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.
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.)