ME Everyday Transaction Account

Pay no account keeping fees and use any ATM in Australia for free.

The ME Everyday Transaction Account is a flexible bank account with no account keeping fees and no ATM fees Australia-wide. The account is linked to a debit Mastercard with tap and go functionality which gives your access to your funds all around the world.

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Alison Banney

Last Updated Dec 31, 2020

Account keeping fee

ATM withdrawal fee

Overseas ATM withdrawal fee

2.3%

Overseas transaction fee

of transaction value

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Details

Product Name	ME Everyday Transaction Account
Monthly account fee	$0
Card access	Mastercard
ATM Withdrawal Fee	$0
International ATM Fee	$4
International transaction fee	2.3%
Monthly deposit required to waive account fee	N/A
Contactless Payments	Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay

Minimum Age	16
Joint account availability	Yes
Minimum opening deposit	N/A

Pros

$0 account keeping fees
$0 minimum deposit
Use every ATM in Australia for free
Linked debit Mastercard
Link to a ME Online Savings Account for a competitive bonus interest rate

Cons

There is a $4 international ATM withdrawal fee
There is a 2.3% international transaction fee
Lack of branches across Australia

Review by

Alison Banney

alison.banney@finder.com

Alison Banney is the banking and superannuation editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

ME was one of the first banks to scrap all ATM withdrawal fees Australia-wide. If you use an ATM in Australia and get charged a withdrawal fee, ME will refund the fee back into your account within 30 days. There’s also no monthly account keeping fee, either, and no monthly deposit conditions to meet.

There is, however, a $4 withdrawal fee for overseas ATMs, and an 2.3% international transaction fee when making purchases with your debit card overseas. if you’re mainly looking for a card to take when travelling, there are a few cards available that waive these fees.

Something really unique that the ME Everyday Transaction account offers is the choice between five different colours for your debit card. This could be super handy if you have different accounts for different things (e.g.: one for your own spending and one as a joint account). Also, if you opt for the pink debit card, ME will donate 1 cent from each purchase you make to the National Breast Cancer Foundation.

Keep in mind that ME is a digital bank with no bank branches, so might not be suited to you if you like to do a lot of your banking in branch. If you do need to deposit cash, you can do this at an Australian Post shop using the Bank@Post service.

Key features

$0 Monthly account keeping fee

There are no charges to your account monthly, so each dollar you deposit is yours to use however you'd like to.

$0 ATM fees and charges in Australia

With your debit Mastercard you have free access to your money at any ATM in Australia. You'll be given a refund for any fees you pay at an Australian ATM within 30 days.

Free linked 'buck' debit Mastercard

Each account opened comes with a linked debit Mastercard that can be used to make purchases in stores and online, and to withdraw cash from ATMs. If you misplace your card, an emergency replacement card is free of charge.

Charitable donations with a pink debit card

If you choose the pink debit card, ME will make a one cent donation to the National Breast Cancer Foundation every time you make a purchase with it.

Other free transactions

You can also use EFTPOS, BPAY, PayAnyone, Bank@Post and tap & go all for free.

Contactless payments: tap & go

Tap & go via PayPass is a debit Mastercard feature that allows you to make in store purchases of under $100 simply by waving your debit card over the payment terminal, no need to enter your PIN. You'll need to make one of these per week if you'd like to earn the bonus interest rate on the Online Savings account.

$0 Minimum deposit

There is no minimum deposit needed to open your Everyday Transaction Account, and there's no ongoing balance requirement to meet.

Using your card overseas

If you use your debit Mastercard overseas to make a withdrawal at an ATM your account will be charged $4 per transaction plus an international transaction fee listed below. You might also incur additional fees by the issuing financial institution. Overseas emergency replacement cards are free.

International transaction fees apply

If you make an international purchase or withdrawal you will be charged an international transaction fee of 2.3% of the AUD value. This usually occurs from using the debit card overseas, or using the card to shop online from a non-Australian website.

Cheques

If you prefer to take care of some of your banking needs with a cheque, you will be charged $10 for each book of 50 pages. You can also purchase a bank cheque for $6.

