AMP SuperEdge Cash Account Review, Rates & Information

Product details

The SuperEdge Cash Account from AMP gives your self-managed super fund (SMSF) an interest earning edge that you don’t get with just any savings account. This is a high interest savings account designed to help you with managing your SMSF using multiple access methods at no cost to you.

Product Name: AMP SuperEdge Cash Account

Maximum Variable Rate: 0.00% p.a.

Standard Variable Rate: 0.00% p.a.

Bonus Variable Rate: 0.00% p.a.

Monthly Fee: $0

Minimum Opening Deposit: $0

Minimum monthly deposit for bonus interest rate: $0

Internet Banking: Yes

Phone Banking: Yes

What are the features of the AMP SuperEdge Cash Account?

An SMSF when managed right is the key to your financial security for the future. When choosing an account that helps you manage that money, look at various banks and compare the features that they offer with what you get from AMP:

Monthly account keeping fees. AMP does not charge any monthly account management fees for SuperEdge Cash Account.
Interest rates. Your balance grows with a variable competitive interest rate.
Interest calculation. Interest is calculated on your balance every day and the payment due paid into the account each month. This allows you to earn even more with compound interest.
Accessing your money. You can make transfers at any time using AMP’s BankPhone and BankNet services. This includes unlimited free; periodical payments, Pay Anyone transactions, transaction listings, BPAY, internal transfers to AMP bank accounts and account balance enquiries.
Visa debit card. For cash access your account will be linked to a Visa debit card.

Pros

No monthly account management fees
At-call access
Access to BankNet and BankPhone

Cons

Only available for SMSFs

How do I apply for the AMP SuperEdge Cash Account?

In order to apply for the AMP SuperEdge Cash Account you can either call and speak with a representative of the financial institution or visit their website and download an application form that will then be sent to them. Before getting started check to make sure that you are able to meet the eligibility requirements:

Minimum age. There are no minimum age requirements set forth by AMP for the SuperEdge Cash Account, but you do need to be an authorized signatory of a registered SMSF in order to qualify to apply.
Residency requirements. Only Australian residents are allowed to open the SuperEdge Cash Account.
Depository requirements. No minimum opening balance is asked for in order to activate this account.

As you work your way through the application, you will find it helpful to have the following documentation nearby:

Tax file number. It is not obligatory to provide you tax file number (TFN) or TFN exemption code. This is used by AMP to calculate the correct withholding tax rate to apply to your interest earnings. If not given, they are required to withhold tax at the highest marginal rate.
Identification. A passport, Medicare card or driver’s licence contains the information needed to confirm your identity. If you are new to AMP you may need to complete this step at a participating Bank@Post office.
SMSF information. As this account is only available for an SMSF, you will need to be able to provide information that is relevant.

After signing and submitting your application, it will be reviewed and if necessary additional identification documents will be mailed to you within three days. Once that is returned to AMP, your new account will be available to use in the next two business days.