ME HomeME Savings Account

- Maximum variable rate
- 5.55% p.a.
- Base interest rate
- 0.55%p.a.
- Minimum deposit
- $2,000
Our verdict
You can earn a really impressive ongoing bonus rate of 5.55% p.a., however you need to deposit $2,000 per month.
This account offers one of the highest ongoing bonus rates in the market at 5.55% p.a. This is a fantastic rate, however, keep in mind you do need to deposit $2000 per month into the linked transaction account to get the bonus rate, which is higher than most other bonus savings accounts. This could be easy to meet if you get your regular salary or wages deposited into the account - but if you don't earn a regular income this could be tricky to meet.
Another good thing about this account is that there are no monthly spend requirements and you can make withdrawals from your savings throughout the month if you need to. However, you do need to make sure your savings balance grows by the end of the month to be eligible for bonus interest, which means you need to replace any money you withdrew (plus a little extra!).
Pros
-
Ongoing bonus rate is one of the best in market
-
Tiered bonus rates means you still earn interest on larger balances
-
Savings tools offered in the app
Cons
-
High monthly deposit of $2000 required for bonus interest
-
Low variable base rate if bonus interest criteria isn’t met
Details
Key details
Product Name | ME HomeME Savings Account |
Maximum Variable Rate | 5.55% p.a. |
Standard Variable Rate | 0.55% p.a. |
Monthly Account Fee | $0 |
Minimum Age | 14 |
How to apply
This account can only be opened via the ME Go app, so you’ll need to download the app as a first step. The application process will require you to verify your identity using 2 forms of ID such as your driver’s license, passport or Medicare Card.
Eligibility
- You must be over 14 years old
- You must be an Australian resident with an Australian residential address
- You must be using the account for personal use (no business or SMSF customers)
Your reviews

Alison Finder
Editor
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Alison Banney Finder
September 08, 2023
Hi, as a new customer you’ll start earning bonus interest the first month you open the account.

Andrew
August 28, 2023
Do I earn the bonus interest straight away as soon as I open the account? Thanks

Alison Banney Finder
August 31, 2023
Hi, new customers will start earning bonus interest straight away the first month. To keep earning bonus interest you need to continue to meet the criteria.

Kristal
August 19, 2023
Hello,
If an amount goes in and the $2000 is deposited each month without any withdrawals being made for an entire year will the 5.65% be an accumulative amount? As in, if $10000 was deposited originally and $2000 put in each month would the 5.65% go from 5.65% of $10000 to 5.65% on $12000 up until the amount gets to $34000? Or would the interest be paid at the end of the year based on the total amount in on the date that the funds rollover?
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Alison Banney Finder
August 23, 2023
Hi, the interest is calculated daily on the account closing balance and paid monthly.

inder
August 18, 2023
Please explain how this monthly deposit of $2000.00 works. I intend to deposit max $10,000.00.

Alison Banney Finder
August 23, 2023
Hi, in order to qualify for bonus interest on your HomeME savings account you need to deposit $2000 per month into the linked ME SpendME Transaction Account. If you do not deposit $2000 one month, you will not be eligible for bonus interest that month.

Adrian
August 10, 2023
How many accounts can i open

Alison Banney Finder
August 14, 2023
You can only open 1 account in your name (individual or joint account).
Chris
September 02, 2023
Hi, if I was to open an account in September, do I receive the interest on the 1st of October or do I not receive interest until 1st of November?