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:
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.
The ME Business Online Savings Account is earning 0.05% p.a., while equivalent big bank alternatives, specifically online business savings accounts from ANZ, St.George and Commonwealth Bank, are earning less than 1.00% p.a.
Other benefits include the following:
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.
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.
| Term length | Interest earned |
|---|---|
| 1 month | 0.55% p.a. |
| 2 months | 0.6% p.a. |
| 3 months | 2.05% p.a. |
| 4 months | 4.35% p.a. |
| 5 months | 0.85% p.a. |
| 6 months | 4.5% p.a. |
| 7 months | 1.35% p.a. |
| 9 months | 4.5% p.a. |
| 12 months | 4.6% p.a. |
| 24 months | 2% p.a. |
| 36 months | 2% p.a. |
| 48 months | 2% p.a. |
| 60 months | 2% 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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Read more…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.
Read more…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.
You can conduct online banking as usual through the ME website with no fees.
Earn some interest on your funds with ME Business Term Deposit and pay no fees for keeping your cash locked away.
With the flexibility and convenience that ME offers its business customers, your working capital is always working for you one way or another.