I use to have this kind account before but closed it. If I can open new one am I qualify for interest rate?
Unfortunately the bonus interest applied to your first ME Bank Online Savings account only.
I am not a ME Bank customer – if I open the transactional account + online savings account, do I have to have regular deposits to or withdrawals from the transact account eg: use the account other than transfers in ? I’m just looking for best interest as I’m doing with ANZ right now, are there any hidden fees or penalties?
You don’t have to make regular deposits or withdrawals from the transaction account to qualify for the bonus rate.There are no hidden fees or penalties, having said that, it’s best to check the Product Disclosure Statement before you commit to a product.
I have current accounts with ME Bank. Why can I not get the interest?
Unfortunately the offer is available for new ME Bank members, that is, those who have never held a ME Bank Online Saver before. Please note that other conditions apply.
If I open a working account and then a high interest account , can I roll the high interest account ove or will I have to withdraw everything and go to another bank to continue a high yield?
The bonus interest rate is only available for new account holders, that is, you’ve never a ME Bank Online Savings account before and you will continue to earn a high yield. however, you may want to consider switching to another account.
I am considering making the most of this offer. If I deposit money into an account for of few months can I withdraw the money at the end of the term without any fees?
There are no fees when withdrawing from this account.
Can I open an Everyday transaction account at the same time of opening an Online savings account?
The Online Savings Account and Everyday Transaction accounts need to be opened in separate applications. It’s advisable that you open the Everyday Transaction account first to obtain your BSB and account number, and then link it to your Online Savings during your application.
Does the government guarantee apply to 'new' deposits with ME? I thought the 'Guarantee Scheme' closed for new liabilities at the end of March 2010.
To our knowledge the Government Guarantee is still available for new accounts with ME Bank. Please see the official APRA website for more information.
How do I deposit $250,000.00 into my ME account once open, most of my other banks have limits on how much can be transferred
You can contact your bank to request that they allow a one time transfer of $250,000. However, this permission does depend on your bank’s policies. Alternatively, you can make multiple transfers into your ME Bank account until you’ve transferred the full amount.
What is the daily maximum amount I can withdraw from my online savings account?
There’s no maximum amount you can transfer from your Online Savings Account.
Is ME Bank Government Guaranteed?
Yes it is covered by the Government Guarantee.
As a new customer do I have to open two accounts to get interest? PS – Can the account be in the name of a superfund (SMSF)?
Unfortunately the bonus interest applies to the first account you open, and are for personal use only.
I understand that I need to have a transaction account before I can establish a high interest account. What fees, if any, apply to the transaction account?
There is no monthly account-keeping fee and no minimum deposit required.
To open an Everyday Transaction account, does that happen at the same application as the Savings account? If I open an account in my name and my husband an account in his name do both accounts qualify for the introductory rate? Even if both linked to the same joint Everyday account?
You can open an EveryDay account during your application for the Online Savings Account. Unfortunately the rate is only available on one account of yours or a joint account holder.
I am trying to open up a savings account. Do i need a ‘linked’ account as well? If so why?!
Almost every savings account in the market today requires you to have a linked transaction account. This enables to you to move funds in and out of your savings account. The ME Bank Online Savings Account requires you to link it to the ME Bank EveryDay Account in order to earn extra interest. As we are not representatives of ME Bank we do not know why they require users to link these accounts together.
I am unclear then of the purpose of the everyday transaction account. Since there is no minimum balance, why is it needed? And are there any fees at all for this account, other than no monthly account keeping fee?
This account is required to take up the special bonus interest rate. Unfortunately as we do not represent ME Bank we can’t comment on why it’s required. There are no monthly account fees, nor are there fees for the debit card which comes with this account, or for EFTPOS purchases. ATM withdrawals are also free when using Westpac, Bank of Melbourne, St.George and BankSA ATMS. You will pay fees for making international ATM withdrawals and for making purchases overseas. For more information on the fees of this account please check the terms and conditions.
Have sent you an application which you have on hold pending verification of identity. I have tried to do this online as suggested but it will not let me. Please advise
You’ll need to contact ME Bank directly regarding this matter. They’ll be able to help you with this issue.
