ME Online Savings Account

ME Online Savings Account

Maximum Variable Rate


Standard Variable Rate

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Earn a highly competitive 3.05% p.a. on your hard-earned savings (conditions apply) – one of the highest rates in the market.

  • Ongoing 3.05% p.a. variable rate (conditions apply)
  • One of the highest rates in the market*
  • $0 Account keeping and transaction fees
  • Link to a ME Everyday account and make a weekly tap & go purchase

Product details

Want to earn one of the highest interest rates in the market? Open a ME Online Savings account as well as a ME Everyday Transaction Account, make a weekly tap & go purchase using your debit MasterCard. Remember that to take advantage of the bonus interest rate, you'll need to link it with a ME Bank Transaction account within 14 days.

There is no minimum amount on the weekly purchase with the ME Everyday Transaction Debit MasterCard using tap & go to be eligible for the bonus interest rate.

Product Name
ME Online Savings Account
Maximum Variable Rate
3.05% p.a.
Standard Variable Rate
1.30% p.a.
Bonus Variable Rate
1.75% p.a.
Introductory / Bonus Offer Conditions
To receive bonus interest for any calendar month you must have a ME Everyday Transaction Account and during that month make a weekly purchase with your ETA Debit MasterCard using tap & go. Bonus interest is only payable on balances up to $250,000.
Monthly Fee
Minimum Opening Deposit
Minimum monthly deposit for bonus interest rate
Introductory Interest Period
N/A month(s)
Internet Banking
Internet Transaction Fee
Phone Banking
Phone Transaction Fee
Maximum Deposit
Joint application?
Minimum Age Requirement
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the ME Bank Online Savings Account?

While comparing the benefits of ME Bank’s online savings account keep the following features in mind.

Ongoing, very competitive interest rate of 3.05% p.a. when you link with a ME Everyday account and make a weekly tap & go purchase

The bonus interest is only payable up to amounts of $250,000 on the first Online Savings account you open unless it was opened before 10 August 2015. You must link to the ME Everyday Transaction Account and make a purchase using your debit MasterCard each week with Tap & Go.

Base interest rate of 1.30% p.a.

Regardless of savings account deposit or the amount of monthly deposits, your account balance will have a variable interest rate of 1.30% p.a. applied to it monthly.

Previously held an ME Online Savings account before 10 August 2015?

You’re only eligible for the bonus rate upon request – speak to ME on the phone today!

How is my interest calculated?

Interest on your balance will be calculated each day and paid into your account once a month. The bonus interest is only payable up to amounts of $250,000. You can compare savings accounts that award the maximum rate on balances >$250,000 here.

What if I've opened the savings account mid-month? Do I still get the bonus interest?

Unfortunately no, as you haven't met the weekly contactless payment requirement. However, you are still eligible to receive the bonus rate next month.

Are contactless payments actually safe?

Contactless payments are considered safe and are now rolled out on newly issued cards. For every transaction you make, your debit card generates a unique code that prevents you from being charged twice. The card has to be four centimetres away from the reader so people can't steal your information nor can you pay for other people's transactions.

If your card is lost or stolen and you report it right away, you're likely to be eligible for the MasterCard or Visa Zero Liability Guarantee which means you won't be held responsible for any unauthorised transactions. For more information on contactless payments, please read our guide.

What kind of things can I purchase with tap & go?

Contactless payment EFTPOS machines are available at your everyday retailers, such as Woolworths, Coles, Caltex Petrol Stations, 7-Elevens, etc.

How long does the bonus rate last for?

The bonus rate is currently ongoing, assuming you meet the conditions. It is a variable interest rate, so will most likely move along the RBA cash rate.

When does the weekly cycle start?

The weekly cycle starts from the first time you make your contactless payment. As long as you make a contactless payment every calendar week or every successive 7 day period, you'll be eligible for the bonus rate.

In summary, use it at least once every Monday to Sunday.

$0 Account management fees

There are $0 monthly fees charged to your account with the ME Bank online savings account. The linked ME Everyday Transaction also doesn't charge any ATM fees or monthly fees.

$0 Transaction fees

ME Bank offers you unlimited transactions into and out of your savings account without charging any fees.

24/7 Online and phone accessibility

Your account information is available around the clock, allowing you to transfer money whenever you have need to.

