ME Business Online Savings Account

Last updated: Jan 5, 2021

Let your excess business capital grow in an easy-to-use online business savings account from ME.

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.

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Product Name	ME Business Online Savings Account
Maximum Variable Rate	0.7% p.a.
Standard Variable Rate	0.70%
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

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

Key features

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.

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How to apply

In order to apply for the ME Business Online Savings Account you will either send them an email or download the application and mail it in.

Eligibility

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 needed

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 my 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.

Expert review

Review by

Shirley Liu

shirley@finder.com.au

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

Business owners, trustees and self managed super fund owners can all benefit from the features of this account.

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ME Business Online Savings Account