Product details
Earn 2.00% p.a. with a one month term deposit, or up to 3.00% p.a. over longer periods. Business term deposits, with their competitive rates and predictable returns can be an effective investment, and ME business term deposits in particular come with no fees at all, even for early withdrawals.
If you’re ready to close the account, remember to give notice ahead of time in order to earn full interest.
- Product Name
- ME Business Term Deposit
- 1 month interest rate
- 2.00%
- 3 month interest rate
- 2.50%
- 4 month interest rate
- 2.55%
- 6 month interest rate
- 2.75%
- 9 month interest rate
- 2.85%
- 12 month interest rate
- 2.80%
- 24 month interest rate
- 2.80%
- Min Deposit
- $1,000
- Minimum Age Requirement
- 18
What are the features of the ME Business Term Deposit?
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 no matter how early you close it. Account holders will receive 30 days notice 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 rates for the duration of your term deposit, letting you know exactly what your returns will be.
Early withdrawal functionality
You can make early withdrawals with this account, ensuring your business retains access to funds. Instead of charging fees, ME will simply reduce the interest paid depending on how much of the term has elapsed. On early withdrawals, interest earned is reduced by 90%, 80%, 60%, 40% or 20%, if less than 20%, 40%, 60%, 80% or 100% of your term, respectively, has passed.
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.
Retain full access to term deposit funds
Partial withdrawals are not available. Accounts opened after 29 May 2015 can be withdrawn and closed without any prior notice, with no penalty other than the decreased interest earned for that term.
Flexible terms
Select terms ranging from 1 month to 5 years, to suit your business’ needs.
Choose how your interest is paid
Interest is calculated daily, and you can choose to have it paid monthly, quarterly, six-monthly or annually.
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
With this account, you may transact online or over the phone.
$1,000 minimum deposit
You cannot start a ME Business Term Deposit with less than $1,000. If you’d like to invest more than $1 million you should contact ME directly.
Joint accounts available
You can open a joint term deposit with up to one other account holder.
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
- You never lose money
Cons
- ME Bank has no branches. You’ll need to transact online or over the phone
- 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 $1,000
Documentation required
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.
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.
Hi Geoffrey,
Thank you for getting in touch with finder.
The documents you need to supply when opening an SMSF term deposit 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.
You may also want to check out this link for more info on SMSF term deposit.
I hope this helps.
Have a great day!
Cheers,
Jeni
Is ME Bank an ADI and is the ME Business Term Deposit covered by the government guarantee up to $250,000?
Hi John,
Thank you for visiting finder.
Yes, ME (Member’s Equity) Bank is an Authorised Deposit-taking Institutions (ADIs) and the ME Business Term Deposit is covered by Government Guaranteed Scheme wherein $250,000 is insured for every account-holder.
Please check our page here to learn more how your savings being protected by this scheme.
I hope this helps.
Let us know if there is anything else that we may assist you with.
Cheers,
Ash
Regarding ME Bank do they do term deposits for Self managed super funds?
Hi Carolee,
Thanks for your inquiry.
Yes, ME Bank Business Term deposit can boost your self-managed super fund (SMSF).
You can check this by visiting ME Bank official site or contact ME Bank directly.
Best regards,
Rench