The Finder app is here! 🥳🥳 Download the new Finder app!
Get your savings sorted.Take control of your money with the all-new Finder app. Now available for free for iOS and Android. It's your new way to save, sorted.
Since 1849, the Australian Mutual Provident Society (AMP) has been leading the way for wealth management in Australia. Focusing on providing sound financial planning advice for Australians of from all backgrounds, AMP offers a number of savings products that are designed to not only hold your money, but to encourage it to grow.
Bank Account Offer
AMP Business Saver Account
1.60 %p.a.
max rate
0.75 %p.a.
standard variable rate
Bank Account Offer
New customers can earn an introductory rate of 1.60% p.a. for 6 months, reverting to an ongoing variable rate of 0.75% p.a. Earn interest on your business funds.
Operating in both Australia and New Zealand, AMP has the largest financial advice network available, managing over $215 billion in assets for their customers. With a focus on wealth management, their available savings accounts will help your savings grow.
AMP's SWIFT code: AMPBAU2S
Internet banking: AMP
AMP gives its customers access to online banking and it offers a mobile banking app for iOS and Android devices. You can use these platforms to monitor account balances, view transaction history, transfer funds between accounts and more.
Maximum transfer limits and banking session timeouts are in place to increase security, and information is encoded using 128-bit secure sockets layer (SSL) encryption.
Best features:
The ‘AMP Own tomorrow’ app for Apple watches takes online banking a step further by bringing notifications to your wrist
Use the mobile app to set up alerts for money moving in and out of your AMP accounts
Mobile banking: AMP
Image source: App Store
Dashboard
Drawer
Menu
Monthly Overview
What transaction accounts does AMP offer?
AMP Access Account
This is an everyday banking account with no minimum balance requirement to meet, and no monthly fees to pay. You do get access to your funds using a Visa debit card at rediATMs and eftpos as well as unlimited online transactions.
This account goes one step further than your average transactions account. The AMP Bett3r Pay Account helps your manage your finances by setting money aside for upcoming bills, helping you budget effectively. It comes as part of a unique three-account bundle, with linked Spend and Save accounts.
What high interest savings accounts does AMP offer?
AMP Saver Account
This is an online account that gives your bonus interest for the first six months on top of the already competitive rate. AMP does not charged any monthly maintenance fees for the account, and you have unlimited access to your funds through online banking.
AMP Notice Account
This is a high interest savings account that encourages you to save by requiring at least 31 days' notice before you withdraw your money. You can make multiple deposits and your balance is calculated daily. AMP pays you interest at a competitive rate every month.
AMP Bett3r Save Account
This account not only provides a competitive interest rate, but enables you to set personal savings goals and then sets money aside to help you meet them. It comes with a linked Pay and Spend account, and is part of a three-account bundle.
What term deposits does AMP offer?
AMP Term Deposit
With a minimum deposit of $5,000, you can lock your money into AMP’s term deposit account for anywhere from 30 days to 5 years. A 30-day term deposit requires a minimum balance of $25,000. Interest is tiered, so you receive better interest rates on larger deposit amounts. You have the option of choosing when interest paid for this account and the length of the term. You don't have to pay any fees, but you will have to pay a penalty if you access the money before the end of your chosen terms.
Digital banks Volt and 86 400 have each cut the interest rate on their savings account by 25 basis points, following the latest RBA rate cut. Read more…
Xinja has closed its market-leading Stash savings account to new customers following the RBA rate cut, but you can still get up to 2.50% p.a. on your savings elsewhere. Read more…
Neobank Xinja has launched its savings account, Xinja Stash, to the Australian market with a competitive bonus interest rate. Read more…
What are the benefits and drawbacks of banking with AMP?
The benefits
You can get an introductory bonus interest rate. Without any conditions to meet, you earn bonus interest for a limited time.
It provides innovative products, like the bonus saver. The availability of a notice saver account gives you a unique method of receiving high interest without the inconvenience of being locked into long terms.
AMP also offers financial planning. AMP is a wealth management service with experts available to help you best decide which products will benefit you the most.
The drawbacks
AMP is an online bank. With AMP you won't get personal service at a branch.
AMP doesn't offer credit cards or reward programs. Perks that you find with a typical Australian bank, such as credit card products, reward programs and complimentary insures are not readily available with AMP.
How do I sign up for AMP?
You can complete an application online. It will take you about ten minutes to complete, and you will need to provide AMP with your contact information and account preferences.
Eligibility to apply online
AMP requires that all account holders be Australian residents and that they are physically present in Australia when the account is opened. These are accounts meant for personal use only, and can only be opened for individuals aged 18 and older.
Documentation for your online application
If you are already an AMP customer, you will need your existing account number as well as your tax file number of exemption code. While not required, providing that information will prevent the bank from deducting tax at the highest marginal account. In addition, you need the details of the transaction account available to use as your linked account.
What happens after I submit my application?
Once AMP has been able to verify your identity, your new account will be activated within two business days.
Before choosing any savings product, you should carefully compare as many of your options as possible. With the number of different products available and their individual features, you can maximise your savings by making the right financial choices.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money here.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
