The account, which is called AMP First, gives customers unlimited access to their money, while they still have the benefits of a relatively high interest rate.
AMP First has all the features of a transaction account, including EFTPOS, Bpay, cheque book, Internet banking and free ATM transactions through the rediATM network. The monthly account service fee is $5.
"The product differs from many standard cash management accounts that usually attract a minimum account opening balance, tiered interest rate and limited access," AMP Banking head of product, strategy and marketing Robert Slocombe said.
"Customers shouldn't have to manage multiple bank accounts with various institutions to get what they want, so AMP Banking has combined them all together in one account, with one bank."
