With the fluctuation of daily business needs, it's important to have flexibility in a savings account. AMP provides this with its Business Saver Account with fast internet or phone transfers without any fees. There's no monthly minimum balance requirements, although you need to maintain a balance $2,000 or more to earn interest. The competitive rate of 1.80% p.a. is available on the entire amount.
You are getting the benefit of a high interest savings account combined with the ease and access of a transaction account. The 1.80% p.a. interest rate is available on balances $2,000 and above.
What are the features of the AMP Bank Business Saver Account?
When you are considering the right savings account product for your business, you should be looking closely at the following features. This account is for business owners or sole traders, so if that's not you, take a look at the range of other accounts offered by AMP instead.
Earn a variable interest rate of 1.80%.
AMP offers a variable competitive interest rate of 1.80% on your entire balance (subject to the terms and conditions). This interest is only available on balances $2,000 and above.
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.
- $0 monthly maintenance fee
- Access your money through phone and internet banking
- Linked everyday transaction account required either with AMP or a different provider.
How do I apply for the AMP Bank Business Saver Account?
If you think that AMP’s Business Saver Account works with your business structure and needs, you can easily apply online. First check to make sure that you are eligible for this account, and have the necessary documents handy.
- 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 next?
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.