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AMP Bett3r Account. No Account Fees, 3% Interest (Including Bonus Interest), Free ATM Withdrawals & 1% Cashback on BPAY Payments

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AMP Bett3r Account. No Account Fees, 3% Interest (Including Bonus Interest), Free ATM Withdrawals & 1% Cashback on BPAY Payments
Go to Deal
Beven2008 on 11/08/2017 - 23:22 amp.com.au (931 clicks)
Last edited 30/05/2018 - 13:32 by 3 other users

I thought I would post this because IMO this is the best alternative to ING after they dropped their interest rates.1% cash back on bill payments using bpay is really nice..

Edit: Free Atm and bpay cash back is only available to those who has an eligible loan account with them. This makes it less attractive

Update 2018

NOTE: Our Bett3r Rewards Rules are changing from 1 May 2018.

If you qualify for Bett3r Rewards from 28 March 2018 to 30 April 2018 you will receive Bett3r Rewards contained in the AMP Bett3r Account Bett3r Rewards Rules during the month of May 2018.

If you qualify for Bett3r Rewards from 1 May 2018, you will receive any benefit for the new Rewards in this AMP Bett3r Account Bett3r Rewards Rules from 1 June 2018

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closed Comments

  • ascorbic on 11/08/2017 - 23:28
    +11

    Bett3r

    They tried really hard to be trendy with that account name - makes it look like an account for immature 12 year olds using leet speak.

    • [Deactivated] on 11/08/2017 - 23:33

      Betta is trademarked so was next best option. Maybe the boss has this as their number plate and gave them the idea.

    • ChillBro on 12/08/2017 - 00:13
      +6

      I'm going to wait for their next bank account: The B35+35+

      • justtoreply on 12/08/2017 - 11:02

        That took me so long to work out. Apparently I'm old??

    • IVI on 12/08/2017 - 06:31

      Trying to look Cool, IMO… ironically, like hackers would write it..

      They "need" you to reveal:

      Source of your Wealth

      Source of the $$ you'll put into your a/c w/ AMP

      How you'd be using your a/c ("Money laundering" Not listed)

      Only HSBC asks more Q's… MANY more…

    • cakesy on 12/08/2017 - 08:30
      +2

      Who cares if it gives me 3% interest? They can call it My Little Pony account for all I care.

      • IVI on 12/08/2017 - 08:47
        -2

        The 1% for Bill Pay makes it worse than ING, etc.,
        who used to give 5% (diminishing) for "Wave & Save"
        (ie, Pay Wave) transactions.

        I spend much more via Pay Wave, than Bill Pay…

        • illumination on 12/08/2017 - 12:23
          +4

          Yea but that paywave cashback is not available anymore, nor has anything quite as good come up in recent times so it's not relevant to compare it.

        • IVI on 12/08/2017 - 20:50

          @illumination:
          I'm comparing the "total cost to bank" &
          also noting that potential gain to cust."
          is less that before.

        • illumination on 13/08/2017 - 13:06

          @IVI:

          Are you an AMP employee? It seem like you're analysing it from the bank's point of view lol

          I'm pretty sure most of us here are simply looking at it as "what is the benefit to us?"

          We are the consumers after all.

  • FuRyZ on 11/08/2017 - 23:29
    +3

    I was with ING and moved to AMP a few weeks ago as well. You do need to deposit at least $2000 into the savings account each month to get the 3% interest. It was only $1000 with ING. Everyone should be aware of that if they are considering the move, so make sure your income is high enough.

    • illumination on 12/08/2017 - 00:07

      I suppose those with an offset account will not consider this to be of particular relevance - it'll be whether the other perks are available without the deposit that will be an important consideration!

      • FuRyZ on 12/08/2017 - 00:41

        Agreed, definitely useless for anyone with an offset account. This is targeted at people with savings accounts looking to maximise their interest without resorting to term deposits.

    • IVI on 12/08/2017 - 06:46
      -2

      ING lets you "cycle" money in (ie, W/D & Deposit)
      Does AMP? (Maybe they wouldn't know…?)

      (I once met someone who W/D the Cash(!) &
      ran it thru another back (on same street)
      …risky, to say the least.)

