We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
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. Deposits with ME are secured by the Australian Government Guarantee Scheme.
Awards that ME has earned
- Smart Investor. 2016 Financial Review Smart Investor Blue Ribbon Award - Online bank of the year
What 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?
The ME 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
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?
- Online savings account. Take advantage of a bonus interest rate with this high interest savings account. 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 $5,000. 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.Back to top
Any pros and cons I should think about?
- Bonus interest. Get a boost to your savings account when you meet to account conditions.
- 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.
- 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.
How do I apply for a ME savings account?
You need to compare the accounts offered by ME with others to make sure they suit your personal financial needs and your unique situation. If you decide one of the ME accounts is right for you, ME accepts applications online for their savings and term deposit 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.
More guides on Finder
ME term deposit
With the ME term deposit you get a flexible savings plan with options that let you customise the terms to suit your needs.
ME Everyday Transaction Account
With no monthly account fees and a widely accepted card that works like cash, you have a variety of ways to access your money without being charged for it. This is worth considering as you compare transaction accounts being offered by Australian banks.
ME Online Savings Account
If you have a savings plan in mind, but still want the flexibility of accessing your money when needed, this could be a savings account worth looking into.
Ask an Expert