With a variety of accounts to choose from, you can tailor your personal banking to your financial goals.
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 just to hold your money, but to encourage it to grow.
Compare AMP personal banking below
Who is AMP?
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 array of savings accounts are meant to help 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.
- 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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What transaction accounts are offered by AMP?
AMP Access Account
This is an everyday banking account where you have 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.
AMP Cash Manager
The cash manager is a hybrid account where you can make everyday transactions while still earning a competitive interest rate on your balance.
What high interest savings accounts are offered by AMP?
AMP Saver Account
An online account that gives your savings bonus interest on top of the already competitive rate for the first four months. You are not charged any monthly maintenance fees for the account, yet are allowed unlimited access through online banking.
AMP Notice Account
A high interest savings account that encourages you to save by necessitating at least 31 days notice before money can be withdrawn. Still, deposits may be made multiple times, while your balance is calculated daily and interest paid monthly at a competitive rate.
What term deposits are offered by AMP?
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 although 30 day term deposits will require a minimum balance of $25,000. You have the option of choosing when interest paid for this account, and for how long the terms are. Pay no fees, but risk paying a penalty if you do need to access the money before the end of your chosen terms.
What are the benefits and drawbacks of banking with AMP?
- You can get an introductory bonus interest rate. Without any conditions to meet, you can have bonus interest applied to your balance for a limited time.
- It provides innovative products, like the bonus saver. The availability of a notice saver account provides you with 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.
- AMP is an online bank. With AMP you lose the ability for 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?
If an AMP savings account is the right choice for you, they allow for applications to be completed online. The process should take 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, have your existing account number available 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, have the details of a 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.