No additional cheque fees

There are no additional fees to repurchase, replace or stop a bank cheque.

Link to a ME Online Savings Account and receive up to 1.1% p.a.

Want to take advantage of one of the highest interest rates in the market? Link to an ME Online Savings Account and make a weekly tap & go purchase.

Compare the rest of the ME product range

How to apply

If you think that this is the right everyday account for you, you can apply online.

Eligibility

Check your eligibility here first before continuing on to the secure application page:

How old are you? Applicants must be at least 16 years of age to be considered for this account.
Where do you live? You must be an Australian permanent resident, citizen or resident with a valid residential address.

What will you use the account for? This is an account meant for personal use only. If you represent a business, trust fund or company you should look into business products offered by ME.

Documentation needed

If you meet these requirements you can proceed to the online application. Have the following documentation ready in order to ensure that you have all the necessary information:

Identifying documents. In order to open an account in Australia, the bank must first verify your identity. This can be done electronically in most cases with two of the following forms of id; driver's licence, passport, birth certificate or Medicare card.
Account information. If you are already a customer of ME you will need to provide them with the account number or your customer number.
Personal information. Applicants will need to disclose their full name, date of birth and residential address before the application can be processed.

What happens after I submit my application?

Once your information has been submitted and verified, you can begin using your new everyday account. A debit Mastercard will arrive by mail at your house within ten business, which you can activate through ME's online banking.

FAQ

Please note that the ME Everyday Transaction Account doesn't provide bonus interest. If you're interested in a high interest savings account from ME Bank, you may be interested in the ME Online Savings account instead. Bonus interest is only paid on the first $250,000 including joint accounts. Deposits are covered by the Government Guarantee up to $250,000 per person. ME is a standalone institution.

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12 Comments

Bea
September 2, 2021

Is there a fee for the ATM if there is declined transaction?

Can you get a balance enquiry on an independent ATM and is there a fee for getting a balance enquiry on an ATM?

Reply
- finder Customer Care
  
  Alison
  September 10, 2021
  
  Hi,
  
  ME Bank does not charge a fee on an ATM balance enquiry or a declined transaction.
  
  Thanks,
  Alison
  
  Reply
Margie
July 4, 2017

What is maximum amount I can withdraw from this account?

Reply
- Jonathan
  July 5, 2017
  
  Hi Margie!
  
  It is $2,000 per EFT withdrawal.
  
  You can contact them directly if you wish to know more information.
  
  Hope this helps.
  
  Cheers,
  Jonathan
  
  Reply
AJS
May 14, 2017

Is there a fee on the Every Day Transaction Account for BSB transfers?

Reply
- finder Customer Care
  
  May
  May 14, 2017
  
  Hi AJS,
  
  Thank you for your inquiry.
  
  Are you pertaining to the fee when making a telegraphic transfer (domestic only) using your ME EveryDay Transaction Account? If so, the bank charges $30 for that type of transaction and that will be charged to your account immediately. If you’d like to know more about the fees that would possibly apply to your everyday account, please refer to the Factsheets found on ME Bank’s official page.
  
  Cheers,
  May
  
  Reply
peter
March 9, 2017

Hi there,
What would be some of the best online only banking services that allow regular deposits here in Australia to earn interest, but provide a debit card – which is intended for use overseas- which has low ATM/eftpos/currency conversion costs?
thanks

Reply
- finder Customer Care
  
  Dee
  March 9, 2017
  
  Hi Peter,
  
  Thanks for your question.
  
  You can check interest-bearing transaction accounts featured on our website to compare your options with linked debit cards that you can use overseas.
  
  Cheers,
  Anndy
  
  Reply
Cara
July 31, 2016

Hi if I chose a pink MasterCard debit do I still get the 3.35% interest

Reply
- finder Customer Care
  
  May
  August 1, 2016
  
  Hi Cara,
  
  Thanks for your inquiry.
  
  You can get the 3.35% p.a. if you will link this ME EveryDay Transaction Account to an ME Online Savings account and make a weekly tap & go purchase.
  
  Cheers,
  May
  
  Reply

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