The AMP Cash Manager account is a flexible cash management solution designed for investors, offering a rate of 4.80% p.a. for balances $10,000.01 up to $250,000. Cash management accounts support investment activities by providing an effective way to manage cash flows like from dividends or interest rates. They can also be a great way to hold cash for a later investment like a home loan deposit.
The AMP Cash Manager account features various payment options like Apple Pay, Google Wallet, and Samsung Pay. It provides unlimited free transactions from internet, phone, EFTPOS, and AusPost deposits. AMP’s Cash Manager doesn’t support branch access, although it does include Visa debit card and BPAY functionality.
Keep in mind that, while there are no fees associated with ATM and debit card transactions in Australia, there is an international overseas ATM fee of $4.50 and a Foreign exchange commission of 2.50%.
To get the best interest rate on offer (4.80% p.a.), you’ll need to have a balance of anywhere between $10,000.01 to $250,000. Any balance below $10,000.01, you will not earn any interest and for balances over $250,000 the interest rate is 4.35% p.a. Any balance greater than $5,000,000 will earn no interest.
Investors and savers with a big deposit between $10,000 and $250,000 who want to keep their cash ready while earning a good rate.
You’ll need to maintain a balance that’s not too low and not too large if you want to get the maximum rate possible.
Balances from $0: 0.00% p.a. |
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n/a |
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n/a |
$0.00 |
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n/a |
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Unlimited free transactions from internet, phone, EFTPOS, AusPost deposit. |
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$0.00 |
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None |
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$0.00 |
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n/a |
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n/a |
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$0.00 |
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$0.00 |
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$0.00 |
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$10.00 |
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$4.50 |
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2.50% |
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$0.00 monthly |
$0.00 |
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$0.00 |
$1,000.00 |
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yes |
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no |
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yes |
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no |
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no |
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yes |
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no |
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none |
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none |
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$4.50 |
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$0.00 |
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2.50% |
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$4.50 |
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$0.00 |
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2.50% |
Apple Pay, Google Wallet, Samsung Pay
Terrible Security/Service Our Financial Advisor and Mortgage Broker had us to move to AMP for its Offset accounts. This was for our home loan and Investment loan. The setup of the accounts was very difficult. We had several offset accounts and were sent cards for each without notification of which card was for what account. No branch meant we had to call and then trying to match the cards was difficult even for the staff. I ended up having to use the card and note which card was used for which purchase and then look at the records. Direct debits automatically setup for the accounts and when I called to ask them to be removed, I was told they were, but they were not. In terms of security, I will take responsibility that I fell for a fraud scheme and it wasn't till the bank called me that I realised. Around $3000 was taken within a few hours and 7+ transactions. I was called hours after the last transaction and was told it would take 30-180 days to review the incident. 3 months later I was told that I gave false information regarding my card being on my phone's wallet and that I would not be refunded. We then took all of our loans and savings out of AMP as AMP cannot secure our money like other banks, as several people I know who fell for the same, or other frauds, were refunded by their bank.
Read full reviewTerrible Security/Service Our Financial Advisor and Mortgage Broker had us to move to AMP for its Offset accounts. This was for our home loan and Investment loan. The setup of the accounts was very difficult. We had several offset accounts and were sent cards for each without notification of which card was for what account. No branch meant we had to call and then trying to match the cards was difficult even for the staff. I ended up having to use the card and note which card was used for which purchase and then look at the records. Direct debits automatically setup for the accounts and when I called to ask them to be removed, I was told they were, but they were not. In terms of security, I will take responsibility that I fell for a fraud scheme and it wasn't till the bank called me that I realised. Around $3000 was taken within a few hours and 7+ transactions. I was called hours after the last transaction and was told it would take 30-180 days to review the incident. 3 months later I was told that I gave false information regarding my card being on my phone's wallet and that I would not be refunded. We then took all of our loans and savings out of AMP as AMP cannot secure our money like other banks, as several people I know who fell for the same, or other frauds, were refunded by their bank.
Terrible technical team at AMP. Due to opening a new account, an entity merge has taken 2 weeks Nas counting. Still unresolved and everyone at AMP is passing the bug. I haven't had access to my bank accounts for over two weeks. Promised call backs never happened. Poor customer service and long lead times for anything IT related. Save yourself the pain.
Read full reviewTerrible technical team at AMP. Due to opening a new account, an entity merge has taken 2 weeks Nas counting. Still unresolved and everyone at AMP is passing the bug. I haven't had access to my bank accounts for over two weeks. Promised call backs never happened. Poor customer service and long lead times for anything IT related. Save yourself the pain.
They are only out there to rip people off with their money, I should know.
Read full reviewThey are only out there to rip people off with their money, I should know.
They debited my account for $5000 twice due to their mistake and promised to rectify the next day and instead of crediting my account for $5000 debited it again the next day. So I am out by $10000 and then they they have the temerity to tell me that I will receive my money after 5-6 weeks or maybe never.
Read full reviewThey debited my account for $5000 twice due to their mistake and promised to rectify the next day and instead of crediting my account for $5000 debited it again the next day. So I am out by $10000 and then they they have the temerity to tell me that I will receive my money after 5-6 weeks or maybe never.
Spend Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, Garmin Pay
0% p.a.
Glide Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit Pay, Garmin
0% p.a.