AMP Growth bond 'good for savers'

People will be able to save money and get to it when they like thanks to a recently overhauled AMP Growth bond.

The newly revamped AMP Growth bond will allow people to save money but also access it when they like.

AMP has reduced the single management fee to one per cent - from its previous 1.5 per cent mark - and has cut in-built commissions, which could benefit people looking to put money into savings accounts.

Andrew Hobern, the company's director of wealth management products, said it will be useful for customers that want a simple but effective investment.

The group – which also offers selected Australian banking products – recommends that people looking to invest tax-effectively in the long term may be interested in the product.

Consumers who wish to open have a saver account for their children in the future could also be suitable for the bond, as well as customers who want to generate capital growth from their investment.

This news comes after the AMP recently announced it is set to drop its interest rates for new customers to 6.24 per cent, the Daily Telegraph reported.

By James Leyfield