ME Term Deposit

ME Term Deposit

Min. Opening Deposit


Account Keeping Fee

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Have spare funds lying around? Make your money work harder for you and let it earn interest with a ME term deposit.

  • Receive 2.80% p.a. on a 12 month investment
  • Peace of mind with a fixed interest rate
  • $0 setup and account keeping fees
  • Start with a small investment amount of $1,000

Product details

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.

Product Name
ME Term Deposit
1 month interest rate
3 month interest rate
4 month interest rate
6 month interest rate
9 month interest rate
12 month interest rate
24 month interest rate
36 month interest rate
48 month interest rate
60 month interest rate
Min Deposit
Minimum Age Requirement
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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.

Flexible terms

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.

Reinvestment options

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.

Launch term deposit calculator


  • $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.

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20 Responses

  1. Default Gravatar
    RayNovember 20, 2018

    Are term deposits with ME Bank covered by the Australia Government Guarantee?

    • finder Customer Care
      NikkiNovember 20, 2018Staff

      Hi Ray,

      Thanks for reaching out! Your savings with ME are protected by a deposit guarantee from the Australian Government, as well as ME’s strong financial position, corporate governance frameworks, and the support of some of Australia’s largest industry superannuation funds. You can find more information on this directly from ME bank’s website. Hope this was helpful. Don’t hesitate to message us back if you have more questions.


  2. Default Gravatar
    LesleyMay 3, 2018

    Just wondering if I was to Invest $190,000 for 12 months with interest paid 3 monthly what would the interest rate be?

    • finder Customer Care
      JeniMay 4, 2018Staff

      Hi Lesley,

      Thank you for getting in touch with finder.

      As a friendly reminder, while we do not represent any company we feature on our pages, we can offer you general advice.

      Regarding your enquiry, please note that with ME interest is calculated daily. Your estimate return is $5,225
      with a 2.75% p.a. interest rate. You may see the how your savings can grow with competitive rates and zero bank fees by calculating in their official website.

      I hope this helps.

      Have a great day!


  3. Default Gravatar
    aMay 30, 2017

    Regarding term deposits, do you offer compound interest rates?

    • Default Gravatar
      JonathanMay 30, 2017

      Hi A!

      Thanks for the comment.

      Term deposit interest rates are computed on average daily with you having an option to get the interest withdrawn monthly, quarterly, bi-annually, annually and at maturity. 10 days before the chosen maturity, ME will ask your instruction about the principal and the interest gain. If you decide to roll them over, they will initiate the new balance (original principal plus interest) for the same period of time and at the posted interest rate applicable on that date.

      If you need more information how compounding interest works, you can check this page.

      Hope this helps.


  4. Default Gravatar
    BruceMay 2, 2017

    are you still offering 2.5 pct on a 4 month term for term deposit acc $200000?

    • Default Gravatar
      LiezlMay 2, 2017

      Hi Bruce,

      Thanks for your question.

      Just to confirm though, you have come through to, not actually ME Bank.

      Yes, ME Bank still offers 2.50% p.a. on a 4-month term deposit. Kindly note that interests for this deposit will be paid at maturity. Lesser rates apply when you choose to receive interests monthly or quarterly.

      I hope this has helped.

      Best regards,

  5. Default Gravatar
    jackApril 24, 2017

    Is there a charge for setting up an account, like a start up cost?

    • finder Customer Care
      HaroldApril 24, 2017Staff

      Hi Jack,

      Thank you for your inquiry.

      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.

      I hope this information has helped.


  6. Default Gravatar
    AngusApril 6, 2017

    Can this rate apply to a charity? we have $840,000 to invest?

    • finder Customer Care
      HaroldApril 7, 2017Staff

      Hi Angus,

      Thank you for your inquiry.

      Should you need to have an account for non-profit organization you may want to consider this options.

      I hope this information has helped.


  7. Default Gravatar
    davidFebruary 8, 2017

    I am wanting to invest $20,000 as a partner with my wife in a 6 months term deposit but have been asked to provide my mobile number to be able to receive sms and texts by the banks.. I have no mobile to offer so they say they will not open the account and it must be mine and not the one my wife uses??/ Does ME require me to have a mobile phone in order to open an account and deposit $20,000 and run a term deposit online??

    I have evrything else but no mobile, I would need to know before trying to muck with ME as I did with ING Direct

    • finder Customer Care
      MayFebruary 17, 2017Staff

      Hi David,

      Thank you for your question and for contacting – we are a financial comparison website and general information service designed to help consumers make better decisions. Please note that we are not affiliated with ME Bank or any company we feature on our site.

      Usually, most banks would need your mobile information so they can get in touch with you when they need to with regards to your account. You may like to contact ME Bank directly to confirm if they would allow you to open a term deposit account even without providing them with your mobile number.


  8. Default Gravatar
    michaelJanuary 20, 2017

    how do i set up a term deposit with you

    • finder Customer Care
      LouJanuary 20, 2017Staff

      Hi Michael,

      Thanks for your question.

      We don’t have a direct link for ME Bank Term Deposit account so you’ll have to head over directly to ME website.

      In case you’d want to compare other term deposit accounts, please refer to this page.


  9. Default Gravatar
    DebbieNovember 24, 2016

    In order to have a tap and go card obviously you need a transaction account. Can I bank my funds into my current bank account and transfer online to the ME transaction account and savings account.

    • finder Customer Care
      HaroldNovember 24, 2016Staff

      Hello Debbie,

      Thank you for your inquiry,

      For your options.

      1. If you are not currently a customer of ME, you would need to contact your current bank to transfer your funds to another bank/account.
      2. You can open a new ME account and transfer your funds online.

      I hope this information has helped.


  10. Default Gravatar
    June 17, 2016

    I see related savings accounts on your site. My funds are held in a community mutual account. Would I need to change to one of the accounts on your site in order to set up a term deposit?

    • finder Customer Care
      ClarizzaJune 17, 2016Staff

      Hi Nellie,

      Thanks for your question.

      You can open one of the accounts on our site while still keeping your current account. However you may need to transfer funds from that account to the new one but you are not required to close it. It’s always best to check the terms and conditions of your other account to find any minimum requirements to keep that account open.

      Hope this helps.


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