If you have excess funds in your self-managed super fund (SMSF) but still want access to them, the SuperEdge Saver Account provides a convenient solution. Linked to your SMSF hub account, you earn a higher rate of interest, yet are free to transfer money in and out whenever you need. This allows you to keep your money close at hand, while still benefiting from a high interest savings account.
What are the features of the AMP SuperEdge Saver Account?
Accounts that passively allow you to earn interest income are a secure way of managing your SMSFs growth. When comparing these types of savings products amongst various banks and financial institutions in Australia make sure that you are considering the features that AMP offers:
- Monthly account keeping fees. You will not be charged for the maintenance of your SuperEdge Saver Account.
- Linked account. In order to take full advantage of this account it will need to be linked to an AMP SuperEdge Cash Account or a different transaction account for your SMSF in another bank.
- Interest rate. The competitive interest rate for this account is variable, meaning that it may change from time to time.
- Interest payments. The interest is calculated daily and paid into your SuperEdge Saver account monthly giving you the opportunity to earn even more with compound interest.
- Minimum ongoing balance. There are no ongoing balance requirements in order to keep this account active.
- Accessing your money. You can make unlimited free transfers of your cash using AMP’s online banking platform, mobile banking or phone banking.
- Mobile app. The mobile app from AMP allows you to make simple transactions from your mobile phone, contact your AMP financial advisor and find supported ATMs in your area. You can download it for free from the App Store or with Google Play.
- Competitive interest rate
- 24/7 access to your money
- $0 monthly fees
- Linked to an AMP SuperEdge Cash Account for maximum benefit
How do I apply for the AMP SuperEdge Saver Account?
If the convenience and higher rates of the SuperEdge Saver Account work with your SMSF plans you can apply for the account by contacting your AMP financial advisor or by visiting their website in order to download an application. In either case you should ensure that you are able to meet the eligibility requirements before beginning the application:
- Minimum age. Only applications submitted by individuals aged 18 and over will be accepted.
- Residency requirements. All individuals listed on the application must be Australian residents.
- Depository requirements. You will not be required to make a minimum opening deposit.
You will find that filling in the application is easier if you have the following documentation close by:
- Tax file number. With an interest earning account like the SuperEdge Saver Account providing your tax file number (TFN) or exemption code will allow for AMP to deduct the correct withholding taxes from your earned interest. It is not mandatory that you provide your TFN but if you don’t, they are obligated to make deductions at the highest marginal rate.
- Identification. AMP will ask that you verify your identity using information found on your driver’s licence or passport. You can also request a separate identification form to be completed at a Bank@Post.
- Account details. The account number for you SuperEdge Cash Account will be necessary in order to link your new account. You may use a banking account from a different financial institution for which you will need to have the account number and BSB number.
- SMSF. The details of the SMSF being applied for will be required before the application can be processed.
Once completed, you can mail or fax the application to the AMP offices for review. If you do require additional help in verifying your identity, those documents will be mailed to you within three business days after receipt of your application. Once AMP has all the information necessary to confirm your identity, the account will be activated within two business days.