What is the AMP First Transaction Account?

You are no doubt familiar with multifunction products, your phone is probably also a camera, your fridge may also be a TV and perhaps your car’s satellite navigation system is also a DVD player. So, are you interested in a multifunctional financial product? How about a high interest savings account which is also a transaction account? There would be no need to set up a transfer when your wages came in and you wouldn’t have to login to check your balance or withdraw funds, you have everything you need all in one place with the AMP First high interest transaction account.

Features of the AMP First Transaction Account

A high interest transaction account sound like quite an inclusive financial product right? So you’re wondering what is really included, here are all of the features of the AMP First account and you will find there is a complete combination of all the necessary features of an everyday transaction account, and all the features of a high interest savings account which help you save.

Using an AMP First transaction account:

The minimum balance to earn interest is just $1. There are no conditions on earning interest in your AMP First account and from the first dollar you deposit to your account you can be earning a high interest rate. This is because just like a solely high interest savings account, interest on your AMP First balances is calculated daily and paid monthly.
You will pay a flat monthly fee of $5 for unlimited transactions. This means unlimited electronic deposits and withdrawals, plus access to all the everyday banking features you need including EFTPOS, ATM withdrawals, BPAY and cheque facilities.
You will earn the current AMP First account interest rate of 4.65%. An interest rate of 4.65% is comparable to dedicated high interest savings accounts currently available, and you can compare these interest rates using the Savings Account Finder™ comparison tables. AMP’s rate is very competitive, and is also an ongoing rate not subject to promotions or introductory periods.
You have 24 hour, seven day a week phone access to AMP. Just like a high interest savings account, your AMP First can be managed online and over the phone, with no need to ever wait in long bank queues. You can make transfers using phone banking, ask questions and even apply for the account over the phone, or change your access PIN.

Pros and Cons of a High Interest Savings Account and Transaction Account in One

A combined high interest savings account, and transaction account is a unique product and just because the two products suit you separately, doesn’t mean you should automatically sign up for a combined product. Therefore, to help you decide, here are some pros and cons for the combination of these two important financial products.

The pros of consolidating your finances:

There is no linked account required. High interest savings accounts are promoted as being fee free, but while the account itself is free to operate, the account from which you transfer your savings can incur transfer fees which can eat into your overall savings target. However, where both your everyday funds and your savings are in the same account, there is no need to worry about transfer fees because you are charged a flat monthly fee for all transactions.
You are earning interest on all of your funds every day. In a traditional high interest savings account, your funds are only earning high interest once they have been transferred to your savings account, and the funds which are waiting to be spent on your everyday expenses are not earning that high interest rate in the meantime. However, in the AMP First account, all of your funds are earning a high interest rate all of the time, even if you have a car payment scheduled for tomorrow and a phone bill to pay next week.
You have just one cash management account with one monthly fee and one online banking site. Rather than spending the time doing the rounds of several Australian financial institutions to manage your finances, with the AMP First account you only have to visit one website, log into one internet banking site and manage one account. This also means one set of monthly fees, and no transaction fees because your transactions are all included.

The cons of combining your savings and your everyday funds:

A linked transaction account distances you from temptation. A separate high interest savings account removes the temptation to spend your savings in an everyday transaction. With an AMP First account you may be tempted to buy things which you don’t really need because you have easy access to your funds, even though you may have a savings plan in place for a particular purchase in the longer term.
You can’t separate and track your savings to keep them on track. With a dedicated high interest savings account you can view the statements and see everything you need to know because all the information relates to your savings plan. However, with a transaction account and a high interest savings account in one, your savings growth may be harder to track as your balance fluctuates more with the incoming of your wages, and the outgoing of your expenses.

If you’d like your finances to be organised and all in one place for when you get a moment in front of the computer to do your banking, then the AMP First high interest transaction account could be for you. The interest you can earn on the entire balance of your funds is very competitive, and you still have the freedom to pay your bills and withdraw cash anytime, anywhere. So if you want to consolidate your finances and get control over your savings and transactions in one, follow the Savings Account Finder™ secure link to the AMP online application form to apply today, or call AMP to find out more about organising your money into one comprehensive account.

T & C
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