AMP Bett3r Account

1.50% p.a.(for $0 to $100,000)

2.25% p.a. (for $0 to $100,000)

 

AMP Bett3r Account Review

Rates and fees information correct as at 20 July 2018.

Review published: 11 January 2017

What's hot:

  • 2.25% bonus interest (when you deposit $2,000 per month into Bett3r Pay Account))

  • No account fees (when you deposit $2,000 per month into Bett3r Pay Account))

  • Three linked account to help manage your finances

  • Winner of Mozo Experts Choice Award 2018

What's not:

  • Bonus rate only available on balances up to $100,000

  • No branch access

Mozo snapshot:

With the AMP Bett3r Account, saving towards your goals is automatic, easy and will never leave you shuffling funds around to pay your bills. And as a bonus, if you deposit your wages of at least $2,000 per month into your Pay account you can earn 2.25% interest rate on your Save account. And with unlimited free app-based online transactions, what more can you ask for? It's for all these reasons and more that the AMP Bett3r Account was a picked as a winner of the Mozo Experts Choice Award 2018 for best Regular Saver.

Key features:

The AMP Bett3r Account is an innovative newcomer to the transaction and savings account world. With the Bett3r Save, Bett3r Pay and Bett3r Spend all linked together as if they were one bank account, it’s set up to help you manage your money better.

Here’s how it works: First, the money that needs to go toward things like bills and rent goes into your Pay Account, so all that important stuff is taken care of.

Then, you can set up your Save account with money savings goals and when you’d like to reach them - say a $15,000 set of wheels in two years time. Your account will automatically put away money so you can reach that goal within your timeframe. Neat, right?

And while your money is building toward your goals in your Bett3r Save Account, it will earn 1.50% interest, without you lifting a finger. But if you commit to making a minimum deposit of $2,000 to the linked Bett3r Pay Account each month, that bumps up to 2.25%.

There are no fees to worry about, and you can manage your account both online and over the phone with free, unlimited transactions. Saving has never been so easy.

Who it's good for:

If you’ve got money goals but find it hard to stay motivated or organised enough to meet them on your own, the Bett3r Account could just be the solution you’re looking for, since the three-account setup prioritises and automates savings.

Any catches?

There’s no AMP branch access available, so make sure you're comfortable managing your account from your mobile app or over the phone before going ahead with this one.

Plus, remember, although this account won’t cost you anything to open, the Bett3r Pay Account does have a $5 monthly fee (but another benefit of meeting the minimum $2,000 monthly deposit from an external source requirement is that this fee will be waived when you do.)

The Mozo community has not yet rated AMP for this savings account.

Rates

  • Balances from $0: 1.50% p.a.
    Balances from $100,000: 0.00% p.a.

  • Balances from $0: 2.25% p.a.
    Balances from $100,000: 1.50% p.a.
    Balances from $5,000,000: 0.00% p.a.

  • Minimum deposit of $2,000 per month into linked Bett3r Pay Account from an external source. By depositing $2,000 per month you will also be entitled to the $5 fee waiver on the Bett3r Pay Account.

Fees

  • $0.00

  • none

  • Unlimited free transactions from mobile app, internet.

  • none

  • none

  • none

  • none

  • none

  • none

  • $0.00

  • $0.00

  • none

Other financial bits

  • $0.00

  • $0.00

  • Monthly

Features

  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • yes

  • yes

  • no

  • no

  • none

  • none

  • none

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.

Compare other savings accounts
Advertisement