This account states for balances up to $250,000. Does this apply to a joint account as well or could we have a balance of up to $500,000? ($250,00 per person? Also if the interest earned took the balance over the limit do you lose the bonus interest from that moment?
The limit of up to $250,000 applies to each account, including joint accounts. No you wouldn’t lose the bonus interest, the interest will just be calculated up to the balance of $250,000.
I would like to open online savings account and transfer about $50,000 with monthly contributions from my employer directly to this account . Is this possible?
You can transfer funds into this account through the linked account you’re required to have. This can be set up to make regular payments into your savings account. For more information about how you might do this please contact the institution which your linked bank account is with.
What is the ME Everyday Transaction Account required for the savings account?
The EveryDay Transaction account is an account which can be linked to the Online Savings Account. It offers a range of features and benefits which you can read more about here.
Is this for new account applicants only? What about those existing account customers?
Anyone who satisfies the eligibility criteria can apply for this account, regardless of whether they’re a new or existing customer; however, the bonus rate isn’t available if you or a joint account holder has previously held an ME Bank Online Savings account.
Is the interest paid monthly?
Interest is calculated daily and paid monthly.
Why do I need to link the online savings account to an everyday transaction account?
For direct product enquiries, please contact the customer service team at ME Bank.
It says No interest rate penalties for withdrawals, does it mean even if I withdraw during that month, I can still get interest for that month? Do you have mobile app which I can manage the account and money easily?
If you withdraw funds, you’ll still receive the maximum variable rate if you link this account with the ME Bank Everyday Transaction Account. ME Bank does have a mobile app that allows you log into internet banking and to find your nearest ATM.
How do i open an online account with a cheque? Or would i need to transfer funds from an existing account? I understand I would firstly need to open an ME savings account before transferring the savings into a high earning interest account
You can deposit cash or cheques at any Australia Post displaying the Bank@Post™ symbol. All transactions made at Bank@Post will require your card and PIN.
How do I transfer the whole amount from my ME Bank to another institution $594,000 as a matter of urgency?
This will depend on the institution you’re moving funds to. In some cases, your new institution will be able to authorise a direct debit to move funds from your old account to the new one. Alternatively, you might also be able to conduct a regular transfer from your ME Bank account. If you’re daily transfer limit is smaller than the amount you’re transferring you might be able to request a temporary limit increase.
Could you tell me if the interest on the online saver account is calculated daily?
This account calculates interest daily and pays in monthly.
Will you consider $550K for a Super Account?
Unfortunately the ME Bank online savings account is designed for personal use only. ME Bank have a separate range of products for SMSFs and investments available on their website.
Are funds insured?
Yes, funds are covered by the Government Guarantee of up to $250,000 per person per institution.
Can this account be opened as a self managed superannuation fund account?
Unfortunately this account is intended for personal use only. ME Bank does have a business account which can be used for SMSFs called the Business Investment Account.
Hi, can I make weekly/fortnightly deposits to my online savings account (that will be linked to my everyday transaction account) and still earn the interest?
This account is a regular savings account, so you can make deposits at any time.
Is there an annual fee attached to this online savings account?
There’s no annual or monthly fees for this account.
Please tell me the nearest ME Bank. I am in Campbeltown Adelaide.
ME Bank is an online bank, meaning it has no physical branches. You can however use some Australia Post offices displaying the ‘Bank@Post’ symbol to make some transactions, and can use ATMS from ME Bank, Westpac, St.George and BankSA.
When applying for the online savings account, how do you apply for the ME transaction account at the same time, as it states you have to have ME transaction account?
You’ll need to apply for a ME Bank transaction account first, before applying for the ME Bank online savings account.
Where is the nearest bank to: (a). Riverwood (b). Thornleigh
ME Bank no longer runs any physical branches, with their services now offered online or via telephone.
Can you please explain the purpose of having the savings account linked to an everyday account? Can that be a Commonwealth account? Does it have to have a certain amount of money in it? And can I close this savings account at the end without any issues?