      Aussie Banks WASTE OUT TIME…
      paying for the design+implementation
      of various, silly schemes that pay next-to-Nil…

      No wonder Aussies have No Time to
      seriously consider Nuclear Energy,
      not to mention Safe Small LIQUID-FUEL MSR's
      (due ~2025)

      Cf YouTube "Pedersen TEDxCopenhagen"

      (Of course, Nuclear Energy is BANNED in AU
      Fear Rules, where too few "get" Science &
      Engineering!)

      You need More Smart+Educated People / 1,000 pop.
      to "get" & want Nuclear Energy
      (eg, Paris has highest rate of
      Mathematicians / 1,000 in the World;
      which explains why France has had

      Over 40 years of Nuclear Energy
      eg, ~80% of Electricity from Nuclear)

      (In SA, Renewable Energy seems more
      like a "jobs program" for tradespeople
      than a effective hedge against outages
      or even Climate Change.

      No one's doing the Maths &
      Media won't cover this gap
      or Liquid Fuel MSR, coming
      to market in just ~8 years)

      IVI on 12/08/2017 - 06:46 (Collapsed - Offtopic. Show)
      • carwashhair on 12/08/2017 - 08:19

        No one's doing the Maths &
        Media won't cover this gap

        I feel like you need to rap cos
        this political sh*t is wack

        • IVI on 12/08/2017 - 08:35
          -2

          You didn't see the MASSIVE block of ice
          break-off from Antarctica, recently… OR
          you don't "get" what such events mean,
          eg, to places like Bangladesh, etc…. OR
          you don't care…

        • carwashhair on 12/08/2017 - 08:38

          @IVI: Not bad, I like the 'or' repeated on the second and fourth lines but it just ain't got the same flow :( or is that floe? :)

        • IVI on 12/08/2017 - 08:43

          @carwashhair:
          It's "Flo" at Flo's Climate Change Cafe ;-)

    • WaywardOne on 12/08/2017 - 07:28
      +1

      What about RAMS Saver? 3% with no withdrawals and $200 deposit per month. No withdrawals suck, but if you have two accounts you can withdraw without penalty on the first day of the month.

      • IVI on 12/08/2017 - 08:31
        +1

        I suspect the interest rates are on the way up, if slowly.
        Expect "all the banks" to offer 3% int.

        So, how does having 2 a/c's @ RAMS save you the penalty cost of w/d?

        • [Deactivated] on 12/08/2017 - 09:45
          +1

          Tell that to Ing and me.

      • muncan on 12/08/2017 - 10:04
        +1

        Ah, thanks for that shifty trick!
        e.g withdrawing 100k from 400k in RAMS1:
        1) move 300k to RAMS2 on first of month
        2) withdraw 100k from RAMS1 to spending account
        3) RAMS2 receives full interest on 300k for month
        4) realise needed 200k for Ferrari
        5) buy orange Corolla, put 80k in RAMS1

      • FuRyZ on 25/09/2017 - 19:42
        +1

        I think the no withdrawals caveat is a major negative on that account. I would prefer to keep all of my money in the savings account to maximise my interest. I use my credit card as often as possible to keep the savings account balance high over the entire month but it does mean I will occasionally have to take small amounts of money out of the savings account over the course of a month when my credit card is not accepted or if transaction fees apply. The only other alternative would be to keep a small amount of money outside of the savings account for incidentals, but then this money is effectively not producing any income at all. Therefore other 3% accounts without withdrawal limits are much more versatile.

    • woozie3 on 18/09/2017 - 15:10

      Just wanted to clarify that you have to deposit $2k into your "Pay" account (you get a Pay, Save and Spend on signup) and the 3% will be calculated on the amount in your "Save" account.

  • amanda89 on 11/08/2017 - 23:30

    "At least at least $2,000 each month" that counts me out

    • [Deactivated] on 11/08/2017 - 23:34
      +3

      Stop visiting ozbargain and you could probably do it

    • IVI on 12/08/2017 - 08:52
      +1

      The fact that this (& some offers we've seen from, eg, Commonwealth Bank, etc.)
      are effectively CLOSED to folks w/ low incomes or savings potential
      make this a DEVISIVE offer.

      Enough that we have a Digital Divide,
      why expand the Gap between
      those who have &
      those who don't

      If anything, make it more attractive+inviting for the have-not's, IMO.

  • starbearer on 11/08/2017 - 23:32

    Does it have any referral bonus like ING?

