An Introduction to the AMP First Transaction Account

The Best of Both Worlds

AMP understands that people will want to find transaction accounts with different benefits. Some will want to find something that is affordable to work with. Others will want something that features high rates. The AMP First Account is a savings account that will provide you with both of these features.

This is a unique type of account that will allow you to get a higher interest rate on your money whilst also allowing you to have as many transactions as you want in one month for one low charge. This account is provided by AMP, one of Australia’s top financial services companies.

How You Can Get More

The AMP First account will feature a higher rate than what you might get out of other investments. A variable rate at 4.65% p.a. is offered for your savings which is close to 1% higher than what you might get from many other online savings accounts. It is also higher than the 0.25% or so that you might get out of other typical transaction accounts.

In fact, this 4.65% rate will be the standard regardless of how much money you have. It can work for you when you are have either $1,000 in your account or $10,000.

The Fee is Easy to Afford

You will have to pay a monthly fee of $5 for your AMP First account. This is actually a very affordable account as the $5 fee covers as many transactions as you want out of your account.

The $5 fee will give you unlimited access to all sorts of transactions, including:

• ATM – this will work for all rediATM network machines
• Cheque
• BPAY
• Online payments
• Phone payments
• EFTPOS
• Australia Post payments

Also, you will not have to pay any additional fees unless you deal with unique types of services. These include services for getting duplicate copies or taking care of cheques that have not been able to go through the first time around.

How to Deposit & Withdraw Money

You can also handle the money in your AMP First account with ease, including online banking. First, you should review how deposits are made – AMP does not have any physical offices or branches however, you can get deposits handled at an Australia Post outlet all around the country.

You can withdraw money from your account at any ATM in the country. You can get as much as $1,000 withdrawn at a rediATM or $990 with an ATM that is not in the rediATM network. This network covers nearly 90% of Australia’s population. You can also get a larger amount of money transferred with AMP’s online banking service. Like other accounts, you might not be able to get some transactions processed until business hours in some cases. Be sure to watch for this when timing a transaction.

Other Features

There are a number of other points that can allow you to take advantage of what the AMP First account has to offer:

• You can get online assistance at any time. AMP’s Virtual Assistant can help you to solve any concerns that you might have with your investment. You can use this service to help you figure out what you can do and how you can get any concerns handled.
• Your deposits can be guaranteed. A full guarantee will be used by the Australian government. This guarantee will cover all deposits of values up to $1 million dollars from now until 12 October 2011.
• The interest rate that you will get on the AMP First account will be an ongoing rate. This means that it is not a promotional rate that might only work for the first few months that you have the account for.

Who it Works For

There are many people who could easily take advantage of this useful account service. For example, you can use the AMP First account if you are someone who needs to get something that can handle not only your savings needs, but also a number of transactions that you need to get taken care of. It can be convenient to have one account that works with these two functions in mind.

Also, you can use this type of account if you have a larger number of debts to take care of. The problem with having plenty of transactions in a month is that you could deal with overdraft fees – this problem can be easily avoided if you use a transaction account like this one. This is because you will not have to deal with any limits with regards to the number of transactions that could be made in a given period of time.

You can also use this account even if you do not have a large amount of money to invest and there is no minimum deposit amount required to attract this handsome rate of interest.

These features make this account from AMP one of the best types of transaction accounts out there. This account will allow you to save money and get all sorts of different transactions covered without any nasty surprises. Be sure to consider the AMP First account when looking for a transaction account with great benefits and few limitations.