AMP Bank isn't differentiated from the other major bank in terms of level of service. It reputation has recently been severely ruined by its behavior over a number of years that has been through the Royal Commission. It will take a complete overhaul to change the internal culture at AMP. We consider it difficult to recommend AMP unless they offer a compelling interest rate or are willing to lend to you when no else will.
Facts and lender background
The Australian Mutual Provident Society was formed in 1849 as a non-profit life insurance company and mutual society. In 1998, it was demutualised into an Australian public company.
AMP has a loan portfolio of about $20 billion.
AMP Bank is rated A by S&P. The Australian Government's guarantee on deposits under the Financial Claims Scheme applies to deposits held with AMP Bank.
AMP is publicly listed on the ASX.
33% of AMP's funding is from the wholesale capital market.
Product Review Rating
average is 2.1 / 5
You are able to transact at more than 3,200 Australia Post outlets that display the Bank@Post sign. This provides you with real-time deposits and the ability to draw cash.
Internet banking is available.