internet portal. No cash in or cash out facilities. i.e No ATM access.
      You are totally stuffed if the system goes down as it does from time to time.

      1. This is just a stand alone DIGITAL savings account. No internet banking whatsover
      2. You need a separate DIGITAL transaction account to do anything
      3. Capped at $250K
      4. Lower interest rate than uBank Save's 4.6% (but must grow uSave by $1 from October 2025)

      Why would you even consider this Digital garbage when Macquarie is so FAR MORE SUPERIOR!

      • Churna on 21/07/2025 - 12:39
        +1

        you cant use an ATM with your AMP card?

      • payless69 on 04/08/2025 - 13:18

        Correct! Macquarie is a bank
        AMP is a house of disasters. They built a skyscraper on the Southern tip of Cirqular Quai only to be saved by the Yanks. Their 2 old high rise towers stay empty awaiting renovations and costing them a fortune.

  • mmrazz on 19/07/2025 - 17:43
    +2

    Go a cent over $250k and it appears your rate for everything drops to 3.75%
    As you said, appears to be 100% App only. Not clear if you can view details on their website after setup, but setup needs the app.

    Macquarie seems like a better option unless you're trying to split money across banks due to the government guarantee. (Same rate, but up to $1m, and if you go over the lower rate only applies to the balance over)

    • CtrlAltDelicious on 22/07/2025 - 10:16
      +1

      I think you have it wrong reading the terms and conditions its tiered banded interest rate so you will always earn the highest interest rate on balances up to $250k, if you have more than $250k in your account only the portion over $250k will be at the lower tier.

    • TheWiz on 22/07/2025 - 15:39
      +1

      As CtrlAltDelicious says, it's tiered. Going over the $250k limit doesn't change the interest rate for that first $250k, it's still 4.5%. Anything above $250k is 3.75%.

      Read the Savings Account Terms and Conditions document on the account under section 2.3. How interest is calculated.

  • cpho on 19/07/2025 - 17:44
    +8

    Yeah but then you need to bank with AMP…
    Also Macquarie has 4.5% with no hoops up to $1m.

    • gothebroncos on 19/07/2025 - 17:57
      -2

      isnt' the govt guarantee only up to $250K?

    • Onemoredeal on 19/07/2025 - 18:01
      +7

      And 4.85 for 4 months on the first $250k for new customers . I love the Macquarie product , no international cash withdrawal fees, no Aussie atm fees even from the dodgy pub atms, they refund it, no international surcharges just the wholesale Mastercard rate, and no hoops on anything, it’s brilliant .

      • ozziekhoo on 19/07/2025 - 19:31

        I've never used an ATM fee refund card/account. How does it work? Does it refund instantly when you perform the cashout or…?

        • apptrack on 19/07/2025 - 19:53

          Yep it credits the amount immediately

        • robinsoa on 19/07/2025 - 19:55

          Withdraw from an ATM ,accept the $2.50 fee for example, macq instantly cover the fee*
          *YMMV but I've always had mine covered.

    • ozBForLife on 19/07/2025 - 18:06

      something is wrong with AMP?

      • Aureus on 19/07/2025 - 19:45
        +1

        They have a history of scamming their customers, they even got in trouble for some of it.

    • dudleydoright on 19/07/2025 - 18:12
      +15

      Until October where they switch to a "you must grow your balance excluding interest" model.

    • CacheHunter on 19/07/2025 - 18:13
      +1

      Yes, if your balance is rising, but not for the month when you might want to make a withdrawal. Then it drops to zero on the whole balance.

    • Captain Hindsight on 19/07/2025 - 18:44
      +7

      No it’s basically becoming like a term deposit

      • Onemoredeal on 19/07/2025 - 18:54
        +7

        Exactly, a never ending lifelong term deposit , it’s such a scam , want to take a holiday? To bad for you

      • Igaf on 20/07/2025 - 18:41
        -3

        No, it's not, although reading Ozb you'd think so.

        • You can't add money to a TD, nor can you use it transactionally.
        • Terms can't be arbitrarily altered, and there is no growth requirement.
        • TDs usually required some week's notice to get early access to your funds.
        • In most cases it will cost you a fee and a loss of interest if you withdraw a term deposit early.
        • TD interest is fixed, and currently lower than variable interest (used to be the other way around, and may return to that once rates have bottomed out).
        • TD interest is usually calculated monthly, or worse, and is not compound. Ubk savings and many (most?) other bank accounts calculate interest daily and may compound after a period (usually monthly).
    • peter on 19/07/2025 - 19:56

      Easy to meet for you but not necessarily for others. I refer you to theory of mind, the cognitive ability to understand that others have their own thoughts, beliefs, desires, and intentions. Others also have different financial circumstances to you, easy for you may not be possible for them.

