The term deposit from ME doesn't charge any setup or account keeping fees. You can rest with peace of mind knowing that you get a fixed interest rate on your hard-earned money. You can invest your funds from 1 month to 5 years. You choose to have interest paid monthly, quarterly, six monthly, annually or at maturity.
You can start investing today with a small amount of $1,000. For investment amounts more than $1,000,000, please get in touch with ME Bank directly for special rates.
What are the features of the ME term deposit?
When making your account comparisons, keep these in mind about ME and it's term deposit.
$0 Monthly account keeping fees
ME will not charge you any monthly fees.
Small minimum investment of $1,000
You can open a term deposit with ME with an initial deposit of $1,000.
You can choose terms ranging from 1 month to 5 years.
How is my interest paid?
Interest is calculated daily with you choosing how often it is paid to you. Depending on the length of your term you can have interest paid monthly, quarterly, bi-annually, annually and at maturity.
For terms that are longer than one year, a one-time interest payment at maturity is not an option. Choosing to have your interest payments paid with more frequency will result in a slight reduction of the rate.
Interest payments are made into the account which you have linked with your term deposit with the exception of those made at maturity. These you can choose to have added to your balance.
You'll need to pick a nominated account
You must be able to provide details of another account, either with ME or another Australian financial institution, in order to be able to transfer money into your term deposit and for interest payments to be made. This account must be in the same name, or names if a joint account, as the one listed on the term deposit. You can compare other ME everyday and savings accounts here.
Penalties apply to early withdrawals
If you find that you need to withdraw your deposit before the account matures, the interest will be reduced by a percentage based on the amount of time that has elapsed since you opened the account.
Available for personal use only
This is an account intended for personal use only. If you wish to open a term deposit for your business, ME offers a separate product.
Available as joint accounts
This account is available for up to two account holders.
Approximately 10 days before the account is scheduled to mature, ME will contact you enquiring for your maturity instructions. You can choose to have all or a partial amount of the funds transferred to your nominated account or reinvest in a new term deposit.
If you do not provide instructions within two days of maturity, ME will automatically roll over the money into a new term deposit for the same period of time and at the posted interest rate applicable on that date.
- $0 Account keeping fees
- Flexible terms from 1 month to 5 years
- Flexible interest payments: monthly, quarterly, six monthly, yearly or at maturity
- Small minimum investment of $1,000
- ME Bank doesn't have any branches
How do I apply for a ME Term Deposit?
If you're considering opening up a ME Term Deposit, here's what you need for your application.
Eligibility to apply online
There are some eligibility requirements you should check first before continuing:
- Minimum age. You must be at least 12 years of age to open the account.
- Residency requirements. A term deposit is available for Australian permanent residents or an Australian resident for tax purposes with a valid Australian residential address.
- Depository requirement. You must be able to deposit at least $1,000 into the account within three business days after it has been opened.
Documentation to apply online
You should also have access to the following documentation in order to ensure that the application is completed in full:
- Tax file number. Providing your tax file number (TFN) or exemption code is not obligatory, but it does ensure that the correct withholding tax is being applied to your interest earnings.
- Identification. Every attempt to verify your identity online will be made using your driver’s licence or passport information. If this is not possible, you could be asked to visit a branch to complete your identification verification.
- Nominated account. The name and account number of the account you will be using to make transfers from.
Can anyone get a term deposit for 6 months? It is for my Mum and she does not have any accounts with you. If so can she apply online?
You’ve come through to finder.com.au which is an online comparison website, so we don’t offer loans ourselves. Unfortunately, this account cannot be used for self-managed super funds.
However, if you’d still like to apply, ME offers interest for a 6 month term. To be eligible for this account you need to opening the account for personal use and you must be an Australian citizen or a permanent Australian resident for tax purposes.
You can complete the application process online.
Lets say i was to invest 500k into a 6 month term deposit. How can you guarantee that my money is safe in your hands. Since i would be leaving one of the big four banks
Firstly, I’d like to point out that finder.com.au is an online comparison service so we don’t represent ME.
Please note that ME is covered by the Government Guarantee for up to $250 000 per person, per institution. Should you have any further enquiries regarding the ME Term Deposit account or the security of your funds, I suggest that you contact ME directly.
Can you add more money to your term deposit?
Unfortunately you can’t top up your term deposit during the term, however, you can top it up after maturity before you reinvest the funds again
Can the term deposit be held in joint names as trustees for a super fund
The ME term deposit can only be opened in a personal name.
If you’d like, you can compare SMSF saving accounts on this page.
Can the term deposit be used for my self managed super fund? (it said that it can only be used for personal – does this qualify?
Unfortunately this account cannot be used for self managed super funds. ME does offer term deposit accounts for businesses and SMSFs but this is a separate account, which you can find out more about by calling ME directly.