Retro rates? AMP Bank goes old-school with new savings product
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Remember the days when a savings account was simple?
You’d pop into your local branch, open an account, and watch your money grow—no hoops to jump through, no fine print, and certainly no 'bonus rate traps' that left you scratching your head.
Well, it seems AMP Bank is feeling a bit nostalgic, and they’re bringing back a classic approach to saving that many of us remember fondly.
AMP Bank has just launched a new digital savings account that harks back to the golden era of banking—think early 2000s, when high interest online savings accounts (HIOSAs) were all the rage.
Back then, these accounts were straightforward: you got a competitive interest rate, full flexibility, and no sneaky conditions.
Over the years, though, banks started adding all sorts of requirements—minimum deposits, limited withdrawals, and monthly fees—that made it harder for everyday Aussies to actually benefit from their savings.
According to a 2023 ACCC report, these added terms and conditions have left millions of Australians missing out on the best rates. AMP Bank’s GO director, John Arnott, says that’s exactly why they’re going 'back to the future' with their new offering.
According to Arnott, ‘There was a thing in the market 20 years ago which was a high interest online savings account or HIOSA, which was about offering high interest for online accounts that had full flexibility. It was very much what you see is what you get, but fast forward 20 years there has been a number of conditions added to these accounts.’
The new AMP Bank savings account, available exclusively through their GO app, offers a tidy 4.5% interest rate on balances up to $250,000.
Here’s the kicker: there are no minimum deposit requirements, no withdrawal restrictions, and no monthly fees. It’s as simple as it sounds—what you see is what you get.
To open the account, you’ll need to link it to a GO everyday transaction account (which doesn’t pay interest), but otherwise, there are no hidden catches.
This is a digital-only product, so don’t expect to find a brick-and-mortar branch—AMP Bank is fully online, which is becoming more common as banks look to cut costs and boost security.
The timing is interesting. The Reserve Bank of Australia (RBA) is widely expected to cut interest rates on August 12, which usually means banks follow suit and reduce the rates they offer on savings accounts.
By launching a competitive, no-strings-attached savings account now, AMP Bank is hoping to attract customers who are tired of jumping through hoops just to earn a decent return on their hard-earned cash.
AMP Bank isn’t just going retro with their savings account—they’re also embracing the latest in digital banking security.
Earlier this year, they introduced numberless debit cards for both personal and small business customers.
These cards, developed in partnership with MasterCard, don’t display any numbers on the front, making them less attractive to would-be scammers.
Instead, customers can access their full card details securely through the app, which also features advanced fraud protection and biometric authentication. They can access this using their 16-digital number online.
‘If you look at what consumers want it’s transparency, flexibility and peace of mind so we felt if we were going to launch a savings product that our customers are asking for then we should launch a product that solves these challenges.’ said Arnott.
Read next: They hinted at relief—then pulled back. What’s really going on with the RBA?
Do you remember the days of simple, high-interest savings accounts? Have you been frustrated by the 'bonus rate traps' and endless conditions on modern accounts? Would you consider switching to a digital-only bank for a better rate and fewer hassles? Share your thoughts and experiences in the comments below!
You’d pop into your local branch, open an account, and watch your money grow—no hoops to jump through, no fine print, and certainly no 'bonus rate traps' that left you scratching your head.
Well, it seems AMP Bank is feeling a bit nostalgic, and they’re bringing back a classic approach to saving that many of us remember fondly.
AMP Bank has just launched a new digital savings account that harks back to the golden era of banking—think early 2000s, when high interest online savings accounts (HIOSAs) were all the rage.
Back then, these accounts were straightforward: you got a competitive interest rate, full flexibility, and no sneaky conditions.
Over the years, though, banks started adding all sorts of requirements—minimum deposits, limited withdrawals, and monthly fees—that made it harder for everyday Aussies to actually benefit from their savings.
According to a 2023 ACCC report, these added terms and conditions have left millions of Australians missing out on the best rates. AMP Bank’s GO director, John Arnott, says that’s exactly why they’re going 'back to the future' with their new offering.
AMP Bank has launched a new digital savings account offering 4.5% interest on balances up to $250,000, with no minimum deposit, withdrawal conditions or monthly fees. Image source: AMP / Youtube.
According to Arnott, ‘There was a thing in the market 20 years ago which was a high interest online savings account or HIOSA, which was about offering high interest for online accounts that had full flexibility. It was very much what you see is what you get, but fast forward 20 years there has been a number of conditions added to these accounts.’
The new AMP Bank savings account, available exclusively through their GO app, offers a tidy 4.5% interest rate on balances up to $250,000.
Here’s the kicker: there are no minimum deposit requirements, no withdrawal restrictions, and no monthly fees. It’s as simple as it sounds—what you see is what you get.
To open the account, you’ll need to link it to a GO everyday transaction account (which doesn’t pay interest), but otherwise, there are no hidden catches.
This is a digital-only product, so don’t expect to find a brick-and-mortar branch—AMP Bank is fully online, which is becoming more common as banks look to cut costs and boost security.
The timing is interesting. The Reserve Bank of Australia (RBA) is widely expected to cut interest rates on August 12, which usually means banks follow suit and reduce the rates they offer on savings accounts.
By launching a competitive, no-strings-attached savings account now, AMP Bank is hoping to attract customers who are tired of jumping through hoops just to earn a decent return on their hard-earned cash.
AMP Bank isn’t just going retro with their savings account—they’re also embracing the latest in digital banking security.
Earlier this year, they introduced numberless debit cards for both personal and small business customers.
These cards, developed in partnership with MasterCard, don’t display any numbers on the front, making them less attractive to would-be scammers.
Instead, customers can access their full card details securely through the app, which also features advanced fraud protection and biometric authentication. They can access this using their 16-digital number online.
‘If you look at what consumers want it’s transparency, flexibility and peace of mind so we felt if we were going to launch a savings product that our customers are asking for then we should launch a product that solves these challenges.’ said Arnott.
Read next: They hinted at relief—then pulled back. What’s really going on with the RBA?
Do you remember the days of simple, high-interest savings accounts? Have you been frustrated by the 'bonus rate traps' and endless conditions on modern accounts? Would you consider switching to a digital-only bank for a better rate and fewer hassles? Share your thoughts and experiences in the comments below!