$0 Minimum deposit

You do not need to make an initial deposit to open your savings account and there are no monthly minimum deposit requirements.

Deposit transactions

Easily make deposits from your nominated account with online banking. You are also permitted to make deposits from other accounts that are not directly linked to your savings account.

Withdrawal transactions

You are allowed unlimited withdrawals with this account by transferring the money into the transaction account you have linked to it.

Is ME owned by one of the big four? How can they offer such good rates?

ME is not owned by any bank, instead it is 100% owned by industry super funds. Instead of returning it's profits back to shareholders, it goes back to it's members who are the account-holders.

Does ME have any branches?

ME is an online bank and so therefore, doesn't have any branches. If you'd like to make a cash deposit into your account, you can do so via your local Bank@Post outlet. If you would like to speak a member of it's customer service team, it's customer service centre is open Mon - Fri 8am to 8pm and Saturday 9am to 5pm.

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  • One of the highest interest rates in the market
  • Funds available at call, 24/7
  • No penalties for withdrawals
  • $0 account keeping fee


  • To earn bonus rate you need to open an ME Bank Everyday Transaction Account
  • A weekly purchase should be made
  • Bonus interest only applies on balances up to $250,000

How do I apply for the ME Online Savings Account?

If you like the idea of total accessibility and no fees to save your money, you can apply for the ME Bank online savings account by clicking ‘go to site’.

Eligibility to apply online

Before following the link to the secure application form, make sure that you are eligible for the account by checking the following requirements:

  • Age eligibility. You must be at least 12 years of age to open this savings account, and fill out the application on your own.
  • Resident eligibility. Citizens and permanent residents of Australia are eligible to apply as well as Australian residents for tax purposes. You must have an Australian residential address.
  • Account use. This savings account is intended for personal use only. If you are interested in a savings account for a business, company or trust, look into ME Bank’s business products and services.

Documentation you'll need when applying online

If you are eligible to continue to the application form, gather the following documentation and click the ‘go to site’ button:

  • Identifying documents. Identifying documents include your Australian driver’s licence, passport, birth certificate or Medicare card. You will need information from at least two of these in order for ME Bank to verify your identity electronically.
  • Nominated bank account. In order to be able to add to your savings account and make withdrawals, you will need to provide the account information for an everyday account.
  • Personal details. You will be asked to provide your full name, date of birth and physical address in order for your application to be processed.

What happens after my application?

Once ME Bank has been able to verify your identity, they will open your savings account. At this time you can begin making deposits or set up direct deposits towards your savings from another bank account.

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.
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93 Responses to ME Online Savings Account

  1. Default Gravatar
    | November 29, 2016

    I would like to earn the maximum amount by putting a lump sum of $15,000 into an investment.
    Which account has the bes outcome?

    • Staff
      Anndy | November 29, 2016

      Hi Caperteewaratah,

      Thanks for your question.

      If you are looking to put an intial deposit of $15,000 and without making monthly deposits, you can check and compare introductory bonus savings account here.

      The savings account that can give you the highest interest earning depends on for how long you intend to keep the money with the bank. Please do use the savings calculator on the same page to compare your options.

      Alternatively, if you intend to make a monthly deposit, aside from your initial deposit, you may consider a bonus saver savings account.


  2. Default Gravatar
    john | November 14, 2016

    how long is the term? i like a long term and do not like to move my money around every 3 months.

    • Staff
      Anndy | November 14, 2016

      Hi John,

      Thanks for your question.

      With ME Online Savings Account, there is no time limit as to when you can keep your money with the bank.

      To be eligible for the bonus interest rate, you’ll need to link your account with an ME Bank Transaction account within 14 days. You must also make a weekly purchase with your ETA Debit MasterCard using tap & go. Bonus interest is only payable on balances up to $250,000.


  3. Default Gravatar
    Zain | November 5, 2016

    I am seeing questions about an account at 3.35%. What account is this?

    • Staff
      Clarizza | November 7, 2016

      Hi Zain,

      Thanks for your question.

      The 3.35% rate refers to this ME Online Savings Account – however as it is a variable rate, it has since changed and is no longer available on this account.


