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Summary

This term deposit is available to businesses and SMSFs and offers a fixed interest rate on terms between 1 month to 60 months.

Invest your money for a term length that suits you, between 1 month to 60 months at a time, and enjoy a fixed interest rate on your funds while paying no account fees. The ME Business Term deposit is suited to business and SMSF customers looking for a safe and secure way to invest their funds, offering up to 1.35% p.a. on 7 month terms.

Pros

A true zero fee account, with no fees at all
Flexible term options, from as little as 1 month
Choose ahead of time whether to reinvest for another term or close the account
Peace of mind with fixed interest rates

Cons

ME Bank has no branches. You’ll need to transact online
Interest reduced for early account closure

Details

Key details

Product Name	ME Business Term Deposit
3 month interest rate	2.05%
4 month interest rate	4.35%
6 month interest rate	4.50%
7 month interest rate	1.35%
9 month interest rate	4.50%
12 month interest rate	4.60%
24 month interest rate	3.10%
36 month interest rate	3.10%
48 month interest rate	3.10%
60 month interest rate	3.10%
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

Guaranteed returns

You cannot lose money by depositing it into a ME Business Term Deposit. There are no fees, and you will always earn some interest, even if you need to withdraw the money early before your term reaches maturity. Account holders will receive 30 days notice by ME if this is set to change.

Zero fees

There are no fees at all for ME Business Term Deposits, letting you keep your business funds secure, while simultaneously earning interest.

Fixed rates

Enjoy fixed interest rates for the duration of your term deposit, giving you peace of mind and allowing you to calculate the exact return you'll make on your investment. Each term length offers a different fixed interest rate as shown in the table above.

Flexible terms

Select terms ranging from 1 month to 60 months, to suit your business' needs.

Early withdrawal functionality

You can make early withdrawals with this account by giving ME 31 days notice. Instead of charging fees for early withdrawals, ME will reduce the interest paid depending on how much of the term has elapsed. For example if less than 20% of the term length has passed, there will be a 90% reduction in interest. However, if over 80% of the term length has passed, you'll only have your interest reduced by 20%.

Automatic reinvestment upon maturity

If ME has not received instructions two days or more before the account reaches maturity, your money will automatically be reinvested with the same terms, at current term deposit rates.

Choose how your interest is paid

Interest is calculated daily, and you can choose to have it paid monthly, annually or at maturity.

Linked account

You will need to have a linked account, from any institution, to open a ME Business Term Deposit. Only one account can be linked at a time. Interest is paid to this linked account, and any overdraws will be taken from this linked account. Compare other ME products.

Simple transaction options

You can keep an eye on your account via Internet banking or using the ME mobile banking app.

Minimum deposit of just $5,000

The minimum deposit requirement to open a ME Term Deposit is just $5,000. For balances above $2 million customers should contact ME directly.

Joint accounts available

You can open a joint term deposit with up to one other account holder.

Launch term deposit calculator

How to apply

If the ME Business Term Deposit is right for your needs, here's what you'll need for your application.

Eligibility

It is for business, and not personal or domestic uses, only.
You are at least 18 years old

You are making an immediate deposit of at least $5,000

Documentation needed

You may need to provide:

Your business name and/or ABN
Personal identification
Details of your linked account

What happens after I submit my application?

After your term deposit account is opened, you can make your initial deposit using direct debit or BPAY. You can then start to invest your funds for the term you would like.

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Andrew Finder

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dean

September 01, 2023

is interest rate better for monthly paid interest or maturity paid.

Alison Banney Finder

September 08, 2023

Hi, currently the interest rates offered by ME are slightly higher when you opt to receive interest at maturity.

Tony

August 02, 2023

Hi

If the govt guarantee is up to $250k per person/account, then if I opened two separate accounts for my SMSF (that has two trustees/members) for $250k per account, would the full $500k be guaranteed?

Raj Lal Finder

August 21, 2023

Hi Tony,

Yes you would be covered based on APRA’s wording for SMSF “SMSFs are recognised as an account holder under the FCS, any additional accounts held by the trustees of the SMSF would be covered separately”

You can view the full explanation on the APRA website here.

Thanks

Raj

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Tony

August 07, 2022

What is the best rate I can get for a $400,000 business term deposit for 12 months

Alison Banney Finder

August 08, 2022

Hi Tony,

The interest rates vary depending on when it will be paid out. Here’s a rundown of the rates:

– Interest paid at maturity – 3.00% p.a.

– Interest paid monthly – 2.95% p.a.

– Interest paid annually – 3.00% p.a.

Best,

Alison

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Carol

October 04, 2019

Are they any special 6 months term for $1,600 or special rates for deposits over $1,000?

Ash

October 04, 2019

Hi Carol,

Thanks for contacting Finder.

No, there is no special rate for 6 months term at it is at 2.05%. Kindly take note that the minimum investment amount for the ME Business Term Deposit account is $5,000 so there will be no other rates for deposits between $1,000 to $1,600. All their interest rates applies for investments amounting from $5,000 up to $2,000,000. For deposit amount more than $2,000,000, you need to contact ME Bank for their rates.

I hope this helps!

Cheers,

Ash

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Geoffrey

April 22, 2018

I wish to invest in a term deposit for my SMSF. Do I need to lodge a copy of the Trust Deed when applying for a term deposit? Money would be transferred from my SMSF Business Account at an Australian bank.

Jeni Velasco Finder

April 22, 2018

Hi Geoffrey,

Thank you for getting in touch with Finder.

The documents you need to supply when opening an SMSF term deposit account will vary depending on whether your SMSF has an individual or corporate trustee structure. For SMSFs with individual trustees you will need to provide a certified copy of the relevant sections of the SMSF trust deed that clearly state:

The name of your super fund

The individuals listed in the application as the fund members and trustees

If the trustee of your SMSF is a company, your bank will need certified copies of the sections of the SMSF trust deed that identify the corporate entity as the trustee and the individuals listed as members.

I hope this helps.

Have a great day!

Cheers,

Jeni

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Andrew Munro was the global cryptocurrency editor at Finder. During his time he covered all aspects of cryptocurrency and the blockchain. Before he became cryptocurrency editor, he was a content writer for Finder covering various topics over his nearly 5 years in the role. Prior to joining Finder he was a web copywriter. Andrew has a Bachelor of Arts from the University of New South Wales. See full profile

ME Business Term Deposit

Pros

Cons

Key features

Guaranteed returns

Zero fees

Fixed rates

Flexible terms

Early withdrawal functionality

Automatic reinvestment upon maturity

Choose how your interest is paid

Linked account

Simple transaction options

Minimum deposit of just $5,000

Joint accounts available

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Sources

Your reviews

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