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 Saver Account
2.36 %p.a.
max rate
1.40 %p.a.
standard variable rate
Bank Account Offer
Introductory rate of 2.36% p.a. for 4 months, reverting to a rate of 1.40% p.a. The bonus rate offer is for new AMP Saver customers only, and applies to the first $250,000 deposited.
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
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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 four 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.
The cash rate is at a record low of just 0.75%, but Australians can still earn up to 2.75% p.a. on their savings account. 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.
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