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 1.60% p.a. on 7 month terms.
The ME Business Term deposit is suited to business and SMSF customers looking for a safe and secure way to invest their funds.
What are the features of the ME Business Term Deposit?
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.
There are no fees at all for ME Business Term Deposits, letting you keep your business funds secure, while simultaneously earning interest.
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.
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.
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 5000
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.
- 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
- ME Bank has no branches. You’ll need to transact online
- Interest reduced for early account closure
How to open a ME Business Term Deposit
If the ME Business Term Deposit is right for your needs, here's what you'll need for your application.
Eligibility to apply
- 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
You may need to provide:
- Your business name and/or ABN
- Personal identification
- Details of your linked account
What happens after I apply?
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.