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AMP Bank Bett3r Pay Account

Advertiser disclosure
Account fee
$6.00
Payment options
Apple Pay, Google Pay, Samsung Pay
Interest rate
0.10% p.a.

Mozo editorial review AMP Bank Bett3r Pay Account - last updated: 3 May 2021

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What's hot
  • One of three linked accounts to help you manage your budget
  • Three linked accounts to help manage your finances
  • Access to Bett3r app, to manage money on the go
What's not
  • $6 monthly account fee
Mozo snapshot

Want a budgeting strategy built into your bank account? Well, look no further than the AMP Bank Bett3r Account. The Pay Account is one of three linked accounts, designed to automatically make payments on all your direct debit bills. There’s a $6 monthly fee to consider, but by depositing at least $2,000 each month into the account, you can avoid that as well.

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Key features

You’ll earn 0.10% interest on balances up to $5,000,000 held in this account, but that’s not really what the AMP Bank Bett3r Pay Account is all about. It’s actually the first step of a three-layered budgeting strategy.

The idea is to set up your Pay Account to make automatic payments of all your monthly expenses like rent, loan repayments, utilities or subscriptions. That makes it super easy to keep track of your payments, and once those are taken into account, any money leftover from your salary goes first to your savings goals and then to the Spend Account.

Just make sure you deposit your salary into the Pay Account - not only will it make paying bills heaps easier, but if you commit to make a deposit of at least $2,000 each month to your Pay Account, you’ll earn extra interest on the linked Save Account.

By meeting this minimum deposit, you can also avoid the monthly $6 account fee, which means you can use all three linked accounts fee free. There are also no fees for making transactions online or over the phone. Although if you’re out of the country, keep in mind there’ll be a $4.50 foreign ATM fee and a 2.50% foreign exchange margin for using the linked debit card.

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Who is it good for

This is a great option for anyone who’s looking for an easy way to keep their finances organised, because not only can you have all your bills automated, but the AMP Bank Bett3r Account takes it one step further, with linked accounts to help manage your everyday spending and saving goals as well.

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Any catches

It’s important to keep in mind that while the Bett3r Pay Account goes a long way toward making budgeting simple, it’s not a complete solution. Any bills that can be paid by direct debit or BPAY can be covered by automatic transfers from this account, but if there are some bills you pay the old-fashioned way, you’ll need to pay them from your Spend Account, or set up a monthly savings goal to cover them.

Details

Rates and fees information correct as at 3 December 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

Balances from $0: 0.10% p.a.
Balances from $5,000,000: 0.00% p.a.

n/a

n/a

Fees

$6.00

$0 monthly account fee if you deposit min. $2,000 per month from an external source, excluding transfers within your AMP Bett3r Account.

Unlimited free transactions from EFTPOS, mobile app, internet, cheque and Bank@Post deposits.

$0.00

None

$0.00

n/a

n/a

$0.00

$0.00

$0.00

n/a

$4.50

2.50%

$0.00 monthly

Other financial bits

$0.00

$0.00

Features

$1,000.00

no

no

yes

no

no

yes

yes

none

none

Atm card

$4.50

$0.00

2.50%

Debit card

$4.50

$0.00

2.50%

Payment options

Apple Pay, Google Pay, Samsung Pay

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