The ME Business Online Savings Accounts provides you with a safe place to store your working capital while it is not busy working at building your business. This no fee account gives you access to your funds on call, allowing you to make the purchases you need, as soon as you need to. If you like the convenience of online banking to manage your business finances, this is an account you would want to compare with others.
This account is suitable for businesses, trusts and self-managed super funds.
What are the features of the ME Business Online Savings Account?
Compare these features of the ME Bank Business Online Savings Account to see how they match up against what other banks are offering:
- Fees. There are no monthly account keeping fees for this business savings account.
- Interest rate. Your balance receives a competitive rate of interest, no matter how much or little you have in the account.
- Interest calculation. Interest is calculated on your daily balance and paid into the account once a month, allowing you to earn compound interest.
- Terms. This is an on call account where you can access your money when you need to.
- Banking transactions. All transactions will be made online using a linked business account.
- Transaction limits. There is no limit to the number of free transactions you can make in any one month period.
- Who it’s good for? This is an account that can be used by a business, trust and self managed super fund (SMSF).
- $0 minimum balance required
- $0 minimum deposits required
- no fixed terms on accounts
- Available to businesses only
- Must have 2 authorised account holders
- no deposits from foreign accounts
How do I apply for the ME Bank Business Online Savings Account?
In order to apply for the ME Bank Business Online Savings Account you will either call their phone number, send them an email, or download the application and mail it in. There are some eligibility requirements which need to be met that include:
- Minimum age. Applicants can be as young as 18 years of age.
- Residency requirement. The business, SMSF or trust must be established in Australia. Applicants will need to be able to provide a verifiable residential address in Australia as well.
- Depository requirements. There is no depository requirement with this business savings account when initiated or on a month to month basis.
Having the following information on hand will make filling out the application and answering any questions easier and faster:
- Tax file number. Although it is not required, ME Bank will be required by law to withhold tax on your earned interest at the highest marginal rate if you do not provide your tax file number (TFN) or TFN exemption code.
- Identification. All persons listed on the application will have their identity verified electronically. This is typically done using the information from your passport or driver’s licence. If your identity cannot be verified in this way, you will be asked for more supporting documentation.
- Business information. Your Australian Business Number (ABN) or Australian Company Number (ACN) is required to verify the details of your business.
- Trust details. If opening the account for a trust, you must be able to provide details of the beneficiaries.
- Nominated account. This account requires that you have a business transaction account that it can be linked to in order to make withdrawals and deposits. You will need to provide the name, BSB number and account number when applying.
After submitting your application, an ME Bank business account expert will contact you for more information and to finalise setting up the business savings account. Once they have all of the required information and it has been verified, you will be given the details and allowed to begin making deposits.