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.
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 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.
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 $5,000.
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.
Pros
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.
Cons
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.
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.
The Auswide Bank Business Access Account is a business transaction account that lets you earn interest. This account has no minimum balance requirement and a low monthly fee.
The Suncorp Premium Business Bank Account is a business bank account with no monthly fees, unlimited fee-free transactions and a linked Visa Debit Card.
This is an everyday business transaction account that offers 25 free staff-assisted transactions per month and access to exclusive deals and discounts from partner brands.
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 with no fees.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
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