AMP business account: Guide on features and benefits

AMP is one of a new breed of mobile-first, digital banks offering business accounts to customers in Australia so they can manage money, handle transactions, and earn interest with ease.

If you’re looking for a full rundown of the banking options offered by AMP in 2025, you’re in the right place. This blog will explore its three main business bank accounts, covering key features and what you’ll need (and how) to open one. There’s also an introduction to Wise Business — an alternative solution for managing international business finances.

Table of contents
What is an AMP business account? Business bank accounts offered by AMP Key features How to open an AMP business account Global banking with Wise Business FAQs

What is an AMP business account?

AMP has a storied history dating back 175+ years in Australia¹, but it’s a relative newbie to the business banking scene. It only launched an account for ‘everyday’ business transactions in early 2025, geared mainly towards sole traders and smaller businesses. This is based on industry trends: AMP says 90% of the 2.4 million businesses in Australia have 4 or fewer employees².

AMP’s new business banking range is designed to simplify how you spend, save, and manage your company’s money. There are tools and features that let you handle day-to-day operations, set aside profits, and even lock in returns through term deposits (depending on which account you choose).

All AMP business accounts are:

• 100% online - AMP still has a few branches in Australia³, but it’s now predominantly a digital bank. Customers can open, manage, and monitor their accounts through the AMP Bank GO app.
• Low cost - Most accounts don’t have any monthly account fees.
• Secure - All accounts are protected by the Financial Claims Scheme (FCS) with deposits up to $250,000, ‘government guaranteed.’
• Flexible - It’s easy to link accounts and manage transfers between transaction and savings balances.

Business bank accounts offered by AMP

AMP offers three main business account types, each designed for different needs. There’s the new everyday transactions account, plus options for savings and long-term deposits.

Let’s take a closer look at each one.

AMP Bank GO

AMP’s tagline for AMP Bank Go is “small business, everyday money.”⁵ This mobile app-based account covers all the essentials for day-to-day income and expenses. AMP is also very clear that you won’t have to fork out any fees for opening or operating the account⁶. There is one limit — you can only withdraw a maximum of $2,000 in cash per day at ATMs⁶.

Key features⁷:

• No monthly fees
• No minimum deposit or balance
• No ATM withdrawal fees
• AMP Bank Mastercard debit card
• PayID, BPAY, NPP, and direct debit options
• Business overdraft of up to $20,000 for sole traders
• $0 international transaction fees
• Integrate with Xero accounting software
• Earn Qantas Points
• 24/7 customer support
• 24/7 real-time fraud monitoring

The AMP Bank Go account is ideal for sole traders and startups looking for a simple, no-fuss transaction account, and that don’t need to visit branches in person or require the ‘staff-assisted’ payments offered by other banks.

AMP Bank Go Business Save

The AMP Bank Go Business Save account is a savings account targeted towards business owners who want a ‘simple’ way to earn interest without any complicated conditions or limits.

Key features⁸:

• Variable interest rate up to 4.00% per annum
• Interest accrued each day and then paid monthly
• No minimum balance or deposit requirements
• No withdrawal limits — you can access your funds at any time.
• Instant setup and zero monthly account fees
• Create Savings Spaces to easily set and track goals for your savings
• Link your AMP Bank Go everyday business account for quick transfers

This account would be useful for any small business owners who want to earn interest on their savings while keeping their money accessible. There are no growth requirements or other ‘catches’ and conditions, making it a viable hands-off saving option.

One thing to note: you will need an AMP everyday business account to open a savings account.

AMP Bank Term Deposit

If you want guaranteed returns, the AMP Business Term Deposit account offers fixed interest rates and flexible terms between 3 months to 5 years. You’ll have to invest at least $5,000, though, and the money will be locked away until the end of the term⁹.

Key features⁹:

• ‘Competitive’ savings rates — it’s currently 3.75% per annum for a 12-month term with $5,000 to $25,000 savings.
• No monthly fees or hidden charges
• $5,000 minimum deposit for terms from 3 months to 5 years
• Easy to roll over balances
• 31-day notice period to access money (fees to break term deposits early will apply)

As it’s not as accessible as the standard savings account, the AMP Bank term deposit is better suited to businesses looking for predictable, low-risk returns on any cash reserves.

Unlike the other accounts, you’ll need to submit an application form online, which takes around 10 to 15 minutes to complete¹⁰.

Key features of an AMP business account

AMP wants to make it easy and affordable to handle business finances, even for new startups and sole traders. It focuses on things like ‘fee-free’ accounts with competitive rates and simple management tools via its new app.

Most of its banking options share a few key traits and advantages.

1. Zero monthly account fees

While most banks offer low monthly fees, AMP waives account-keeping fees entirely for its accounts, including the everyday AMP GO service. This reduces your running costs and overheads, and keeps more of your income in your business.

2. Mobile, digital banking

AMP recently modernised its business banking range with a range of digital-first tools, including a mobile app. You can use your smartphone (or tablet) to manage your AMP accounts anytime using the AMP Go app, where you can move funds, track transactions, and monitor balances in real time, 24/7.

