AMP Bank Bett3r Spend Account

Key features

The AMP Bank Bett3r Account is actually three accounts in one - one for spending, one for paying for all of life’s necessities and one for saving toward your goals.

Your money hits the Pay Account first, so all your bills are taken care of. After that, funds are automatically allocated to your saving goals in the Save Account. Anything leftover goes to the Spend Account, which is an everyday transaction account and the one we’re talking about in this review. These funds are yours to spend however you want - as long as you’ve set the linked accounts up properly, all your budgeting has been done already, so you won’t have to worry that you’ve overspent on Friday night celebrations and forgotten about an incoming electricity bill.

Aside from the innovative three-account style, this is actually a pretty simple bank account. There are no fees to worry about unless you’re using the linked debit card overseas, in which case there’s a $5.50 ATM fee and a 2.5% foreign exchange margin.

Whenever you’re in the land Downunder though, you’ll have unlimited free transactions through EFTPOS, phone, mobile app, internet banking, and Bank@Post.

Who is it good for

Because the Bett3r Account splits your money into three pots - the first for necessities, then for saving and finally for fun spending - it’s a great bank account for anyone who needs a little help to keep their budget straight and to not overspend on everyday indulgences.

Any catches

If you’re planning to spend big, think ahead to make sure the $1,000 daily withdrawal limit doesn’t put a damper on your day.

Plus, remember, although this account itself has no monthly fee, the linked Pay Account does have a $6 fee (which will be waived if you meet the minimum $2,000 monthly deposit from an external source requirement.)