AMP Bett3r Account - WARNING for customers new to AMP's accounts

SomeGuyOnOzB on 01/02/2018 - 21:17
Last edited 02/04/2018 - 14:13 by 1 other user

28/3/2018 there have been changes to the product

Come May 2018, there will be changes to the requirements and how it works.

It looks like this is how it works:
1. Did you deposit into your PAY account (not Spend or Save), at least $2,000 this month from an external source?
- If NO then in the next month you get 1.5% standard interest, as at 28/03/2018
- If Yes, then continue.
2. Do you have a linked AMP Superannuation Fund (with a deposit in the past 90 days) or AMP Pension account (with a draw down within the past 365 days)?
- If NO then in the next month you get 2.25% interest (standard + small bonus of 0.75%) as at 28/03/2018
- If Yes, then continue.
3. Having satisfied points (1) and (2) above, your interest rate is 3.0%

On the AMP website, it tells you at the start that

With Bett3r Rewards, you can earn a bonus interest rate on money in your Save account. Just deposit at least $2,000 each month3 from an external source that is not another AMP account.

WARNING you have to put the money into the PAY account and NOT one of the other 2.

This is just a caution for new customers.

Also remember to transfer the money out of your PAY account, into your SAVE account or you won't get the full interest.

(kudos to Ms Bargainer)

Financial

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Comments

  • [Deactivated] on 01/02/2018 - 21:25
    +2

    They should read the terms and conditions.

  • Donaldhump on 01/02/2018 - 21:50
    +2

    My money sits in the save account and it gets 3 percent . I first put my pay into the savings then manually transfer the next day.

    Are you saying putting directly into savings doesn’t trigger interest rate.

    I can’t remember why I did it this way but it was problems in the rules.

    Actually my wife’s account.

    • SomeGuyOnOzB on 02/02/2018 - 07:43

      Yes, that's correct. You will also be charged a $5 admin fee

  • citygal on 01/02/2018 - 21:54
    +4

    Just got off the phone with them today. Quite doggy business. The pay account requirement is hidden in a separate section. Not very happy with them.

    • Donaldhump on 01/02/2018 - 22:07

      Yeh they all have dodgy rules, don’t dwell on it, least you know now

      • SomeGuyOnOzB on 02/02/2018 - 07:45
        +1

        AMP makes contradictory statements. The first 2 statements say all you need to do is make a deposit of $2,000 a month, from an external source.

        It's not till the 3rd statement on the product description, that they say, it's not just a deposit, but one that must go into the Pay account, and not one of the other accounts of this product.

      • SomeGuyOnOzB on 02/02/2018 - 07:56

        When reading the page talking about the product, they twice say you just have to make a deposit of $2,000 from an external source.

        Then they stop with the product description and have a section that is a "customer review" on video.

        Then there is a section saying you can use your smart phone.

        So it looks like they've stopped talking about the product.

        Then they start up again, talking about it and make the contradictory statement that it's not just making a deposit … it one that goes into the PAY account.

    • SomeGuyOnOzB on 02/02/2018 - 08:09
      +1

      To citygal,

      you've tried contacting them. You could save copies of their terms and conditions and page, and make notes of your conversation, then make a complaint on the banking ombudsman website, if it's worth trying to recover what you lost.

      • citygal on 02/02/2018 - 09:54
        +2

        But they pointed out the hidden part on the website that clearly says it needs to be paid to the pay account. It's not obvious but it's there. Not sure if I'll win

        • SomeGuyOnOzB on 02/02/2018 - 11:05
          +1

          AMP have contradictory statements that can cause confusion.

          It's not guaranteed; it would be at the discretion of the ombudsman's office; if you proceed, good luck.

  • Ms Bargainer on 01/02/2018 - 22:09
    +4

    Remember to transfer from PAY to SAVE, to receive interest.

  • Krankite on 02/02/2018 - 08:35

    I use a B3tter account and find it a very good product but you have to work the way it wants to otherwise you will have issues. For those that don't know what it is it is three linked accounts with some "smart" management going on to help you budget. You set it up so all your income goes to the pay account and you register your bills and savings goals. It will then determine how much money you need to set aside for future bills and put the rest into a spend account for you to use however you want. Works well but if you try to fight their system it will cause headaches.

  • npc on 02/02/2018 - 09:46
    +2

    Thanks for posting. I fell into the same trap and transferred directly to Savings.

  • FuRyZ on 28/03/2018 - 17:25
    +2

    Just received an email about my Bett3r Account. They are dropping the bonus interest. As of 1 June 2018, the bonus rate is 0.75%. So the total rate is now 2.25%.

    Will definitely be moving somewhere else. Bye AMP, you will not be missed.

    • abc on 29/03/2018 - 11:51
      +1

      It was always a poor choice for a pure savings account given the criteria to satisfy the high rate and the fact you need 3 separate accounts.

      The only attraction was the 3% rate.

      • FuRyZ on 29/03/2018 - 14:07
        +1

        They did make it exceedingly annoying when you had to transfer money around in a very specific fashion. Also the 3 account layout is overly complex and stupid frankly.

        I didn't have a problem with the $2000 deposit requirement and it did have some advantages in that there were no restrictions on withdrawals. It made it easy to pool your money in one location and have it trickle at as required over the course of a month. As the interest was calculated daily, it would maximize your effective rate over that entire month.

        Its the biggest drawback for me at least when I look at other high interest accounts where you are locked in with no withdrawals per month. It forces you to keep a portion of your cash outside of the account in case you ever need to access money in an emergency and not risk losing all of your interest for that month.

  • bdl on 31/03/2018 - 10:44
    +1

    Back to Ubank!

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