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AMP Bank GO adds business overdraft to mobile platform for small businesses
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AMP Bank GO adds business overdraft to mobile platform for small businesses
AMP Bank has launched a business overdraft feature within its mobile-first banking platform AMP Bank GO as cash flow concerns continue to affect small business owners across Australia.
AMP Bank GO adds business overdraft to mobile platform for small businesses
AMP Bank has launched a business overdraft feature within its mobile-first banking platform AMP Bank GO as cash flow concerns continue to affect small business owners across Australia.
The bank announced the new product on Thursday, citing research that found 70 per cent of Australian small business owners were worried about cash flow and three in five were concerned about paying bills.
The unsecured business overdraft offers funding from $2000 to $20,000 and is available through the platform's Everyday Business Account.
Eligible customers can apply for the facility in less than 10 minutes, with the service initially available for sole traders before expanding to other business structures.
The overdraft includes instant app notifications to help business owners monitor spending and an in-app cap feature that allows users to adjust their spending limits.
Interest is charged only on the amount used, with AMP Bank promoting the facility as having competitive and transparent rates.
John Arnott, director of AMP Bank GO, said the product was designed to address the complexity many small businesses faced with traditional banking.
"Small business owners don't need more complexity – they need simple, smart tools that help them stay in control," Mr Arnott said.
"AMP Bank GO's business overdraft is designed to do just that – giving business owners the flexibility to manage cash flow, smooth out income dips, and handle the unexpected without stress."
AMP Bank GO was launched in February as the bank's challenger mobile-first proposition targeting Australia's small business sector, including sole traders and micro businesses.
The platform was built to help business owners manage their finances while mobile, featuring tools designed for entrepreneurs who operate outside traditional office environments.
Mr Arnott said traditional banking in Australia often overlooked small business needs.
"We're building AMP Bank GO from the ground up to reflect how Australians actually live and work – especially those running small businesses," he said.
"Too often, banking in Australia overlooks the needs of small business owners. We're changing that by designing solutions that put their experience and success at the centre."
The research underpinning the product launch surveyed 2000 Australian sole traders and small business owners with 20 employees or fewer, conducted in January 2025.
AMP Bank GO complements the bank's existing home loan and savings account offerings, which are distributed through direct and intermediary channels.
The business overdraft is subject to AMP Bank credit approval, with terms and conditions applying.
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