Interest rates are rising – what’s next for your savings?
With interest rates on the rise, it's a good time to take a closer look at your savings account and see if it suits your goals.
Sponsored by AMP Bank GO. With the AMP Bank GO Save account, you can earn up to 5.75% p.a. on balances up to $50,000*, with no strings attached to earn interest. Visit the AMP website to learn more.
With the recent announcement from the RBA, Australia's cash rate has risen to 4.85%.
Many keen savers will have a close eye on announcements from their bank. If the rate rise is passed on to savings accounts, it means that now can be a good time to save money and grow funds for long-term goals.
It's also a good opportunity to look at your current savings account and see if it's still serving your goals
If it's got too many conditions or the interest rates aren't strong enough, consider switching to a new account.
For example, the AMP Bank GO Save account is currently offering an interest rate of 5.75% p.a. on balances up to $50,000* with no minimum balance, deposit or withdrawal conditions.
Have more than $50,000 in savings? AMP Bank GO Save has interest tiers for balances up to $5m.
With this in mind, we're taking a look at some of the key questions around what might be next for your savings.
1. What does rising interest rates mean for your savings?
Interest rates for savings accounts generally rise in response to Australia's cash rate rising.
The cash rate is set by the Reserve Bank of Australia (RBA) and is periodically adjusted to affect the wider economy.
The most recent cash rate update was 3 November 2026, which saw the cash rate rise to 4.85%.
You can read more about the cash rate and how it's determined on the RBA website.
The cash rate can have a significant effect on the wider Australian economy, as it influences the interest rates on loans.
In turn, this affects the cost of repayments, which has a flow-on effect to what sort of funds people have for day-to-day spending.
However, when the cash rate rises, financial institutions will also tend to offer higher interest rates on savings accounts, too.
As a general rule of thumb:
- Higher cash rate = more expensive loan repayments, higher savings interest rates
- Lower cash rate = less expensive loan repayments and borrowing costs, lower savings interest rates.
2. How much difference does interest make to my savings?
The interest rate you receive can make a significant difference to the way your savings grow over time.
Let's take a look at an example.
- I have $10,000 and my current account offers 5.00% p.a. interest.
- I am saving $1,000/month
- I am saving for 3 years with no withdrawal at a rate of 5.00% p.a.
At the end of this period, I would have $50,368. $4,368 of that balance has come from interest.
But what does that look like if I was earning 5.75%, which is the current savings rate for the AMP Bank GO Save account on balances up to $50,000.?
With all other factors remaining the same, I would now have $51,067 -- with $5,067 of that in interest. Total interest uplift is around $699.
Over an even lengthier period of time, this can add up to even more substantial differences!
You can try the AMP Savings Calculator for yourself, to get an estimate of how your current savings account compares to AMP Bank GO Save.
Start saving with AMP Bank GO Save
AMP Bank GO Save is a simple savings account with a great rate and no strings attached to earn interest.
- A great Variable interest rate of 5.75% p.a. on balances up to $50,000*.
- No deposit or withdrawal conditions
- No minimum balance required for earning interest
- Save for your next holiday or home renovation with a Saving Space
- Pair with an AMP Bank GO Everyday Account to manage your day-to-day finances
- Interest accrues on a daily basis, paid monthly
*applies to balances up to $50,000 p.a. (5.25% p.a. on balances from $50,000.01 to $250,000 and 4.75% p.a. on balances from $250,000.01 to $5,000,000)
3. How can I pick the right savings account?
When you're choosing your savings account, there are some key considerations to think about:
- Your savings goals
- The interest rate attached to the account
- The earning conditions for the interest rate
- Fees
- Withdrawal conditions
Everyone's specific goals and preferences will look different, but let's look at the AMP Bank GO Save account as an example.
- Earn 5.75% p.a. on balances up to $50,000*
- No earning conditions -- interest is paid irrespective of whether the balance grows or not
- No monthly account fees
- No withdrawal conditions.
You do need to open an AMP Bank GO Everyday Account, but once this is set up the two accounts can be linked straight away.
*applies to balances up to $50,000 p.a. (5.25% p.a. on balances from $50,000.01 to $250,000 and 4.75% p.a. on balances from $250,000.01 to $5,000,000)
4. How can I stay on track with saving?
Staying on track with your savings can be easier when you set clear goals, make saving part of your budget and have the right tools and habits to keep making progress.
- Set a savings goal. Start by deciding what you're saving for, whether that's a holiday, a new car, a home deposit or a rainy-day fund. Then work out how much you need to save and what you can realistically put aside.
- Make room in your budget for saving. Set a budget based on your current income, day-to-day costs and any existing debts.
- Look for areas where spending can be cut back and redirected to your savings instead. This might include things like eating out and entertainment, but can also include shopping around for day-to-day items.
- Find an account that pays a healthy interest rate and conditions you can meet. ACCC research shows around 71% of bonus interest accounts missed out on the top bonus interest rate because they did not satisfy every monthly rule.
- Organise your savings by goal. With AMP Bank GO Saving Spaces, you can separate your savings into different goals, set targets and track your progress in real time, giving you a clearer view of what you're working towards.
- Put saving on autopilot. Once you know what you can afford to save, features like automatic round-ups can help add to your savings as you spend.
You can find some tips for putting together a budget and saving right here on Finder.
Sponsored by AMP Bank GO. With the AMP Bank GO Save account, you can earn up to 5.75% p.a. on balances up to $50,000*, with no strings attached to earn interest. Visit the AMP website to learn more.
Important information
The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517. This information is provided by AMP Bank Limited. Read our Financial Services Guide available at amp.com.au/fsg for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. Interest rates are current as at 9 November 2026 and subject to change.
This information has been prepared without taking into account your objects, financial situation or needs.
AMP Bank is a member of the Australian Banking Association (ABA) and is committed to the standards in the Banking Code of Practice.
A target market determination for these products is available here.
For accounts with BSB number 939 900, that you access via AMP Bank GO, the Terms and conditions that apply are available here.
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