AMP

The Australian Mutual Provident Society has a long history in Australian finance with one vision: financial security enables people to live with dignity. For the past 170 years AMP has been a wealth management company that has a growing retail banking branch of the business.

Offering financial planning, superannuation and other wealth management based products, AMP operates in both Australia and New Zealand.

What products does AMP offer to its customers?

Please see the table below for a list of available products.

AMP

The Australian Mutual Provident Society has a long history in Australian finance with one vision: financial security enables people to live with dignity. For the past 170 years AMP has been a wealth management company that has a growing retail banking branch of the business.

Offering financial planning, superannuation and other wealth management based products, AMP operates in both Australia and New Zealand.

What products does AMP offer to its customers?

Please see the table below for a list of available products.

Basic Variable Rate Loan (Investment, Interest Only)

Variable
Rate 2.99
Comparison
Rate 2.89

Construction loan (Investment, Interest Only)

Variable
Rate 3.29
Comparison
Rate 5.34

Construction loan (Owner Occupied, Interest Only)

Variable
Rate 3.29
Comparison
Rate 4.73

Land loan (Investment, Interest Only)

Variable
Rate 6.39
Comparison
Rate 6.18

Land loan (Investment, Principal and Interest)

Variable
Rate 5.94
Comparison
Rate 5.99

Land loan (Owner Occupied, Interest Only)

Variable
Rate 5.60
Comparison
Rate 5.22

Land loan (Owner Occupied, Principal and Interest)

Variable
Rate 4.88
Comparison
Rate 4.93

AMP Access Account

Max Interest rate($10,000) Base Interest rate($10,000)

AMP Cash Manager

Max Interest rate($10,000) Base Interest rate($10,000) 0.10

AMP Cash Manager

Max Interest rate($10,000) Base Interest rate($10,000) 0.10

AMP Notice Account

Max Interest rate($10,000) Base Interest rate($10,000) 0.55

AMP Notice Account Financial

Max Interest rate($10,000) Base Interest rate($10,000) 0.35

AMP Saver Account

Max Interest rate($10,000) Base Interest rate($10,000) 0.10

AMP SuperEdge Cash Account

Max Interest rate($10,000) Base Interest rate($10,000) 0.10

AMP SuperEdge Saver

Max Interest rate($10,000) Base Interest rate($10,000) 0.65

Term Deposit

90 Days

0.20
1 Yr Paid
Annually 0.35

Term Deposit

90 Days

0.15
1 Yr Paid
Annually 0.30

Term Deposit

90 Days

0.20
1 Yr Paid
Annually 0.35

Term Deposit

90 Days

0.20
1 Yr Paid
Annually 0.35

Term Deposit

90 Days

0.20
1 Yr Paid
Annually 0.35

What transaction accounts do AMP offer?

AMP offers a number of transaction accounts to best suit your needs.

  • AMP Access Account offers you everyday access to your funds with no minimum balance required and no monthly account management fees.
  • AMP Bett3r Account doesn’t just sound hip – it offers bonus interest on Bett3r save accounts with the Bett3r Rewards. Be better and level up with the ability to create multiple savings goals and track your progress, set aside money for bills, and manage your funds with the Bett3r app.
  • AMP Cash Manager gives you the option to access your funds anytime whilst still earning interest. No transaction fees.

What savings accounts do AMP offer?

  • AMP Account Saver – earn an ongoing standard variable rate without having to make a monthly deposit. No monthly fees.
  • AMP Notice Account – described as the nest egg account, earn 0.80% p.a. on this account with no monthly fees and a competitive variable interest rate.
  • AMP Bett3r Account – available in both Pay and Save accounts, the Bett3r saver allows you to track your spending and set goals, whilst helping you manage your funds through the Bett3r app.

What term deposits are offered by AMP?

AMP has the AMP Bank Term Deposit which allows you to watch your savings grow at a current rate of up to 0.75% p.a. with no fees. Minimum deposit of $5,000 dollars required and you can elect for a term between one month up to five years.

Does AMP offer online banking?

Yes, AMP offers full access to online banking as well as a mobile banking app for both iOS and Android. The AMP Own Tomorrow app for apple watches even includes notifications directly to your apple watch. You can use the app to set up alerts for money moving both in and out of your accounts.

The AMP app allows you to easily track your spending, providing a monthly overview of your transactions. You can see all of your accounts in the one place, even your super and insurance (if they are with AMP).

What are some of the positives of banking with AMP?

  • Introductory rates – AMP offers an introductory bonus rate offer for new customers
  • Innovation in wealth management – clever savings accounts like the Notice Account allows you to earn a relatively high interest rate on par with a term deposit, without the need to lock your funds away.
  • Financial planning – as a wealth management company AMP has expert financial planners who can advise on the best products for your needs

What are some of the considerations with AMP?

  • Online only – AMP does not have any branches, which can be a drawback for those wanting the personal in-branch service.
  • No credit cards – AMP does not offer any credit card accounts
  • No rewards points – AMP does not offer rewards programs or other perks like complimentary insurance that you might be used to from a Big Four bank.
  • Personal use only – AMP is designed to be used for personal banking use only and can only be opened by individuals, not by a business or company.

How do I apply for an account with AMP Bank?

An application for AMP can be completed online in a few minutes. You will need to provide adequate identification and which accounts you would prefer to use.

All account holders with AMP must be aged over 18 and as well as Australian residents you must be physically residing in Australia.

Compare AMP savings rate with other savings accounts and other term deposits in Australia.