AMP Bett3r Pay Account

$5.00$0 monthly account fee if you deposit min. $2,000 per month from an external source, excluding transfers within your AMP Bett3r Account.

rediATM

Visa Debit

AMP Bett3r Pay Account

$5.00$0 monthly account fee if you deposit min. $2,000 per month from an external source, excluding transfers within your AMP Bett3r Account.

rediATM

Visa Debit

Mozo Review   AMP Bett3r Pay Account Review

Last updated: 11 January 2019.

What's hot:
  • Up to 1.5% cashback when set up as an offset account (conditions apply)

  • Mozo Experts Choice 2017 - Innovation Award Winner

  • One of three linked accounts to help you manage your budget

What's not:
  • $5 monthly account fee

Mozo snapshot:

Want a budgeting strategy built into your bank account? Well, look no further than the AMP Bett3r Account. The Pay Account is one of three linked accounts, designed to automatically make payments on all your direct debit bills. It also comes with free access to the rediATM network. There’s a $5 monthly fee to consider, but by depositing at least $2,000 each month into the account, you can avoid that as well.

The account impressed our judges so much in the Mozo Experts Choice Awards 2017, that it claimed the coveted Innovation Award. 

Key features:

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.

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 18 February 2019. 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: 1.50% p.a.
    Balances from $5,000,000: 0.00% p.a.

  • none

  • n/a

Fees
  • $5.00

  • $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 rediATM, EFTPOS, mobile app, internet, cheque and Bank@Post deposits.

  • $0.00

  • rediATM

  • $0.00

  • none

  • none

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • $5.50

  • 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
  • $5.50

  • $0.00

  • 2.50%

Debit card
  • $5.50

  • $0.00

  • 2.50%

Customer Reviews

How are AMP bank accounts rated by the Mozo community?

Overall customer rating
7.1/10
Price
7.4/10
Features
6.9/10
Customer service
7.0/10
Convenience
6.5/10
Trust
7.7/10
AMP

About AMP

AMP is a leading wealth management company operating in Australia and New Zealand, with a rich evolving history spanning 150 years. Its growing banking business in Australia now includes a range of retail products such as home loans, credit cards, savings and accounts and term deposits. Also AMP's range of vehicle insurances are designed to give you more choice and flexibility while providing cover for a comprehensive range of accidents, damage and events.

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