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Summary

Have spare funds lying around? Make your money work harder for you and let it earn interest with a ME term deposit.

The term deposit from ME doesn't charge any setup or account keeping fees. Have peace of mind knowing that you get a fixed interest rate on your hard-earned money. You can invest your funds from 1 month to 60 months at a time. You choose to have interest paid monthly, annually or at maturity.

Pros

$0 Account keeping fees
Flexible terms from 1 month to 5 years
Flexible interest payments: monthly, yearly or at maturity
Minimum investment of $5,000

Cons

ME Bank doesn't have any branches

Details

Key details

Product Name	ME Term Deposit
3 month interest rate	2.25%
4 month interest rate	4.65%
6 month interest rate	4.85%
7 month interest rate	1.75%
9 month interest rate	4.85%
12 month interest rate	4.85%
24 month interest rate	4.30%
36 month interest rate	3.50%
48 month interest rate	3.50%
60 month interest rate	3.50%
Minimum Opening Deposit	$5,000
Minimum age requirement	18
Government guarantee	Yes

Eligibility

Minimum Age Requirement	18
Joint account availability	Yes
Min Deposit	$5,000
Available to children	Not available for children

Key features

$0 Monthly account keeping fees

ME will not charge you any monthly fees.

Minimum investment of $5,000

You can open a term deposit with ME with an initial deposit of $5,000.

Flexible terms

You can choose terms ranging from 1 month to 60 months at a time.

How is my interest paid?

Interest is calculated daily with you choosing how often it is paid to you. Depending on the length of your term you can have interest paid monthly, annually or at maturity. Choosing to have your interest payments paid with more frequency will result in a slight reduction of the rate.

Interest payments are made into the account which you have linked with your term deposit with the exception of those made at maturity. These you can choose to have added to your balance.

You'll need to pick a nominated account

You must be able to provide details of another account, either with ME or another Australian financial institution, in order to be able to transfer money into your term deposit and for interest payments to be made. This account must be in the same name, or names if a joint account, as the one listed on the term deposit. You can compare other ME everyday and savings accounts here.

Penalties apply to early withdrawals

If you find that you need to withdraw your deposit before the account matures, the interest will be reduced by a percentage based on the amount of time that has elapsed since you opened the account.

Available for personal use only

This is an account intended for personal use only. If you wish to open a term deposit for your business, ME offers a separate product.

Available as joint accounts

This account is available for up to two account holders.

Reinvestment options

Approximately 10 days before the account is scheduled to mature, ME will contact you enquiring for your maturity instructions. You can choose to have all or a partial amount of the funds transferred to your nominated account or reinvest in a new term deposit.

If you do not provide instructions within two days of maturity, ME will automatically roll over the money into a new term deposit for the same period of time and at the posted interest rate applicable on that date.

Launch term deposit calculator

How to apply

If you're considering opening up a ME Term Deposit, here's what you need for your application.

Eligibility

There are some eligibility requirements you should check first before continuing:

Minimum age. You must be at least 18 years of age to open the account.
Residency requirements. A term deposit is available for Australian permanent residents or an Australian resident for tax purposes with a valid Australian residential address.

Depository requirement. You must be able to deposit at least $5,000 into the account within three business days after it has been opened.

Documentation needed

You should also have access to the following documentation in order to ensure that the application is completed in full:

Tax file number. Providing your tax file number (TFN) or exemption code is not obligatory, but it does ensure that the correct withholding tax is being applied to your interest earnings.
Identification. Every attempt to verify your identity online will be made using your driver's licence or passport information. If this is not possible, you could be asked to visit a branch to complete your identification verification.
Nominated account. The name and account number of the account you will be using to make transfers from.

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Debbie Whitehand

December 18, 2023

I have a current account can you please help me understand how I ca get the 5.15% term deposit interest I have $100,000.00 to save

Jason Loewenthal Finder

January 08, 2024

Hi Debbie,

As of January 2024, the 5.15% rate is available on the 12-month term deposit. You need a minimum deposit of $5,000 to open an ME Bank term deposit.

I hope that helps.

Tom

June 14, 2023

What is the one year term dep rate for a smsf

Alison Banney Finder

June 15, 2023

Hi Tom, you can see the ME term deposit rates for business and SMSF customers here: https://www.finder.com.au/me-business-term-deposit

Jane

June 29, 2022

Hi there do you have the government guarantee for $250,000 for term deposits?

Alison Banney Finder

July 10, 2022

Hi Jane,

You’ve reached Finder. If you are referring to ME bank, the answer is yes. Your savings with ME are protected by a deposit guarantee from the Australian Government.

Thanks,

Alison

Ben

June 17, 2022

My sports club has $20,000 to invest.

We have articles of association.

We have a tax file number.

can we invest with you?

Alison Banney Finder

June 20, 2022

Hi Ben,

The ME Term Deposit is for personal use only and must be opened by an individual. Instead, you should be able to open the ME Business Term Deposit which is available to companies, trusts, and associations.

Thanks,

Alison

Miri

January 12, 2022

Can I put a power of attorney on this online account for a family member?

Alison Banney Finder

January 28, 2022

Hi Miri,

If you have been assigned as power of attorney for a ME customer, you’ll need to send a few documents before they can register your power of attorney account access, including the power of attorney document and identification.

For more details and advice based on your personal situation and account, we highly recommend that you get in touch with ME directly.

Thanks,

Alison

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ME term deposit

Pros

Cons

Key features

$0 Monthly account keeping fees

Minimum investment of $5,000

Flexible terms

How is my interest paid?

You'll need to pick a nominated account

Penalties apply to early withdrawals

Available for personal use only

Available as joint accounts

Reinvestment options

How to apply

Eligibility

Documentation needed

Sources

Your reviews

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