With the fluctuation of daily business needs, it's important to have flexibility in a savings account. AMP provides this with their Business Saver Account with fast internet or phone transfers without any fees. With no monthly minimums requirements and interest earned on balances over $2,000, you are getting the benefit of a high interest savings account combined with the ease 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:
- Interest earned. AMP offers a variable competitive interest rate on balances of over $2,000.
- Interest payments. Interest is calculated daily and paid into the account monthly.
- Monthly fees. There are no monthly fees with this account.
- Accessibility. You can access your funds around the clock using phone or internet banking.
- Minimum deposit. There is no minimum opening balance requirement.
- Linked account. Access your funds via a linked account everyday transaction account either with AMP or other provider, as long as both accounts are under the same name.
- Suitable for. This account is for business use only and can be used by a sole trader, partnership, company, trust, or SMSF.
- Bank assist fee. For any transaction made at a branch that could have been done online or over the phone, you will be charged $3.
- $0 minimum balance required
- $0 monthly maintenance fee
- Access your money through phone and internet banking
- Bonus interest rate has a minimum balance.
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 first check to make sure that you are eligible for this account:
- Use of account. This is an account that is only intended to be used for business purposes.
- 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 $0 to be eligible to earn interest.
- Linked account. It is required that you also have an AMP business transaction account in order to link the savings account and make deposits and withdrawals.
You will also need to submit some documentation as a part of the application process in order to be approved. This would include:
- 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).
In order to apply for the AMP Bank Business Saver Account you will need to download the form from the website, fill it in and send it along with any additional documentation needed. You also have the option of sending it via fax or email but you will then need to also fill out and send an electronic communication consent form. Once received, AMP will verify the information provided before issuing you the details of your new savings account.