Compare ME Bank Savings Accounts

Information verified correct on December 8th, 2016

Banking with ME provides you with easy banking simple solutions to fulfil all of your financial needs.

Formerly branded as ME Bank, ME now has a new name. For over 20 years, ME has been growing as an Australian banking institution. Created and owned by industry super funds, their primary purpose is in helping Australians get ahead. Deposit up to $250,000 with ME, knowing that it is secured by the Australian Government Guarantee Scheme.

ME Online Savings Account

ME Bank Savings Account

ME Bank Online Savings Account offers a high variable interest rate on your savings when linked to a ME Bank Transaction Account.

  • Maximum Rate: 3.05% p.a.
  • Standard Variable Rate: 1.30% p.a.
  • Bonus Rate: 1.75% p.a.
  • Monthly Account Fees: $0
  • Minimum Balance: $0
  • Minimum Deposit: $0
Rates last updated December 8th, 2016
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
ME EveryDay Transaction Account
Free access to any ATM in Australia.
Get your ATM fee refunded within 30 days with $0 monthly fees.
Mastercard $0 $0 No fees when using any ATM in Australia – you'll get a refund within 30 days for any fees you pay for an ATM. More
Rates last updated December 8th, 2016
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
ME Online Savings Account
Ongoing, variable 3.05% p.a. rate when you link to a ME Everyday Transaction account and make a weekly purchase with your Debit MasterCard using tap & go. Available on balances up to $250,000.
3.05% 1.30% 1.75% $0 $0 / $0 Open More
ME Business Online Savings Account
A business savings account with competitive interest offer.
1.75% 1.75% 0.00% $0 $0 / $0 More
ME InterestME Savings Account
Ongoing, variable 0.50% p.a. rate on funds over $3,000.
0.50% 0.50% $0 $0 / $0 More
Rates last updated December 8th, 2016
$
3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. 48 Mths p.a. 60 Mths p.a. Min Deposit Interest Earned
ME Term Deposit
ME Term Deposit
2.40% 2.50% 2.75% 2.90% 2.90% 3.00% 3.00% 3.00% $1,000 More
Rates last updated December 8th, 2016
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
ME EveryDay Transaction Account
Free access to any ATM in Australia.
Get your ATM fee refunded within 30 days with $0 monthly fees.
Mastercard $0 $0 No fees when using any ATM in Australia – you'll get a refund within 30 days for any fees you pay for an ATM. More
Rates last updated December 8th, 2016
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
ME Online Savings Account
Ongoing, variable 3.05% p.a. rate when you link to a ME Everyday Transaction account and make a weekly purchase with your Debit MasterCard using tap & go. Available on balances up to $250,000.
3.05% 1.30% 1.75% $0 $0 / $0 Open More
ME Business Online Savings Account
A business savings account with competitive interest offer.
1.75% 1.75% 0.00% $0 $0 / $0 More
ME InterestME Savings Account
Ongoing, variable 0.50% p.a. rate on funds over $3,000.
0.50% 0.50% $0 $0 / $0 More
Rates last updated December 8th, 2016
$
3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. 48 Mths p.a. 60 Mths p.a. Min Deposit Interest Earned
ME Term Deposit
ME Term Deposit
2.40% 2.50% 2.75% 2.90% 2.90% 3.00% 3.00% 3.00% $1,000 More
Rates accurate as at: December 8th, 2016 Learn about our information service
Awards that ME has earned
  • Smart Investor. 2014 Blue Ribbon Award for the term deposit (short term).

Who is ME?

Me makes it simple to save by giving you a variety of accounts with different features to suit your needs. You can earn interest on excess money in a transaction account or get an introductory bonus rate by linking accounts. There are no fees when you save with ME, making it even simpler to achieve your goal.

What’s internet banking like for ME Bank?

The ME Bank online banking platform enables customers to change personal details, modify pending payments, and increase or decrease their daily limits. They can view account balances and transaction details, and they can make bill payments through BPAY. You can transfer funds to other bank accounts, and you can initiate fund transfers from other accounts for which you have set up direct debit requests.

The use of 128-bit SSL encryption ensures safety of transmitted information.

Notable features include:
  • Make third party payments
  • Change loan repayments
  • Stop or pause cards, and reactivate it later

What about the mobile app?

Image Source: App Store
 
Account historyTransfer funds
account historyUntitled
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What transaction accounts are offered by ME?

  • Everyday transaction account. A no fee transaction account that allows you to pay for purchases with no charge. If you choose a pink debit Mastercard, ME will make a one cent donation to the National Breast Cancer Foundation every time you use it.

What high interest savings accounts are offered by ME?

  • Interestme savings account. Earn interest on every dollar in your account over $3,000 while still having the convenience of an optional debit card to make purchases and withdrawals. With this you have the flexibility of a transaction account and no monthly fees.
  • Online savings account. Take advantage of a bonus rate by applying before the 30th of July and opening an everyday transaction account within 14 days. There are no fees to save and you can still access your money whenever you need without paying a penalty.

What term deposits offered by ME?

For an Australian looking for a long term savings plan, ME provides term savings with a minimum opening balance of $1,000. This is a fully flexible savings option, giving you choices in terms from one month to five years and when interest is paid into your account.

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Any pros and cons I should think about?

