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 and you can earn a competitive rate of interest on balances over $2,000.
You are getting the benefit of a high interest savings account combined with the ease and access of a transaction account.
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 maximum variable interest rate of 1.80%.
AMP offers a variable competitive interest rate of 1.80% on balances of over $2,000. Balances below this amount earn no interest.
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. However, you need to keep your balance above $2,000 to earn interest.
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, trust, or SMSF. For personal bank account offered by AMP, take a look here.
- $0 monthly maintenance fee
- Access your money through phone and internet banking
- To earn interest $2,000 minimum balance required
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 trader or partnership, trust or SMSF.
- 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, but you do need to maintain a balance of at least $2,000 to be eligible to earn interest.
- 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 Certificate of Registration of Business name along with your Australian Business Number (ABN).
- 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.