  • Sidor on 19/07/2025 - 18:02
    +1

    Moved all my funds from the AMP Saver account after loosing on 2 months bonus interest.

    • peter on 19/07/2025 - 20:38
      +3

      The post is not about AMP Saver, the post is about a new product, AMP Bank Go.

      • payless69 on 04/08/2025 - 13:25
        -1

        I had 3 Bettr 3 accounts, that meant paying 3 seperate fees.
        Call it a "Gerry" trick they are a house of cards!

  • bk1973 on 19/07/2025 - 18:07
    +2

    The AMP saver is 4.7%, but the balance needs to increase by at least $250 at the end of the month (not including interest). You earn the bonus rate for the next month, so if you ever do need money, and you qualified for the higher rate the month before, you have until the end of the month to pull it out and still earn a good rate.

    • TheWiz on 19/07/2025 - 19:05
      +2

      RaboBank Premium Saver is similar at 4.80% but requires a balance increase by $200 per month also excluding interest.

      If you setup an auto transfer each month then it's not hard to keep a chunk of your savings in one of these accounts with the rest in one that doesn't have any deposit/withdrawal restrictions. It's only a small percentage of interest more but it can add up.

      If you have money that you know you won't need longer term then the LaTrobe Financial 12 Month Term Account pays 6.25% currently which is a much better rate than banks, but it's an investment not a bank account.

  • spock on 19/07/2025 - 18:14
    +6

    Rabo bank 5.15% 4 months.

    • bakery on 19/07/2025 - 20:12

      i was with them for the intro period and they're a bit weird. they only allow money to go in and out from one other external account and they give you a physical authenticator as well

      • peter on 19/07/2025 - 20:35

        Only one external account with Rabo is true, but they did not supply me with a physical authenticator. Other than PayPal, I think only one bank, it may have been HSBC, ever supplied me with a physical authenticator.

  • MR-AM on 19/07/2025 - 18:19

    Remara - At Call account is paying 5.15%

    • TheWiz on 19/07/2025 - 18:54
      +1

      Decent rate but:

      Funds “At Call” with 48 hours notice or up to 90 days

    • shw01 on 19/07/2025 - 19:08
      +3

      Isn't it a managed fund? I won't exactly consider it the same as a "saving account"

    • turbochris on 19/07/2025 - 20:51
      +3

      Not a bank. No deposit guarantee.

  • stunspore on 19/07/2025 - 18:30

    you have to open 2 accounts - one transaction and one for the savings. not too hard, just another extra step.

  • bdl on 19/07/2025 - 18:47
    +1

    Also Australian Unity

    https://www.australianunity.com.au/banking/savings-accounts/…

    • bruceclipse on 19/07/2025 - 18:55
      +4

      Only first 50K and worst UI ever

    • shw01 on 19/07/2025 - 19:06
      +4

      the rate will be lowered to 4.6 from 31/7

      • bdl on 19/07/2025 - 22:28
        +1

        thanks for the heads up

    • bluesky on 19/07/2025 - 21:36

      And need to supply a selfie in addition to an ID in the application.

      • bluesky on 20/07/2025 - 00:21

        They must know some people are uncomfortable with a selfie photo. A "Withdraw Application" link was prominently placed under the acknowledgement of the application - so I was able to withdraw this application yesterday after applying. At least they make this step easier, rather than having to chase up.

  • spaceflight on 19/07/2025 - 19:24
    +2

    Here's a list so you can evaluate lots of options
    https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…

    • Mokr on 19/07/2025 - 20:41

      Tried me bank but they wouldn't let me open one.

      • sparklingsnom on 19/07/2025 - 22:59
        +1

        interesting, I also had the same issue today. Wonder if its on their end?

    • OzzyBrak on 19/07/2025 - 21:21

      UBank was and always has been NAB. UBank was better before NAB also purchased one of the neobanks 86400 or whatever it was and merged UBank with them.

      • archiexyz on 20/07/2025 - 00:32
        +1

        86400 was better before ubank/nab purchased it

  • Gdsamp on 19/07/2025 - 20:23

    Great Deal Shame About My Portfolio

  • indianregulator on 19/07/2025 - 21:47

    Can it do multiple accounts for saving goals like ubank?

    • archiexyz on 20/07/2025 - 00:33
      +1

      'spaces' (buckets) within the one account

  • rainbowunicorn on 19/07/2025 - 21:50

    Any recommendations for good interest on usd.
    HSBC global savings bonus interest is a bit annoying and doesnt always work.

  • shoppe on 19/07/2025 - 21:52

    Can you move money from this account to Amp Saver account, and vice versa?

