AMP SuperEdge Pension Account Review & Information

Product details

Australians receiving a pension from their self-managed super fund (SMSF) can make it easier to access their cash with a SuperEdge Pension Account from AMP. Use a linked Visa debit card for purchases and withdrawals for no fee, while your balance can continue to grow from a competitive interest rate. This convenient account combines all of your financial needs into one easy to manage place.

Product Name: AMP SuperEdge Pension Account

Maximum Variable Rate: 2.00% p.a.

Standard Variable Rate: 2.00% p.a.

Bonus Variable Rate: 0.00% p.a.

Monthly Fee: $5

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 Pension Account?

A pension account is meant to serve the specific financial needs of older Australians after retirement. When comparing these types of accounts with different banks, look at the features that you get with AMP to see which is the best match for your lifestyle:

Monthly account management fee. There is a monthly fee of $5 deducted from your balance. That fee is waived in months where you deposit at least $2,000 or maintain a balance of $5000. If you open this account through AMP’s cash management service you won’t ever pay that fee no matter what the balance of your account is or how much you are able to add to it.
Minimum balance requirement. There is no balance requirement with this account.
Availability. In order to be eligible for this account you must be an SMSF pension recipient or trustee.
Interest rate. A competitive variable interest rate is applied to the balance each day and paid into the account once a month. This will allow you to earn compound interest.
Account access. You have unlimited free access to your account with online, phone and mobile banking. This allows you to make transfers, receive payments and pay bills. The account is also linked to a Visa debit card for ease in making cash withdrawals and purchases.
Visa debit card. The linked Visa debit card can be used like cash with any merchant that accepts Visa as a form of payment. It also enables you to make purchases online and over the phone.
PayTag. This feature allows you to use your mobile device to make point of sale payments without having to use your Visa debit card.
Visa payWave. Visa payWave lets you make EFTPOS purchases of under $100 simply be waving your debit card at the machine.
ATM access. You get unlimited free transactions at rediATMs across Australia. Using an ATM outside of that network may incur provider fees.
Linked account. You must also have an AMP SuperEdge Cash Account in order to open and operate this account.
Converting currency. If you make a transaction in another currency you will be charged 2.5% of the Australian dollar amount.
Overseas EFTPOS transaction. $1.50 will be charged to your account for each international point of sale transaction made.
Overseas ATM withdrawals. There is a $5.50 fee for all ATM transactions conducted outside of Australia.

Pros

No minimum account opening or balance
Full access to internet banking and phone banking
Competitive interest rate

Cons

Strict criteria applies

How do I apply for the AMP SuperEdge Pension Account?

In order to open your AMP SuperEdge Pension Account you will either need to contact your AMP financial advisor or visit AMP website to access the downloadable application. There are two available depending on whether you are an individual or a trust so be sure that you are accessing the one that applies to your circumstance. Before beginning, check the following eligibility requirements to ensure that you qualify for this account:

Minimum age. There are no age requirements, so long as you are receiving a pension from an SMSF.
Residency requirements. This account is available for Australian residents.
Depository requirements. You will not be required to make a minimum opening deposit although you will need to make at least $2,000 in deposits during the month in order to have the monthly fee waived.

You will find it helpful to have the following documentation close by as you are filling out the application:

Tax file number. In order to make sure that withholding tax on your interest earnings is at the correct rate, AMP will ask you for your tax file number (TFN) or exemption. Bear in mind that you are not obligated to provide it, but if you don’t, they will withhold tax at the highest marginal rate.
Identification. Your passport or driver’s licence will have the information needed to verify your identity. Alternatively you can ask for identification forms which can be filled out at a Bank@Post location.
Account number. The account number for your AMP SuperEdge Cash Account will be required.

It will take up to three business days after receiving your application for AMP to mail you your identification verification paperwork. Once your identity is confirmed your account will be opened within two business days. Your Visa debit card will be sent to your address through the Australian post.