    • FuRyZ on 11/08/2017 - 23:33

      Unfortunately not.

      • IVI on 12/08/2017 - 20:53

        Not Yet…

  • destroyerx on 11/08/2017 - 23:38

    Can you actually get both benefits? The wording makes me think it's only one or the other:

    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

    Where your AMP Bett3r Account (with three Offset Deposit Accounts) is linked to an eligible loan accountii:

    First Reward: Bill Cashback
    Second Reward: ATM Fee Rebate

  • quaddie on 11/08/2017 - 23:39

    Thought it was a new bookmaker!

  • thydzik on 11/08/2017 - 23:44
    +1

    the 1% cashback on bpay sounded good, but capped at $1000 ($10 cash back a month).

    • bdl on 11/08/2017 - 23:47

      and only if you have a home loan with them

      • samehada on 11/08/2017 - 23:54

        then better go with ME Bank for 3.05%

        • FuRyZ on 12/08/2017 - 00:54
          +2

          I did the math between ME Bank and AMP before moving to AMP. The issue with ME is that you are forced to use the provided Visa debit card weekly to maintain the interest rate. I exclusively use my credit card for purchases and dont touch my savings to maximise the balance on a monthly basis. I exploit the 55 day interest free period on my credit card to keep all my money in the savings account untouched. It turned out to be more convenient to forgo the extra 0.05% of interest and keep the savings balance as high as possible.

        • samehada on 12/08/2017 - 01:03

          @BluBoy: oh, so they just dropped it… I was about to open account with them. In that case AMP is the current highest interest account.

        • CVonC on 12/08/2017 - 02:55

          @samehada:

          yeah they dropped it on wed morn as I was just about to start using them again. my account which I haven't used for like 2 years or something is still open.

          anyway signed up with rabodirect for 3.05% for the first 4 months.

        • IVI on 12/08/2017 - 21:13

          ME's app sux… improved a bit, eg,
          after our complaint to Banking Industry Ombudsman.

          Earlier:

          • Move $x.y from one of your a/c's to a 2nd one
            You had to close+reOpen app to see incr'd bal., in 2nd a/c…!!!

          • It's hard to check an a/c transaction listing; seems to omit a col.

          • Xfer between your own a/c req's choosing a/c's
            it assumes you're always xfer'g from daily TO savings
            Each time that's False, you gotta swap a/c's
            equiv to 2 selections, to swap a/c pos'ns.

          • 1 day, they added an alias for daily a/c (w/o notice)
            You had to select a/c w/ a new name, for your Daily a/c
            (it was your name, but old name remained, but was "greyed"
            to signal no longer available!)

          IMO, it seemed as if a family member - fresh out of a 1st
          prog'g course - designed the app, Not an experienced S/W-
          engineer or designer.

  • [Deactivated] on 11/08/2017 - 23:56

    Don't go with them, it's not worth it.

    Source: I've had a home loan with them for half a decade.

    • illumination on 12/08/2017 - 00:08
      +2

      You could elaborate on what sucked to convince us a little more.

      My instinctive response to your comment is that was a home loan and this is a transaction account.

      • [Deactivated] on 12/08/2017 - 00:11
        +1

        I also had a txn account and cancelled it after a couple of years.

        Where to start?:
        - No branches
        - Crappy 2FA
        - Poorly designed website
        - Stuck in the stoneage
        - Cumbersome processes
        - Sucky customer service

        Did that shed enough light for you on the 'why'?

        • illumination on 12/08/2017 - 00:15

          No branches

          Fair enough, but neither do ING, MEBank, Citibank, Macquarie. I have accounts with all of them so I am thinking relative to what I have. Not a particular disadvantage to me.

          Citibank do have a handful of branches but they're few and far between.

          Crappy 2FA

          Two-factor authentication? Interesting. The only other bank I can recall that I banked with that even had 2FA was HSBC so I'm kinda surprised they even have it. What's so crappy about it though?

          Poorly designed website, stuck in the stoneage, cumbersome processes, sucky customer service

          Rolled that all into one cause it seems like a general rant.

          To be honest, this sounds like Citibank. So whilst I acknowledge it's a bit of a process and somewhat annoying, you get "rewarded" with a pretty good account in the case of Citibank (Citibank Plus Transaction account).

