Product details
The Business Online Savings Accounts from ME, the Member's Equity bank, gives you a safe place to store your working capital and earn interest on it. With no account keeping fees to worry about and access to your funds as needed through linked accounts, this might be the right option if you want to earn interest on business capital, but also want to retain access to important funds.
Business owners, trustees and self managed super fund owners can all benefit from the features of this account.
- Product Name
- ME Business Online Savings Account
- Maximum Variable Rate
- 1.25% p.a.
- Standard Variable Rate
- 1.25% p.a.
- Bonus Variable Rate
- 0.00% p.a.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $0
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Joint application?
- Yes
- Minimum Age Requirement
- 18
- 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 Business Online Savings Account?
The ME Business Online Savings Account is designed to be an on-call savings option for businesses, trustees and SMSF owners. Being online-only there are no monthly fees, as well as easy access for mobile transactions. See how the features of the ME Business Online Savings Account compare to what the other banks are offering:
No monthly fees
There are no monthly account keeping fees for this business savings account.
How do I earn interest?
Earn a variable, competitive rate of interest on every dollar in the account with no minimums or maximums. Interest is calculated on every dollar of your daily balance, and is paid into the account once a month, allowing you to earn compound interest.
Balance requirements
You do not need to maintain any minimum account balances
Term length
There is no fixed term length with this savings account, and you are free to withdraw as needed.
Transactions
All withdrawals need to be made online through your linked business account, and there are more varied deposit options available.
Transaction limits
There is no limit to the number of free transactions you can make in any one month period.
Who can use it?
This is an account that can be used by business owners, trustees and owners of self managed super fund (SMSF) as a flexible way to earn money on capital without committing to a fixed term. Compare other ME products.
Pros
- $0 minimum balance required
- $0 minimum deposits required
- No fixed terms on accounts
Cons
- Available to businesses only
- Must have two authorised account holders
- No deposits from foreign accounts
How do I apply for the ME Business Online Savings Account?
In order to apply for the ME Business Online Savings Account you will either call their phone number, send them an email, or download the application and mail it in.
Eligibility to open the account online
There are some eligibility requirements, including:
- Minimum age. You must be at least 18 years of age to open this account.
- 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 are no initial depository requirements or minimum monthly balance to maintain with this business savings account.
Documentation for your online application
Having the following information on hand will also make filling out the application quicker and easier:
- Tax file number. You do not have to provide your tax file number, but without it ME is required by law to withhold tax on your earned interest at the highest marginal rate.
- 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.
What happens after I submit the application?
After submitting your application, an ME 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 can start making deposits.
