AMP business account review

What is AMP Bank?

AMP Bank is part of a long-established Australian financial services provider. Its history stretches back over 150 years. The bank also offers products designed for personal and business customers in Australia.

These include managing everyday payments, savings, and term deposits, all through a digital banking experience. AMP Bank operates under AMP Bank Limited and is regulated as an Australian financial institution. Its approach blends traditional banking security with modern technology.

This helps businesses keep funds accessible yet protected. Unlike traditional big-four banks, AMP Bank focuses on mobile and online experiences through its AMP Bank GO app.

The app is its primary platform for both everyday business banking and savings accounts. It’s central to managing transactions efficiently and provides real-time notifications for better cash flow oversight.

AMP business banking overview

In 2026, AMP launched fresh business banking options designed around simplicity and digital accessibility. The AMP Bank GO platform lets businesses manage money on the go with a smartphone. Most account types have no monthly fees and allow direct control of funds from mobile devices.

It also supports linking multiple accounts for better organisation of operational and savings funds. The business accounts are aimed at small businesses and sole traders operating in Australia.

They provide transaction capabilities alongside options to earn interest on savings. Additional products like term deposits are available for longer-term funds or reserve capital.

AMP ensures compatibility with accounting tools like Xero and international transfers via Wise. This allows businesses to handle multi-market operations efficiently while reducing manual accounting work. Integration with these tools helps owners track expenses, invoices, and payroll more accurately.

Types of AMP business accounts

Here’s how current AMP Bank business account types stack up for different business needs. We’ll cover daily management, saving strategies, and fixed-term investments to suit various goals.

Key features of AMP business accounts

When reviewing AMP business accounts, several features stand out. These directly impact how efficiently you manage your business finances.

Zero monthly fees

AMP’s everyday business account via the AMP Bank GO app doesn’t charge a monthly fee. This keeps ongoing costs down for businesses managing tight cash flow.

Mobile-only digital banking

All AMP business accounts are accessed through the AMP Bank GO app, meaning you bank from your phone. This includes viewing transactions, transferring funds, setting up savings goals, and handling payments.

Competitive interest rates

With the AMP Bank Go Business Save account, you can earn a competitive variable interest rate. There are no conditions to meet.

Qantas Business Rewards integration

When linked to your everyday account, you can earn Qantas Business Rewards points. Points are calculated as part of your average month-end balance.

Live payments and in-person transactions

The AMP digital platform supports PayID, BPAY, and direct debit, offering businesses flexibility for online and in-person payments.

Business overdraft

Some AMP Bank GO everyday business accounts allow a business overdraft. This is subject to credit approval.

Xero accounting software integration

Through the AMP's app, you can link to Xero accounting software to bring financial data into your books more easily.

Financial Claims Scheme (FCS) protection

Funds held in AMP Bank business accounts are protected under the Australian Government scheme. Protection is available up to set limits if the bank fails.

Pros and cons

Here are some of the strengths and limitations of AMP business accounts:

AMP business account fees

AMP doesn’t charge a monthly account fee on its everyday business account or the Go Business Save savings account. Fees will apply to approved overdrafts or special transactional services. Transaction fees for international payments or corporate card features may vary and should be reviewed carefully.

Eligibility requirements

To open an AMP business account in Australia, you must be an Australian resident. You must operate a legitimate business structure, such as a sole trader or private company. You must also have valid identification and meet age requirements.

Certain account types require additional checks depending on business structure or industry. All AMP business accounts comply with ASIC regulations. This ensures your business banking operates within Australian financial law.

Documents required

Typical documents include proof of identity, such as an Australian passport or driving licence. You'll also need your ABN or ACN, where applicable, and other business registration details. Businesses may also need to provide evidence of trading activity or authorised signatories to open accounts.

How to open an AMP business account

1. Download the AMP Bank GO app to your phone
2. Choose the business account type you want to open
3. Enter your personal and business information, such as ABN or ACN, and identification
4. Complete identity verification within the app
5. Link your everyday business and savings accounts if applicable

Alternatives to AMP business account

AMP works well for Australian businesses that want simple, fee-free everyday banking run from a phone. If your operations stay domestic and your needs are mostly transactional, it covers the basics. The picture changes once you start paying overseas suppliers, managing contractors in other markets, or planning to grow beyond Australia, where a domestic mobile-only account can start to feel limiting.

That's where Aspire is worth considering.

Aspire is an all-in-one finance platform built for startups and growing businesses that operate across borders. Alongside everyday business banking, it brings multi-currency accounts, low-cost international transfers, corporate cards, and built-in expense management into one place. Instead of running a local account, a separate FX provider, and a spend-management tool in parallel, you manage everything from a single platform, which keeps admin down as the business scales.

AMP business account FAQs

If you have common questions about AMP business accounts, the answers below cover eligibility, features, and account management.

What is an AMP business account?

An AMP business account is a set of digital banking products from AMP Bank. It lets Australian businesses manage transactions, savings, and funds via the AMP Bank GO app.

Can businesses earn interest on AMP accounts?

Yes. The AMP Bank Go Business Save account lets you earn variable interest on business savings.

Do I need an ABN or an ACN to open an AMP business account?

Yes, you typically need a valid ABN or ACN when applying for an AMP business bank account in Australia.

How do I link Xero to my AMP Bank GO account?

You can link Xero directly in the AMP Bank GO app. This syncs your business bank transactions with accounting software.

AMP business banking support

AMP provides customer support through in-app chat, phone, and FAQs accessible via the AMP Bank GO app. This support network helps with account setup, troubleshooting, and general banking questions efficiently.

The team guides you through every step of managing business finances. This ensures you can make the most of AMP business account features. Whether you need assistance with linking Xero, managing PayID payments, or understanding interest accrual, AMP responds quickly.