AMP Business Saver Account
With the AMP Bank Business Saver Account, Australian business owners have flexible access to their money with no monthly fees.
It's important to have flexibility in a savings account to manage your business cash flow. AMP provides this with its Business Saver Account with fast internet or phone transfers without any fees. There's no monthly minimum balance requirements, and your funds will also earn interest.. The interest rate of 0.8% p.a. is available to new customers for the first 6 months.
Earn 0.8% p.a. for 6 months
New customers can earn an introductory bonus rate of 0.8% p.a. for 6 months, reverting to the standard ongoing rate of 0.5% after this. The introductory rate is only available to new customers who haven't held an AMP Business Saver account in their name in the last two years.
Interest calculated daily
Interest is calculated daily and paid into the account monthly.
No monthly fees
There are no monthly fees with this account.
Easy access to your money
You can access your funds around the clock using phone or internet banking.
No minimum deposit
There is no minimum opening balance requirement.
Linked to any account
Access your funds via a linked everyday transaction account either with AMP or a different provider, as long as both accounts are under the same name.
Business use only
This account is for business use only and can be used by a sole trader, partnership, company or trust (excluding SMSFs). For personal bank accounts offered by AMP, take a look here.
How to apply
- Use of account. This account is for business owners, sole traders, partnerships or trusts (excluding SMSFs).
- Residency requirements. The business that this account is associated with must be registered in Australia.
- Depository requirements. There is no minimum deposit needed to open the account.
- Tax File Number. This will be necessary in order to ensure that the correct Australian tax amount is being deducted from any interest earnings.
- Identification. You will need to verify your identity with a driver's licence or passport. This will also be required of any additional or joint applicants.
- Business number. You may have to provide a copy of your Australian Business Number (ABN) as well as a copy of your business's search results from the ASIC database or a search of the relevant financial market.
- Linked account. You'll need to provide the details of your linked transaction account.
What happens after I submit my application?
Once your application is received, AMP will verify the information provided before issuing you the details of your new savings account. This shouldn't take any more than five business days.
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
You are getting the benefit of a high interest savings account combined with the ease and access of a transaction account.