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)
Compare other savings accounts
Your reviews
Alison Finder
Editor
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Sarah Megginson Finder
June 06, 2024
Hi Emily, The bonus rate applies to the first $100,000, then a different lower rate applies for any amount added to the account post-$100k.
tink
February 19, 2024
I am reading that you just need to deposit 2000 but the balance only needs to GROW no specified amount so if I put 2k in and with draw $1999 do I still qualify for the bonus interest
Sarah Megginson Finder
March 25, 2024
Hi Tink, Yes that’s right, as long as the account balance grows you’ll be eligible for the bonus interest.
Elizabeth
January 19, 2024
Hi, Can you open this account even though you held a ME account previously?
Richard Whitten Finder
January 22, 2024
Hi Elizabeth – I suggest checking with ME Bank directly about this.
varooj
January 14, 2024
Hi there
if I long term deposit $500000 how much I will receive very month?
Thanks
Richard Whitten Finder
January 23, 2024
Hi Varooj,
You can estimate this using a term deposit calculator. It depends on the interest rate and the length of the term.
Lavenia Sigawalu
January 13, 2024
Hi, is there a min amount requirement per month for the transfer into savings?
Jason Loewenthal Finder
January 15, 2024
Hi Lavenia,
The minimum monthly deposit is $2,000 to receive the bonus interest.
I hope that helps.
Ebn
April 24, 2024
If you end up depositing 100k over time, but stop depositing thereafter, do you no longer qualify for the 5.5% amount? Despite the interest amount being reduced from any deposits after 100k?