          I don't feel like what you've said would be a deal breaker to me!

          Did that shed enough light for you on the 'why'?

          Yea I suppose so.

          Just feel that there are quite a number of "bargains" posted here where you have to jump through a number of hoops/put up with a crappy interface/customer service to reap the benefits. Sometimes they're worth it and other times they're not. Haven't decided what I think about this one yet but from what I've seen so far it looks decent

        • FuRyZ on 12/08/2017 - 00:37

          Sounds like you dont actually have much opinion of the Bett3r account, just their home loans.

          I have had the Bett3r account for a month now.

          Lack of branches is not actually an issue as many other banks in Australia have the same thing. ING for example, who I also bank with.

          2 Factor authentication has always worked fine for me, its been just as reliable as ING and Commonwealth Bank (another bank I also use).

          I will agree the website is quite poorly designed and cumbersome, but its more of an annoyance than anything else. I use it daily and its manageable. Commonwealth bank in my opinion have an excellent internet banking website. ING's website is okay but lacks many features.

          The customer service is average, but honestly they have been better than Commonwealth Bank but worse than my experiences with ING.

        • [Deactivated] on 12/08/2017 - 08:59

          @illumination:> Fair enough, but neither do ING, MEBank, Citibank, Macquarie.

          https://www.citibank.com.au/aus/static/contactus_findus.htm

          http://www.macquarie.com/au/about/office-locations

          But I agree. There's not really much a branch does these days that can't be done elsewhere

      • IVI on 12/08/2017 - 21:15

        Most mortgages are written for 5 or 10 years!

    • djkelly69 on 12/08/2017 - 01:43

      I have had a home loan with them for nearly a decade. Would rank them slightly above other banks I have dealt with (which is most of them).

      Lack of branches is not a big deal for me, but would assume most people will know this going in and can decide if it is an issue for them.

      I don't really like the new(ish) internet banking, but the app is great and is what I use most of the time.

      Haven't had to use customer service very often, but have been good for me.

  • demiurge on 12/08/2017 - 00:02

    That page just hurts my eyes with all the 1337 talk. Will absolutely not go with these bloody morons.

  • DaTa on 12/08/2017 - 00:18

    Man one percent back on my rent would be awesome

  • illumination on 12/08/2017 - 00:22

    I've noticed you've updated your OP now.

    If the fee-free ATMs and 1% BPAY cashback were available without being linked to a home loan, I think this would be a pretty good account to consider.

  • cashless on 12/08/2017 - 00:26
    -2

    Old people's co trying to appeal to Yoof. Never works
    Even if you had $100k to invest for 12 months you'd only be $30 better off vs Ubank over that period anyway

    • muncan on 12/08/2017 - 00:34

      Was waiting for this comment. Thanks I'll stick with Yoofbank.
      ps. you meant $130 better off per $100k

  • [Deactivated] on 12/08/2017 - 07:20
    +3

    you can get 3%

    But only if….
    and if you ….
    and if you ….
    and if you ….
    and if you ….

  • coolsteps on 12/08/2017 - 14:41

    can you just transfer 2k automatically between amp accounts and still get 3%? or does it have to come from an external bank account

    • Beven2008 on 12/08/2017 - 14:50

      It has to come from an external account

  • FirstWizard on 16/11/2017 - 16:15

    I was curious about their automatic bill management thing that was advertised. Opened an account, then it tells me I have to wait 48 hours for their system to get updated before I can log in online. Looks like AMP is still in 1990!

    • Yola on 16/11/2017 - 18:33
      +2

      It actually took 2 weeks for me due to some tech glitch. But once set up it has been very good. Funds can be transferred out from the Save account (the one that earns the 3%) and do not have to be moved to Spend account other than for BPay. This is the same as UBank but better than ING which requires a double transaction. The $2000 must be deposited into Pay account but if the transfer is done in the morning it arrives by 10.00 pm and can be moved to Save - so no loss of interest for the day. The next day it can be moved out if needed elsewhere. If you need to move large sums you can get an external account approved for up to $250,000 once you fill out and return a form (takes 2 days). Customer centre is in Australia.

      • bluesky on 16/11/2017 - 18:56

        So, it is possible to schedule future-dated payments from the SAVE account directly to elsewhere (other institution)? Also, do you know if the SAVE account allows direct debit? Thanks in advance.

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