Introducing the AMP Bett3r Account (Bett3r), a better way to manage your money and save for your goals. It’s more than just a transaction or savings account, it takes the hard work out of managing your money, helps you stay on track and rewards you for taking control of your finances.
What is Bett3r?
The first of its kind from AMP1, Bett3r has all the intelligence to help you manage your money and keep you on track financially using the My AMP app on your smartphone. After setting up your Pay, Save and Spend accounts, you’ll have an accurate view of your income, bills, progress on your save goals, and money you can safely spend; all in the palm of your hand.
Money automatically set aside for your bills
Set up and see your income and everything you need to pay.
Once you’re set up, you can make sure your bills are paid on time and can also prepare for future bills on the horizon, helping to avoid bill shock.
Money automatically put towards your goals
Create as many save goals as you like and start saving to achieve them or simply save for a rainy day.
Tracking your progress will help you reach your goals and help you prioritise what is important to you.
Money you can spend safely
This is the fun part.
Now that you have taken care of your bills and your goals, what is left is safe for you to spend.
How Bett3r works
Once you have your income coming in and your bills set up, you will be able to see what is available to save and then what is left to spend. At any time, you can revise your bills and/or savings goals, and Bett3r will move the money between your accounts so you can see whether you have enough or not. Money in your Save account will not automatically be used to cover bills.
Using the My AMP app, you can tell Bett3r how you would like to manage your money and track your finances, on the go.
Bett3r rewards you for managing your finances.
Bett3r Rewards interest rate
For deposit account customers who deposit at least $2,000 each month into their Pay account3.
Terms and conditions apply. Learn more about Bett3r Rewards.
Interest rates are current as at 10 August 2016 and are subject to change.
Bett3r could help you own your home sooner
Bett3r cleverly uses the three pots of money (Pay, Save, Spend) to offset the balance of your eligible AMP Bank variable home loan. By linking Bett3r to an eligible loan account you could reduce the interest payable on your loan helping you own your home sooner.
If you also deposit at least $2,000 each month3 to your Pay account, you get access to the following rewards:
- Receive up to 1.5% bill cash back on the value of BPAY® and direct debit transactions made from your Pay account5.
- Receive ATM fee rebates when you make withdrawals from any ATM in Australia using your AMP Bank Access Card (including Visa Debit)6.
Terms and conditions apply. Learn more about Bett3r Rewards.
If you need information on how to apply for an eligible AMP Bank home loan with AMP Bett3r Account as an offset account, contact AMP Bank on 1300 534 325.
Get Bett3r today
Apply for your AMP Bett3r Account in a few simple steps.
Make sure you have these things handy - a form of ID, your TFN and your account details, if you're an AMP Bank customer.
Getting started and making the most of Bett3rShow more
Getting the most out of Bett3r means setting it up correctly at the start. If you provide Bett3r with the information it needs, it will have the smarts to give you an accurate view of your finances. Below are a few but very important next steps to set up your new AMP Bett3r Account.
- Login to Bett3r via the My AMP app on your smartphone.
- Select a distribution cycle. In general it should be the same cycle as your main income.
- Add your income(s) into your Pay account. Income sources could be your salary or wage.
- Add bills into your Pay account. Ensure you contact your billers and provide them your new Pay BSB and account number.
- If you have a debit card linked to your Pay account, make sure you add a debit card allowance.
Remember, money in Save doesn’t automatically move into Pay or Spend, however you can transfer funds from Save as needed.
Need more help?
If you need help with any of the steps mentioned above or have any questions about your new AMP Bett3r Account, contact us on 13 30 30 Monday to Friday (8am - 8pm) or Saturday and Sunday (9am - 5pm AEST).
Bett3r RewardsShow more
To reward you for managing your finances through the AMP Bett3r Accounti, AMP Bank provides additional rewards for eligible customers. Reward information current as at 22 December 2016.
What are the AMP Bett3r Rewards?
Where your AMP Bett3r Account is not linked to an eligible loan accountii so is not to be used as an Offset Account:
Bonus interest rate reward
The bonus interest rate reward gives you an additional interest rate of 1.5% per annum for your AMP Bett3r Save account, applicable to the credit balance in your Bett3r Save account of up to $100,000.
The bonus interest rate applies in addition to standard interest earned on your AMP Bett3r Save accountiii. Bonus interest will be calculated daily in each month you are eligible. It will be credited to your Bett3r Save account on the first day of the next month.
The bonus interest is not payable in conjunction with any other promotional rate. AMP Bank can change the bonus interest reward (including waiving an eligibility condition) or withdraw it at any time.
If you are not eligible to receive the bonus interest rate, you will simply receive the standard interest rate on your Bett3r Save account. View current rates.
Where your AMP Bett3r Account (with three Offset Deposit Accounts) is linked to an eligible loan accountii:
First Reward: Bill Cashback
The bill cashback reward is a credit to your Bett3r Spend account. It is calculated as 1% of the value of BPAY® and Direct Debitiv transactions made from your AMP Bett3r Pay account, up to a maximum of $1,000 of BPAY® and Direct Debit transactions per month.
Where you have held the same eligible loan account for more than four years and it is linked to your Bett3r Account, the bill cashback reward applies at the rate of 1.5% instead of 1%.
The bill cashback will be credited to your AMP Bett3r Spend account, generally within three business days from the time of the BPAY® or Direct Debit transaction.
AMP Bank can change the bill cashback (including waiving an eligibility condition) or withdraw it at any time.
Second Reward: ATM Fee Rebate
Cash withdrawals from an ATM may incur fees. If you make withdrawals from an ATM in Australia using your AMP Bank Debit Card (including Visa Debit) linked to your Bett3r Account, we will rebate these feesv into your Bett3r Spend account, generally within three business days of the ATM transaction.
However, please note that the ATM fee rebate reward does not apply to:
- any merchant fees or charges; and
- any cash withdrawals using means other than ATMs (eg. EFTPOS machines); and
- any fees relating to currency exchange or currency conversion.
AMP Bank can change the ATM fee rebate reward (including waiving an eligibility condition) or withdraw it at any time.
Who is eligible for the AMP Bett3r Rewards?
You will be eligible to receive the relevant Rewards for a month, where AMP Bank determines on the first working day of that month that in the previous month at least $2,000 was deposited into your Bett3r Pay account from an external source that is not another AMP Bank account.
Read other important information about AMP Bett3r Rewards
i All terms used in these Rewards Terms and Conditions have the meanings given in the Bett3r Account Terms and Conditions, including Bett3r Account, Bett3r Pay, Bett3r Spend and Bett3r Save.
ii Currently an eligible loan account is either AMP Bank Professional Package Variable Rate Loan or AMP First Variable Rate Loan.
iii Please refer to the AMP Bett3r Account Terms and Conditions for how and when standard interest is applied to your account.
iv A direct debit transaction from your AMP bank account that you arranged through an external party (such as a merchant or another bank, building society or credit union).
v AMP Bank relies on the relevant ATM operators and other third parties for information regarding ATM fees.
Interest ratesShow more
Effective date 10 August 2016.
These rates are variable and are subject to change.
|AMP Bett3r Account with deposit accounts||Interest rate||Bett3r Rewards*|
|Bett3r Pay||1.50% pa|
|Bett3r Save||1.50% pa||3.00% pa|
|Bett3r Spend||0.00% pa|
|AMP Bett3r Account with Offset deposit accounts||Interest rate|
|Bett3r Pay||0.00% pa|
|Bett3r Save||0.00% pa|
|Bett3r Spend||0.00% pa|
*Where eligible for Bett3r Rewards.