You’ll earn 1.50% interest on balances up to $5,000,000 held in this account, but that’s not really what the AMP 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 $5 account fee, which means you can use all three linked accounts fee free. There are also no fees for accessing the rediATM network in Australia or for making transactions online or over the phone. Although if you’re out of the country, keep in mind there’ll be a $5.50 foreign ATM fee and a 2.50% foreign exchange margin for using the linked debit card.
And as icing on top, you can also use the Bett3r Account to offset your AMP home loan, and when you do, you can snag up to 1.5% cash back on BPAY and direct debit transactions made from the Pay Account, up to $1,000 a month (conditions apply).
Who it's 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 Bett3r Account takes it one step further, with linked accounts to help manage your everyday spending and saving goals as well.
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.