AMP Bank GO: A Detailed Review
In the realm of business banking, AMP Bank GO has made significant strides since its launch in February 2024, accruing $310 million in deposits and reaching a customer base of over 15,000 by December 2025. Its primary focus lies in catering to small businesses and sole traders. Despite its growth, however, there have been several concerns raised regarding its operations and customer satisfaction.
Financial Performance
AMP’s financial performance paints a mixed picture. Its underlying net profit fell from $61 million in 2024 to $55 million in 2025, with a decrease in net profit from $30 million to $25 million within the second half of 2025 alone. This downward trend raises questions about the financial health and future prospects of the bank.
Customer Satisfaction and Feedback
AMP Bank has claimed that its GO service has a customer satisfaction score of over 8 out of 10, indicating a high level of customer approval. The bank has also stated that it is “continually evolving based on customer feedback,” hinting at its willingness to make improvements and adapt to customer needs.
But Is It All Rosy?
Despite the positive claims made by AMP, not everyone appears to be on board with their praise. Critics argue that the bank’s practices can be overly restrictive, with the bank allegedly regulating merchants and declining a high proportion of transactions. This has led to some customers, including this writer, choosing to leave the bank in search of platforms with fewer restrictions. Should you prefer a bank that allows you to freely spend your money where and when you want, AMP Bank GO may not be the best fit.
The Future of AMP Bank
The banking industry is rife with speculation, and AMP Bank is no exception. With the bank’s financial performance taking a hit and customer dissatisfaction brewing, there is speculation that AMP may be scouting for a buyer for its banking business, which holds $36 billion in assets. The sharp drop in AMP’s share price following the release of its results also hints at a potential takeover of the AMP Group. While the current business mix of AMP may not appeal to all, there are likely potential buyers in the market.
Only time will tell what the future holds for AMP Bank. Despite its challenges, it has managed to carve out a niche for itself within the business banking sector. Its ability to adapt and evolve based on customer feedback could be key to its survival and growth in the coming years.
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