3. Competitive interest rates

AMP prides itself on ‘competitive’ interest rates on business savings or term deposits, with flexible options for managing cash reserves. The Business Save account offers a rate of up to 4% depending on the account balance, and there are overdrafts available with a rate of 15.45% per annum¹¹.

4. Qantas rewards

AMP lets you link your Everyday Business Account with Qantas Business Rewards to earn points at a rate of 1 for every $10 in your balance¹². So, if your average monthly balance is $10,000, you’ll rack up 1,000 Qantas Points every month. AMP also says it’ll cover the $89.50 annual membership for Qantas if you aren’t already a member.

5. Live payments

AMP doesn’t just support online transactions. It also allows retailers and other businesses to accept payments in-person with​​ Live Payments¹³ — a secure payment platform based in Australia, with low processing fees starting from 1.00%. All you need to do is connect the service with the AMP GO app.

How to open an AMP business account

Opening an AMP business account is straightforward and fully digital. To start banking with transaction or savings accounts, AMP advises users to scan a QR code to download the AMP Bank Go app. This is the new, mobile banking hub. For a term deposit account, you’ll need to apply online.

Here’s a full rundown of what you’ll need to sign up for an AMP Business account, plus a step-by-step guide on how to open one.

What’s required?

To get started, you must meet the eligibility criteria and have personal documents at hand, ready to upload during the application process.

You must be¹⁴:

• At least 15 years of age for sole trader accounts
• At least 18 years of age for proprietary company accounts

You’ll need¹⁴:

• At least one valid photo-ID document. It can be either an Australian passport, an Australian driving licence, or an international passport if you have a valid Australian visa.
• An Australian mobile phone number

Steps involved

If you meet those criteria and have the documents and business details ready, you can open an AMP business banking account.

Here’s a step-by-step guide:

1. Choose your account type - Everyday Business, Savings, or Term Deposit.
2. Download the AMP Bank Go app for free. You can get it by scanning the QR code on the AMP business banking website, or navigating to the Apple App Store or Google Play Store.
3. Complete the in-app onboarding, providing personal and business details.
   1. For companies, directors need to be ASIC-registered and live in Australia.
4. Provide a valid government-issued photo document and send a video selfie.
5. Wait to receive a notification that your account has been verified.
6. Start business banking with AMP on the app.
7. Open a savings account (if applicable) with your AMP Bank GO account.

As AMP is digital-focused, the process is fast and paperless, and you should be ready to start banking within an hour if you are a sole trader.

Global banking with Wise Business

While AMP’s business bank account are well-suited to businesses based in Australia, they do focus primarily on domestic banking. This means overseas transfers in different currencies are either difficult to manage or come with inflated exchange rates and hidden fees, which can quickly eat into profits for online-first, digital businesses.

That’s why it might be better looking at alternative banking solutions. With Wise Business, you get a multi-currency account that makes transactions affordable and flexible for all payment types.

A Wise Business account allows users to can send, receive, and hold in multiple currencies. Experience hassle-free global transactions by transacting like a local business. Here's what you get with a Wise Business account:

• Free to register — Hold and convert between 40+ currencies. Send to 140+ countries
• Debit cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 recipients at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions like Xero, QuickBooks, and more
• Get account details to receive in 8+ currencies for a one-time fee of 65 AUD

Sign up for the Wise Business account! 🚀

This general advice does not take into account your objectives, financial circumstances or needs and you should consider if it is appropriate for you.

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FAQs

1. Can I use the AMP Business Saver for my daily expenses and payroll?

While you can technically use the Saver account for frequent payments, its primary purpose is for storing funds and earning interest. As you’ll need an AMP Bank GO account to open a savings account, it’s best to use the main, everyday account for your daily expenses and managing payroll.

2. What is the current interest rate for AMP business accounts?

As of October 2025, the AMP Bank GO Business Save account offers an interest rate of 4.00% per annum for account balances up to $250,000, and 3.50% per annum for balances between $250,000 and $5,000,000¹⁵. The interest rate applies to the portion of your balance within each tier.

3. Are there any fees for transferring money in or out?

Domestic transfers and BPAY payments are generally free. However, AMP is not really built for international transfers — there is mixed support through the app, and AMP Bank says transfers to overseas bank accounts are processed at their “discretion.”¹⁶ So, if you’re regularly doing business globally, you’ll probably need an account with a different bank.

4. How long does the application process typically take?

Applications are completed digitally and are usually approved within minutes for sole traders, so you won’t have to wait long. Company accounts with multiple directors may take more time due to the additional verification steps.

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Sources:

1. AMP - About AMP
2. Bankingday - AMP makes its foray in business banking
3. Wise - AMP Bank branches in Australia
4. AMP - Financial Claims Scheme
5. AMP - Small business everyday money
6. AMP - Account limits, fees, and charges PDF
7. AMP - Bank GO Everyday business account
8. AMP - Bank GO Business Save
9. AMP - Bank Term Deposit
10. AMP - Bank Term Deposit application form
11. AMP - Business overdrafts
12. AMP - Qantas business rewards
13. AMP - Live Payments
14. AMP - Setting up account
15. AMP - Interest rate & fees
16. AMP - Transferring funds overseas