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.
Account keeping fee
ATM withdrawal fee
Overseas ATM withdrawal fee
Overseas transaction fee
of transaction value
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
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.
$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.
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 1.80% 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.
How to applyIf you think that this is the right everyday account for you, you can apply online.
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.
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.