Pros

  • Bonus interest. Get a boost to your savings account for four months when you link accounts before the end of July.
  • Fees. With no fees on their banking account products, ME gives you a good opportunity to save for free.
  • Flexible terms. Long term savings can be easily accomplished by choosing terms you know you can meet.
  • Mobile app. The ME app allows you to access your accounts on the go as well as provide other services such as an ATM finder.
  • Linked accounts. You will nominate an account to facilitate transfers into and out of your savings, but ME also allows you to use accounts that are not linked for this function as well.

Cons

  • Branches. ME does not have branch banking, although they do have sales offices in Victoria, Queensland and South Australia.
  • Online banking unreliable at times. There have been some reviews mentioning a glitch in ME's online system when attempting to transfer funds and to wait a few hours. There have also been reviews about how basic their online platform is.
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How do I apply for a ME savings account?

ME accepts applications online for their savings and term savings accounts. Applying will only take a few minutes with you providing some basic information about yourself and your savings needs.

  • Requirements. The required age will vary, with applications being accepted from individuals as young as 12 years old for some accounts. You will however have to be a permanent resident of Australia.
  • Identification verification. ME is required by law to first verify your identity electronically by using information found on your driver’s licence or passport.
  • Linked account. Be prepared to provide the account number to link your savings to.

In order to ensure that you are getting all of the features and benefits you want for your savings, you should always compare accounts across different financial institutions before committing to any one.

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Read more on this topic

Savings Account Offers

Learn about our information service
ME Online Savings Account

Maximum Variable Rate

3.05%

Standard Variable Rate

1.30
ING DIRECT Savings Maximiser

Maximum Variable Rate

2.75%

Standard Variable Rate

1.60
Citibank Online Saver

Maximum Variable Rate

3.00%

Standard Variable Rate

1.70
Bankwest Hero Saver

Maximum Variable Rate

2.65%

Standard Variable Rate

0.01

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12 Responses to Compare ME Bank Savings Accounts

  1. Default Gravatar
    Russell | October 25, 2016

    I have $25,000 to put in my savings account… What interest will I get paid. I currently maintain about $3000 to $6000 in my savings account.

    • Staff
      Clarizza | October 26, 2016

      Hi Russell

      Thanks for your question.

      If you deposit the whole amount ($25,000) and keep it in your account and make no other deposit for 12 months, you will earn $786.11 in interest (with the current 3.05% p.a rate). Please note there are certain conditions required to earn the max variable rate of 3.05%. To receive bonus interest for any calendar month you must have a ME Everyday Transaction Account and during that month make a weekly purchase with your Debit MasterCard using tap & go.

      You can also use the savings calculator above the tables and input your opening deposit, monthly deposit and period to compare interest earned.

      Regards
      Clarizza

  2. Default Gravatar
    Pauline | July 18, 2016

    Hi, I am interested in depositing funds for my super fund account. The website advised that as member of certain industry super funds collect a bonus interest.

    However, when I rang ME, your representative says it is not available. Kindly confirm.

    In addition, can I bank a cheque for ME account?

    • Staff
      Clarizza | July 18, 2016

      Hi Pauline,

      Thanks for your question. I have sent you an email in response.

      Regards,

      Clarizza

  3. Default Gravatar
    john | April 28, 2016

    is $250,000 the maximum allowed for a term deposit

    • Default Gravatar
      | July 19, 2016

      If I deposit $500,000 in joint names will the Government guarantee the full $500,000 ?

    • Staff
      May | July 19, 2016

      Hi Brian,

      Thanks for your question.

      With ME, the maximum savings/deposit amount that is secured by the Australian Government Guarantee Scheme is up to $250,000 only. This also applies to per individual/joint account. So, for your $500,000 deposit, you’re secured up to $250,000 only.

      Cheers,
      May

    • Staff
      Shirley | April 29, 2016

      Hi John,

      Thanks for your question.

      You can open a term deposit for as little as $1,000 or as much as $1,000,000.

      Deposits are covered by the Government Guarantee of up to $250,000 per person, per institution.

  4. Default Gravatar
    lillie | February 10, 2016

    hi i want to open a term dep can l just do that or do l have to have a saving account

    cheers Lillie

    • Staff
      Shirley | February 11, 2016

      Hi Lillie,

      Thanks for your question.

      You don’t need to have a savings account. You can open the term deposit on it’s own.

      Hope this helps.

  5. Default Gravatar
    Grant | February 1, 2016

    If I make a deposit in A$ will I be charged a fee for depositing money in to my ME DEbit Account.

    Can I use this card when travelling in Aust, and will I be charged a withdrawal fee when taking money out of an ATM/

    Can this card by used Overseas and is there a charge made by ME for overseas withdrawals from ATM’s please

    • Staff
      Shirley | February 1, 2016

      Hi Grant,

      Thanks for your questions. Please note that following responses are for the ME Everyday Transaction account.

      No you don’t be charged a fee for depositing money into your ME Debit account

      You can use this while travelling in Australia, though you need to be an Australian resident to be eligible for this account. You’ll receive a refund on fees incurred at all other ATMs in Australia within 30 days of the transaction.

      This card can be used overseas, wherever MasterCard is accepted. International ATM withdrawals incur a $4 fee and a currency conversion fee of 2.50% of AUD value.

      If you intend to travel outside of Australia you may want to consider a travel debit card instead.

      Hope this helps.

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