AMP is the latest bank to introduce Apple Pay this year following Westpac, ME and Heritage Bank. 

Meanwhile, buy-now, pay-later (BNPL) giant Afterpay announced last week it too was turning on both Apple and Google Pay for US customers, with Australians to get the service "in the coming months". 

AMP said it was bringing its clients Apple Pay to give them a "safer, more secure and private way to pay that helps clients avoid handing their payment card to someone else, touching physical buttons or exchanging cash". 

AMP had already offered customers both Google Pay and Samsung Pay. 

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Rates
Features
Conditions
Other
Provider
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
More details
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
*Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
*Rate varies on savings amount

Save Account (<$100,000)

  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
More details
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.

Savings Accelerator (Amounts < $50000)

  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.
More details
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
More details
05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Goal Saver

    More details
    050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Young Saver Account

      More details
      000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Smart Saver Account (Under 25)

        More details
        00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Reward Saver Account($0-$100k)

          More details
          0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Save up

            More details
            02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Bonus Saver (<$1 Million)

              More details
              000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              ANZ Save

                More details
                01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Bonus Saver Account (Amounts < $100k)

                  More details
                  5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  NetBank Saver

                    More details
                    00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    Life (< 30 years) (Monthly deposit)

                      More details
                      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      Boost Saver

                        More details
                        020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        HomeME Savings Account ($0 - $100,000)

                          More details
                          02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Growth Saver ($1 - $25k)

                            More details
                            010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                            For customers aged 14-35 years
                            For customers aged 14-35 years

                            Future Saver Account ( < $50k)

                              More details
                              0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Reward Saver Kick Start (Amounts ≤ $1m)

                                More details
                                010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                Saver Account (<$250k)

                                  More details
                                  Important Information and Comparison Rate Warning

                                  All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of July 27, 2024. View disclaimer.

                                  AMP Bank Managing Director Rod Finch said the move is all about giving clients choice and convenience around payment options.

                                  “Giving our clients a fast, easy and secure way of paying for goods and services, without needing to handle anything other than their personal smart device, has never been more important, especially during these extraordinary times,” Mr Finch said.

                                  “Introducing Apple Pay is the latest in a series of enhancements to make it easier for clients to transact with their finances and AMP.”

                                  AMP

                                  What Apple Pay will look like for AMP customers. Source: AMP. 

                                  AMP customers wanting to set up Apple Pay on their phones (iPhone 6 or any later versions) can do so easily: On iPhone, clients simply open the Wallet app, tap +, and follow the steps to add their AMP Bank access card. 

                                  On Apple Watch, they can simply open the Apple Watch app on their phone, tap Wallet & Apple Pay and select Add a Credit or Debit card and follow the prompts.

                                  Then, customers can hold their phones to a terminal and place their finger on Touch ID to pay, while still receiving all the rewards and benefits they would normally receive from their credit or debit card. 

                                  [Read: AMP cuts introductory interest rate barely a week after raising it]

                                  AMP also reiterated that Apple Pay is a highly secure way to pay. 

                                  "Security and privacy are at the core of Apple Pay. When clients use a credit or debit card with Apple Pay, the actual card numbers are not stored on the device, or on Apple servers," it said. 

                                  "Instead, a unique Device Account Number is assigned, encrypted, and securely stored in the Secure Element, an industry-standard, certified chip designed to store the payment information safely on the device."

                                  This is a timely announcement by AMP, as April data from Commonwealth Bank found digital wallet platforms such as Apple Pay made a record number of transactions in March 2020. 

                                  March 2020 digital wallet spend surged 17% from February 2020, vastly outpacing the average monthly growth rate of 6.7% from the past six months, with the average spend being $28. 

                                  There were 36 million digital wallet transactions made overall - the previous record stood at 34 million in December 2019.