This account and other savings accounts require a linked everyday account to give you the ability to move money in and out of your savings account. This is because most online savings accounts don’t allow ATM access or the ability to pay anyone directly from the savings account.The everyday account doesn’t have to have a certain amount of money in it, but remember that to earn the bonus interest on this account you must link it to an ME Bank Everyday Transaction Account. You can close this account at the end without any issues.
Recently rolled over to Australian Super and opened up an ME Everyday Transaction account + Online Saver account. I’m going to now get my pay deposited into the Everyday account. Work are with Westpac, so am I still. My pay goes in within a few hours of the Pay Office processing the pays. What sort of transfer times do ME have with interbank transfers and salaries?
Generally speaking, if the funds are paid before 5:30 - 6:00pm they’re usually credited the next business day. If they’re paid after 6:00pm, they’re usually credited on the business day after this.
I am looking at getting a secure savings account and I seen you have to have an accessible account linked to it. Is there any fees with that account? And is my money safe from thieves when using an online account?
There are no monthly account keeping fees, EFTPOS fees, or fees for the Debit MasterCard which comes with the ME Everyday Transaction Account. There are fees for using this card overseas, for getting a chequebook and other less common transactions, so be sure to check our site regularly here for up-to-date information. In terms of security this account benefits from MasterCard’s Zero Liability protection, which means you won’t be held accountable for fraudulent or unauthorised transactions if you follow the conditions of use. The linked debit card also comes with a security chip for added peace of mind.
Does the EveryDay Transaction account linked to the ME Bank saving acc. to earn the interest need to be a Me Bank account or can it be any other Banking institution account, CBA, Nab etc
Your linked account can be a non-ME Bank account, as long as they’re both in the same names.
Could you please explain a bit more about the introductory period? Does that mean I get paid interest during the introductory period?
This is correct. You’ll earn the maximum variable rate pictured in the table above if you’re eligible for the bonus rate. Once the introductory period your balance will earn interest at the standard variable rate pictured above. Keep in mind that the bonus interest is only paid on balances up to $250,000.
Do I need to make a deposit every month to get the bonus interest rate and can I withdraw money during a moth and still get the bonus rate?
There are no minimum deposits or withdrawal penalties for this account.
My partner and I would like to set up a joint account, I’m an Australian citizen however my partner isn’t: 1. Are we able to set up a joint me account? 2. If so, is he able to convert euros to Aus dollars when depositing money into our account?
This account can be opened as a joint account, but unfortunately all applicants for this account must be Australian citizens or permanent residents.
so in other words although I’m a permanent Australian resident but my partner isn’t, we cannot open an account? If this is the case, do all of the other banking institutions have the same rule?
Yes this is correct. Unfortunately most institutions will have similar rules regarding these accounts. Some banks such as ANZ and CBA will allow those overseas to open an account in Australia and require them to identify themselves upon coming to Australia, so you might want to enquire with them.
Can ME Bank transaction account be linked to nominated ANZ account because all my payments are done from ANZ account. That's what i was doing when having money with RaboDirect, ING Direct or Bankwest.
The ME Bank EveryDay Transaction Account isn’t required to be linked to any everyday transaction account. The ME Bank Online Savings Account on the other hand does require an everyday transaction account to be linked to it, and in this case any ANZ account which is classified as an ‘everyday account’ is eligible.
I would like to open a HISA and I am still looking for the best option, what are the best benefits with me bank and how quickly can I open one?
The biggest benefit of the ME Bank Online Savings Account to me is the fact that you’ll earn the bonus rate of interest (if you’re eligible) without having to make a minimum deposit each month or regardless of if you make withdrawals, which isn’t the case with many other accounts. It also doesn’t have account-keeping fees. It will take up to three business days to open your account after ME Bank receives your application form.
Do you negotiate term deposit rates for large amounts?
You may wish to speak to ME Bank directly regarding this. We’re a financial comparison service, so are unable to negotiate with rates. Generally speaking, banks can be negotiated with, so it’s a good idea to speak to them.