ME Business Term Deposit
- Interest rate 12 months interest rate
- Up to 4.9% p.a.
- Minimum opening deposit
- Account keeping fee
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 4.85% p.a. on 7 month terms.
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
|Product Name||ME Business Term Deposit|
|3 month interest rate||2.25%|
|4 month interest rate||4.55%|
|6 month interest rate||2.90%|
|7 month interest rate||4.85%|
|9 month interest rate||4.80%|
|12 month interest rate||4.90%|
|24 month interest rate||4.10%|
|36 month interest rate||3.30%|
|48 month interest rate||3.30%|
|60 month interest rate||3.30%|
|Minimum Opening Deposit||$5,000|
|Minimum age requirement||18|
|Minimum Age Requirement||18|
|Joint account availability||Yes|
|Available to children||Not available for children|
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 $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.
How to applyIf the ME Business Term Deposit is right for your needs, here's what you'll need for your application.
- 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 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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- Your answer might already be waiting – check previous questions below to see if yours has already been asked
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.
August 02, 2023
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
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.
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August 07, 2022
What is the best rate I can get for a $400,000 business term deposit for 12 months
October 04, 2019
Are they any special 6 months term for $1,600 or special rates for deposits over $1,000?
October 04, 2019
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!
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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
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!
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