Innovative account with disappointing rewards
AMP's Bett3r account is actually 3 accounts that work together to enable a 'money-jar' budgeting style. There is an account for bills and outgoings (Pay), one for goals and savings (Save) and one for leftover cash that you can spend without feeling guilty (Spend). The product can automatically allocate an amount to each account based on your income cycle and depending on what you have told it about your upcoming bills and savings goals.
The product comes with a debit card linked to the Spend account. There is also a rewards program that diff...ers depending on if you use the accounts as a Savings account or a mortgage offset account. Pros - Once set up, a lot of budgeting for regular monthly or yearly bills is "set and forget", especially if you use BPay or Direct Debit. Bett3r will set aside an amount each month to make sure you have enough for the bill when it comes around. - Dedicated savings buckets so you can tag money saved for a house, car, holiday, etc. - Very nice Bett3r mobile app to manage the accounts (although not working in My AMP at the time of writing this) - No fees as long as you add $2000/mth to the Pay account. - Fast transfers to other banks, with high transfer limits
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