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ME Bank + Australian Super: 4.6% (at The Moment) Interest on Savings for 5 Months

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ME Bank + Australian Super: 4.6% (at The Moment) Interest on Savings for 5 Months
Go to Deal
Lrobertm on 11/03/2014 - 18:37 australiansuper.com (343 clicks)
Last edited 11/03/2014 - 19:02

Only one week to go on this great offer.

Highest interest rate according to Infochoice at this point in time.

http://www.infochoice.com.au/banking/savings-account/online-…

There are two ways to take advantage of this offer depending on whether you are an Australian Super member or not. 1) if not a member, click on the image to the right and check the box during account setup indicating you are interested in the ME Bank offer. 2) if you are already an Australian Super member, just contact ME Bank and they will create a new Online Savings account with the bonus interest.

Also, if you are not an Australian Super member it is probably best to call ME Bank the next business day after the initial request to Australian Super just to confirm the ME Bank account creation is in progress. I found that it takes one day for the bonus interest to show up for the new Online Savings account.

From the ME Bank web site:

Open an ME Bank Online Savings Account and link it to an ME Bank EveryDay Transaction Account before 17 March 2014 and you’ll receive a competitive, variable base rate on your savings.

PLUS, get a bonus 1.70% p.a. interest rate on your savings up to $250,000 for 5 months, so long as your accounts remain linked.*

There are no bank fees on the ME Bank Online Savings Account and you get all the great features of ME Bank’s EveryDay Transaction Account, including:

- No monthly account-keeping fees.
- Tick Tap & Go™ with MasterCard PayPass for purchases under $100.
- Tick Free access to more than 3,000 ATMs Australia-wide including ME Bank, Westpac, St.George, BankSA and Bank of Melbourne ATMs.

Note that you can have multiple Online Savings accounts which allow you to get around the 250K limit if required.

More info can be found here: http://www.mebank.com.au/savings-plus-piggy/homepage?src=DM_…

Referral Links

Referral: random (30)

$150 Coles Group & Myer Gift Card for both referree and referrer when loans are settled.

Financial Bank Account Savings Account

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closed Comments

  • Toaster on 11/03/2014 - 18:46
    +11

    The UBank Usaver Ultra looks to be slightly higher still (4.62%)

    • syba on 11/03/2014 - 19:00
      +1

      But for that you need to deposit at least $2,000 each month to get the bonus, otherwise reverts to 3.56%. ME Bank doesn't have any conditions like this.

      • [Deactivated] on 11/03/2014 - 19:48
        +1

        Maybe but the ubank rate is ongoing, not limited to 5 months.

        • snappy1234 on 11/03/2014 - 21:02
          +1

          @wxy234 no guarantee of this rate holding either (ubanks)

          dropped the rate out of line in the past …just sayin'

  • devilbabies on 11/03/2014 - 18:50
    +4

    UBank will give you 4.62% (ongoing, not an intro rate like this is)

    ME Bank will treat you like dirt after the 5 months is up. I was a ME Bank customer for a long time, my intro rate was finishing and I asked them if they could give me the intro rate again, telling them I could get 4.62% from UBank. The best that ME Bank could offer was a 4% term deposit and the person on the phone sounded like they couldn't care less.

    • [Deactivated] on 11/03/2014 - 19:42

      Ubank 4.26% max with a $200/month savings plan.

      • snappy1234 on 11/03/2014 - 19:48

        Unless you can get a hold of 5k to initially set up the Ultra Account ;)

        • CyberMurning on 11/03/2014 - 19:56
          +2

          its 4.62 not 4.26
          if you have less than $5k, it really doesnt matter where you put your money, the interest will be small.. no offense…

        • [Deactivated] on 11/03/2014 - 20:46

          No affence takin.

      • devilbabies on 11/03/2014 - 19:53

        Nope. 4.62%. Specifically by having a "USaver" account with a linked "Ultra" account.

        You need $5000 to open the account and a $2000 deposit each month (you can withdraw and deposit the same $2000 each month if you don't have this much regular income)

        • [Deactivated] on 11/03/2014 - 20:54
          +1

          That's the point isn't it? Compare like with like. This account has some favourable transaction features which some people MIGHT find useful. For most people flexibility inevitably comes at a cost. Which reminds me, it's time I revisited my finances.

    • c64 on 11/03/2014 - 22:20
      +1

      you are also getting 0% interest on the $500 sitting in your transaction ubank account which hasn't been factored in.

      $500 at 0% = $23 lost interest per year
      if you have $5k+$500, you are losing out on ~.42% pa
      if you have $10k+$500, you are losing out on ~.22% pa

      • Jarr0d on 12/03/2014 - 01:01

        Manage the sweep and set it to $100.

  • phila63 on 12/03/2014 - 07:49

    wife did online application for new account with the bonus high interest and after nearly 3 weeks, still no formal notice of the application being approved. Phone calls and emails haven't helped the cause.

    ME bank sucks big time!

    • robertm on 12/03/2014 - 11:45

      Do you mean a new Australian Super account?

      • phila63 on 02/04/2014 - 12:30

        Sorry for late reply.
        All sorted now, a multitude of errors, from both me and ME bank.

        It was the high interest savings account I was having problems with and not the super.

        My post was to flag support issues with ME Bank.

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