Transaction account offers high interest rate

AMP will launch a new high interest transaction account called ‘AMP First' next week as a key part of its' redevelopment of the AMP Banking business. The AMP First account will offer a market leading interest rate of 4.35 per cent and is targeted at young adults who prefer to do their banking over the internet and telephone.

AMP hopes to pick up market share as a result of the demise of the Virgin Money brand as well as the takeovers of BankWest and St George. AMP is investing heavily in marketing of the AMP Banking business that has been largely neglected by the financial group since 2003.

Source: Herald Sun