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Compare ME Business bank accounts

Compare ME business accounts to see if you could be earning more.

ME is an award winning bank, jointly owned by dozens of Australian super funds. Its initial focus was home loans, but it now offers business savings accounts, term deposits and business financing solutions. ME focuses on competitive rates, zero fees and flexibility for small businesses and sole traders.

Get an overview of the options and compare the rates and fees for ME business products with the big bank alternatives to see if your business could earn more from switching.

Search and compare ME business accounts

Rates last updated February 16th, 2019
Name Product 3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. Min Deposit Interest Earned
ME Business Term Deposit

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Rates last updated February 16th, 2019
Name Product 3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. Min Deposit Interest Earned
ME Business Term Deposit

Compare up to 4 providers

ME Business saving account

The clearest benefits of this account are its lack of fees and its exceptionally competitive interest rate. In addition, there are no minimum balance requirements or any conditions you need to meet in order to earn the highest available rates.

There are a few catches though:

  • You can only make direct withdrawals from the ME Business Online Savings Account to a linked account of your choice.
  • You can only use phone or online banking with the account.
  • All transactions must be in Australian dollars.

Fortunately, you can nominate a linked account from any financial institution, and you can change it at any time free of charge. You can also make deposits from any account.

This lets you keep the full benefits of your business transaction account, while earning a generous interest rate on your business savings account without having to pay fees.

As of February 13, 2017, the ME Business Online Savings Account is earning 1.75% p.a., while equivalent big bank alternatives, specifically online business savings accounts from ANZ, St.George and Commonwealth Bank, are earning only 0.60% p.a.

Other benefits include the following:

  • You will be notified of any changes in interest rate.
  • Your biannual statements will show all transactions as well as the interest rates so you can easily track your business savings. For more frequent updates, you can access the same information online at any time, or you can request interim statements for a fee.

ME Business Term Deposit

Term deposits let you lock away funds for a set period of your choice to earn higher fixed returns. Small businesses in particular may find ME business term deposits to be a preferable option compared to the big banks.

  • No tiered interest rates let you earn more with smaller deposits than you can elsewhere.
  • Relatively high rates for shorter (under 12 month) terms.
  • A low minimum deposit requirement of only $1,000.
  • Flexible interest payment options let you choose to be paid interest monthly to earn further returns in your savings account.

The downsides are that there is a maximum deposit of $1 million. You can get higher deposit limits at other banks, and the interest you earn at ME for deposits with longer terms or for larger amounts may not be as competitive as other banks.

Overall, ME business term deposits offer competitive rates, no matter how much or how little you’re depositing, and some advantages in terms of flexibility.

There are some pros and cons to term deposits you might want to consider.


  • As usual for ME, there are no setup or monthly fees for a business term deposit.
  • You have a fixed interest rate for guaranteed returns.
  • Interest is credited to an account of your choice monthly, quarterly, biannually or yearly.
  • You will receive a reminder 10 days before the end of a term, and you can choose whether to make a full withdrawal, a partial withdrawal or reinvest it all.


  • You cannot make any partial withdrawals in the middle of a term, and you will earn reduced interest if you need to close the account early.
  • You cannot make any further deposits to an existing term, except at maturity.

ME Business Term Deposit rates

Term lengthInterest earned
1 month2.00% p.a.
2 months2.40% p.a.
3 months2.60% p.a.
4 months2.60% p.a.
5 months2.60% p.a.
6 months2.75% p.a.
7 months2.70% p.a.
9 months2.75% p.a.
12 months2.75% p.a.
24 months2.85% p.a.
36 months3.00% p.a.
48 months3.00% p.a.
60 months3.00% p.a.

See how much you could earn with a term deposit calculator. Use a savings account calculator to see how much extra you can make with ME’s high-frequency interest payments.

If you need the deposited funds back, you will need to provide 31 days’ notice. The interest paid will be reduced depending on how much of the specified term has elapsed.

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What makes ME different?

ME is widely recognised as a prominent part of Australia’s banking scene, with some of the best business banking deals on the market and a host of awards to back it up.

ME is able to offer some of the best bank accounts in terms of rates and fees because of its position as a primarily online provider, although there are ME locations in most major Australian cities.

You can also do your personal and business banking through the ME banking app for Apple devices. This app delivers all the expected functionality, including the ability to make transactions and check your balance on the go as well as other, more unique, benefits.

  • Fingerprint ID security system on supported devices
  • ATM finder
  • 4 digit pin
  • Lets you securely check balances without logging in

You can conduct online banking as usual through the ME website, and you can also conduct operator-assisted phone banking, with no fees.

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