    • mholling on 20/07/2025 - 09:40

      It looks like the GO Save account is only via app, with no web interface. So it's on a different system than AMP Saver, the accounts won't be listed together. Presumably you could still move money using BSB and account number.

      • shoppe on 20/07/2025 - 11:59

        Yes, but I want to do it instantaneously, like osko but for large balances.

  • finbar on 19/07/2025 - 22:01

    Macquarie is better option

      • archiexyz on 20/07/2025 - 00:34

        macquarie don't have branches

        • freeb1e4me on 20/07/2025 - 00:49

          Thanks for confirming

        • dontpanic on 20/07/2025 - 14:24

          Neither does Ubank.

          • archiexyz on 20/07/2025 - 17:25

            @dontpanic: where did ubank come from? the deleted comment gave branch access as a differentiation between AMP Go and Macquarie

  • tqqq on 19/07/2025 - 23:41

    thanks, will park my 250k here. Great deal!

  • spurf on 20/07/2025 - 10:05

    I have accounts with both Macquarie and AMP, although not the new "Go" product so not sure if it applies, but AMP doesn't have real-time payments ie Osko and you can't transact directly from the savings account for BPay etc.

    • iNeedMoreMoney on 20/07/2025 - 11:07

      I'm looking at both. AMP GO looks interesting, but with the same rate as Macquarie, and lacking some functions that Macquarie has such as Osko, Bpay, pay directly from account without transfer to everyday account, international withdrawal etc. Unless there is a benefit/feature that Macquarie doesn't provide or that it does better, I'm going to go for Macquarie for now.

    • archiexyz on 20/07/2025 - 16:22

      Amp go does have osko. The UI is much more appealing than Macquarie a few years ago

      • ozBForLife on 23/07/2025 - 16:55

        do you know if these rules apply for amp go products?
        https://www.amp.com.au/help-and-support/banking-faqs/payment…

        • archiexyz on 23/07/2025 - 18:25

          BPAY cutoff time is 6pm. Can't find any info on external cutoff times for standard transfers - obviously osko should go through instantly, I'm yet to come across a scenario where the payment isn't routed through osko.

          • ozBForLife on 23/07/2025 - 22:26

            @archiexyz: even large sum of payments? say like transfering 100K from and to the account?

            • archiexyz on 24/07/2025 - 10:25
              +1

              @ozBForLife: there is no set daily limit. They say if a large transaction requires review that will happen between 9am-5pm.

  • dontpanic on 20/07/2025 - 14:22
    +1

    Just wait for the bait and switch in 6 months time.

    Once they've got everyone's funds they'll add the same "grow your account" hoops. It happens every time one of these new accounts pops up.

    In the past we've always had Ubank to fall back on - now it looks like Macquarie is the last one standing. Probably only a matter of time for them too… The relentless march of enshittification will not be halted.

    • dontpanic on 21/07/2025 - 03:28
      +1

      I guess whoever is downvoting this didn't experience the bait and switch with both ANZ Plus or AMP Saver.

  • ReadOnly on 21/07/2025 - 10:44

    Hope it does not have stupid rule as it current imposes on Saver account like you cannot transfer fund out after 4pm weekdays ie. if a transfer is made after 4pm on Friday it will be held till Monday to be processed and hopefully fund will be released later that day
    https://www.amp.com.au/help-and-support/banking-faqs/payment…

    • Stingo on 15/08/2025 - 01:53

      Regarding the Saver, If the the transfer does not use the NPP for whatever reason it will be transferred via BECS. All banks apply a cut-off time to BECS transfers and transfers made after that time will only processed the next business day. The time of day varies a bit between banks. That said if the receiving account does support the NPP, AMP will use it if it is available for manual payments up to a daily limit of $5,000 subject to their security policy. The new platform has a 6pm cut-off time. I could not find any information about its NPP limit.

  • marmot on 21/07/2025 - 17:17
    -1

    Never, ever again! Took one of these bonus deals a few years back, they significantly dropped their interest rate after making me use the app and sign up to messages etc. Never a mention of changing the rate in any of the well used and annoying channels, except for an advert in one allied newspaper and that was the ONLY communication. Once I found out ended up losing any gains by the penalties of withdrawing and/or leaving it there at the much reduced rate. Nothing I could do, well within the joke of the new finanical rules that were put in. Absolutely disgusted with the communication in response as well when I called them out on their dodgy communication and nasty hidden tactics.

  • payless69 on 04/08/2025 - 13:21
    -1

    Banking with AMP is like shopping at HN.
    Sort of good for low brainers who fall for big ads.
    Try their Phillipines based call centre to compare: Every request takes 3 weeks, getting your card might never happen.

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