AMP Bank has today announced it is reducing or removing 20 fees and is simplifying its suite of transaction accounts to provide a more focussed and competitive offering to customers.

From 30 November 2018, AMP Bank is removing nine special service fees, and reducing a further 11, across its deposit and lending products.

The fees being reduced are one-off transaction fees and the bank has plans to further simplify fees next year, including mortgage fees.

Customers in legacy transaction accounts are being moved to contemporary products with the same or in many cases better features.

This will happen automatically from early December.

AMP Bank Group Executive Sally Bruce said: “We’re continually looking at ways to improve our offering for our customers and to make things simpler for them."

"These changes are an important first step in simplifying our products and fees and giving our customers even more reason to be with AMP Bank."

“Reducing complexity means we can spend more of our time on the things that really matter such as supporting brokers and advisers with the important work they do for customers."

“We’re focused on being the best bank for customers, brokers and advisers, and this move is about making it easier and clearer for all of our stakeholders."

“Simplifying our products and fees is good for customers, for advisers and brokers and good for our people."

"We know banking products can be confusing, so we are doing all we can to simplify.”