  4. Default Gravatar
    Adrian | October 12, 2016

    If I choose to close my “ME Online Savings Account” and “ME Bank Everyday Transaction Account” is there any fees or penalties of any kind?

    • Staff
      Clarizza | October 13, 2016

      Hi Adrian,

      Thanks for your question. There are no fees or penalties for closing your account. However please note you could be charged fees and penalties if you haven’t updated your bank account details for any direct debits and automatic payments (i.e provided your new bank account details).


  5. Default Gravatar
    Frank | October 3, 2016

    what form will be used for change my existing nominated account for ME bank online saving account?

    • Staff
      Clarizza | October 5, 2016

      Hi Frank,

      Thanks for your question.

      Did you mean to ask about how to open a ME bank online savings account? If so, you can simply click on the green ‘Go to site’ button on the top right to be taken to their page. Otherwise, you may find this page about closing your bank account useful.

      Hope this helps.


  6. Default Gravatar
    | September 3, 2016

    I have an Internet account with me what is this witholding tax on the interest please how com they don,t mention this in there report .Regards Brian

    • Staff
      Shirley | September 6, 2016

      Hi Brian,

      Thanks for your question.

      Interest earned from your savings account is counted as income and is taxed at the highest marginal tax rate if you haven’t supplied your Tax File Number.

      Please see this page for more information.

  7. Default Gravatar
    Jacki | September 1, 2016

    I do not have a passport or drivers licence and am on a pension. What do I do about proving my ID? I have my government card, Medicare card but not much else.
    I have other bank accounts but didn’t need those IDs as above for them.


    • Staff
      Shirley | September 6, 2016

      Hi Jacki,

      Thanks for your question.

      Yes you can still apply – you will just need to supply one the following:

      - Australian driver’s licence or learner permit (current)
      - Australian passport (current or expired within the last 2 years)
      - International passport (current) (in English or with NAATI translation)
      - Proof of age card / NSW photo card (current and government issued)
      - Centrelink pension card (current)
      - Australian birth certificate (not an extract)
      - Australian citizenship certificate
      - Secondary identification document

      If it doesn’t have a photo, you will also need to supply one from this list:

      - Utility bill or council rates notice (less than 3 months old)
      - Taxation notice or Centrelink statement (less than 12 months old)
      - Under 18’s letter from a school principal (less than 3 months old)

  8. Default Gravatar
    | August 2, 2016

    I am thinking of opening a account at 3.35 and was wondering how to go about it ,do I open an account with a debit card first and then the 3.35 account after or both at once ,how does it work if I transfer small amounts at a time do they all get a present age of that month or only on a full month .I am quite new on the internet so need your help thanks Brian

    • Staff
      Shirley | August 3, 2016

      Hi Brian,

      Thanks for your question.

      You can open the Online Savings Account first and then the Everyday account after, assuming the application process doesn’t let you open both of them at the same time. Please note that if you open the account mid-month, you don’t start receiving the 3.35% p.a. until the next month (assuming you meet the conditions).

      If you would like to get started, please click on “Go to Site”.

      The interest is calculated daily and paid monthly, so the more funds you have in your account for longer, the more interest you receive.

  9. Default Gravatar
    Kris | July 27, 2016

    How do rate calculations work for the Savings Account if I cannot make a weekly purchase for one of the months with the Everyday Transaction cards? For example, I travel overseas a few times a year for a week or two and won’t be using the tap and go feature. Will the rate drop down to the standard variable rate for the month as I would’ve missed making a weekly purchase?

    • Staff
      Clarizza | July 28, 2016

      Hi Kris,

      Thanks for your comment.

      If you don’t make your weekly tap and go purchase, you will only be eligible for the standard variable interest rate for that week. But you can still get the bonus interest rate once you return to the country and make your weekly tap and go purchase. Your bonus and standard interest earned is paid at the end of each month.

      Hope that helps.


  10. Default Gravatar
    Raelene | July 2, 2016

    If I open a joint account does each party need to make a tap and go payment or is only one required.

    • Staff
      Clarizza | July 4, 2016

      Hi Raelene,

      Thanks for your question. If you are planning top open a joint account, you only need to make one tap and go payment per week to be eligible for the bonus interest rate.

      Hope this helps.


    • Default Gravatar
      Raelene | July 4, 2016

      Thank you

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