This was posted 10 years 14 days ago, and might be an out-dated deal.

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ME Bank: 3.85% Interest on Savings for 4 Months + 5% Cash Back for 6 Months (New Customers)

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ME Bank: 3.85% Interest on Savings for 4 Months + 5% Cash Back for 6 Months (New Customers)
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aft on 08/12/2014 - 21:20 mebank.com.au (1657 clicks)
Last edited 13/05/2015 - 22:00 by 3 other users

extended to May 24, though now 2.25+1.60%

Terms and Conditions of Savings Plus Bundle Offer.
You will receive our variable interest rate plus a fixed bonus interest rate of 1.35% p.a. if you open your first Online Savings Account between 8/12/14 and 28/02/15, AND within the first 14 days, link it to an ME Bank EveryDay Transaction Account (ETA) by making your ETA your nominated account. Bonus interest is payable on your first account only, on balances up to $250,000 for four months from the date your account is opened.

PLUS, if you open your first EveryDay Transaction Account by 28 February 2015,
you’ll get 5% cash back when you use PayPass(TM) for the first 6 months.

Terms and Conditions of Cash Back Offer.
Available to customers who open their first ETA between 3/03/14 and 28/02/15. Receive 5% cash back on all contactless purchases made within Australia using PayPass Tap & GoTM for amounts of $100.00 or less for 6 months from the date your account is opened.
The 5% cash back offer will not apply to contactless purchases which;
(1) are non-personal including transactions for business purposes;
(2) exceed the fair use we expect by an individual using an ETA for personal use.
We may at our discretion cancel the cash back offer on any or all contactless purchases and/or close the account.
If eligible, the 5% cash back will be paid into your account within 30 days after the date the transaction is debited to your account. Only one cash back offer per customer and account.

Update: extended to 1st May

Referral Links

Referral: random (36)

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

Financial Bank Account Savings Account

Related Stores

ME Bank
ME Bank

closed Comments

  • [Deactivated] on 08/12/2014 - 21:38
    +2

    Better of with Ubank or ING- at least no 4 month restriction for the sake of 0.1%.

    • compugrid on 08/12/2014 - 21:55
      +1

      Agree on Ubank. However ING pays 2% cash back. This deal is 5%.

      • furythree on 09/12/2014 - 12:21

        wasnt ing 5%?

        • compugrid on 09/12/2014 - 23:26

          It was a while ago. Unfortunately not any longer

    • mudkipz on 08/12/2014 - 22:16

      Ubank don't have the cashback offer, do they?

      • compugrid on 09/12/2014 - 23:28

        Nope, Ubank doesn't have cash back. It's good for interest on savings only

    • iSamurai on 08/12/2014 - 21:58
      +2

      Quite tempted to open an account just for the 5% cash back. I wonder if I technically qualify if I previously have an account with them but closed it earlier this year.

      I used to keep my saving in UBank (when they were offering 4.67%) and do transactions with ING Direct (transfers do appear on the same day but you need to do before 3pm I think). I've moved everything to ING when UBank dropped their rates down to 4.02% and ING raised theirs to 4%.

      • c64 on 09/12/2014 - 08:02

        if you have previously had an eta account then you can't get the 5% rebate.

    • Coops1 on 08/12/2014 - 21:59
      +7

      Seriously! I am upset that I have banked with them for years and cant take it up.

  • Danam on 08/12/2014 - 21:45
    +2

    Just to tag a little extra info on here - it is only a requirement that you are opening your first Online Saver account, not that you are opening both accounts together via this bundle offer. (I opened an everyday account last week, and by linking a new savings account to it I am still eligible).

  • dealmaker on 08/12/2014 - 22:15

    5% cashback sounds interesting

    • jaybmate on 08/12/2014 - 22:38
      +2

      5% cashback is a seperate deal and has been on for ages.dont need the savings account for it.
      https://www.ozbargain.com.au/node/159659
      great for people whos ing 5% deal is coming to an end, like me. currently the deal ends at the end of this month.

  • wblim on 08/12/2014 - 22:41
    +1

    You are better off with UBank at 4.02% on going not 4 months. Assuming $100,000 deposit for 1 full year, you will be $820 worst off. UBank's bonus rate is ongoing if you deposit at least $200 a month.

    • autolux on 08/12/2014 - 22:50
      +1

      UBank doesnt have 5% cashback. also you can just move it back after the bonus periods.

      • samfisher5986 on 09/12/2014 - 03:08
        +2

        the 5% cashback is a separate deal.

        Its better to have both ubank and mebank.

  • saffers on 08/12/2014 - 23:00

    Do you get the 5% if you do a "cash out" at Coles with another purchase?

    • jaybmate on 08/12/2014 - 23:06
      +1

      no, only paypass transactions. you cant get cash out using paypass.

      • saffers on 08/12/2014 - 23:08

        thanks!

  • Grok on 08/12/2014 - 23:06
    +10

    My neg was removed.

    Why is this even a deal? The cashback is a separate offer.

    The interest rate is .08% better than UBank for 4 months, then it drops to 1.27% worse.

    Lets splash some numbers here. If my calcs are correct.

    On $100,000 you are $26.67 better off with ME Bank over UBank over those four months.

    $26.67 on $100,000

    Every day it takes you to move money out of UBank into ME Bank AND BACK costs you $11.23. You better hope it does not happen over a weekend.

    You cannot make more than $4 on this deal under ideal conditions by investing $100,000

    • team teri on 08/12/2014 - 23:18
      +1

      I agree with you. Add to that the likelihood that Ubank will match or beat that rate - they have done so in the past…

      • c64 on 09/12/2014 - 08:08

        there have been lots of times when the ubank rate was lower than competitors. i distinctly recall mebank's introductory rate was higher than ubank's a short while back. the bottom line is: who knows what will happen in the future.

      • [Deactivated] on 09/12/2014 - 10:53

        They were offering 4.6% about a year ago. ubank don't match limited offers.

    • muncan on 08/12/2014 - 23:21

      Don't forget that interest is calculated daily; compounded, with interest added to the principal monthly. While I can't be bothered working it out, but it would be more than $26.67 extra for 4 months on $100k deposit.
      Minus tax. Boo!

      • jaybmate on 08/12/2014 - 23:24

        The compound interest we'd be talking about here is cents, negligible.

        • muncan on 08/12/2014 - 23:25
          +11

          That makes cents

          (o_o)
          ( o_o) > ⌐■-■
          (⌐■_■)

      • Grok on 08/12/2014 - 23:30

        No, it does not.

        The interest is calculated daily but compounded MONTHLY when they pay you the money.

        A couple of cents in this example, maybe.

        • nerobass on 09/12/2014 - 06:53
          -4

          No its compounded daily PAID monthly look at the t&c or the FAQ… clealry stated there

        • Grok on 09/12/2014 - 10:07

          @nerobass:

          Not true, I double checked.

          Interest in calculated daily on account balance but paid monthly.

          No bank I know or ever heard of does what you say, none. Interest is calculated on your available balance.

  • Unorthodox on 08/12/2014 - 23:59

    I'm in between ING and ubank now.

    Tempted for this offer but the temporary period…

    • amkssg on 09/12/2014 - 00:44
      +1

      If I were you, I would apply for the ME Bank debit card after the ING 6-months period is over, so that I continue to get 5% cashback.

      I would not apply for the ME Bank transaction account as it's only for 4-months.

      • Unorthodox on 09/12/2014 - 00:47

        Thanks for the advice! I'm pretty tempted by the 5% especially since Xmas and boxing day sales

        Although, the difference between this cash back and ING is that cash backs from MEbank are credited the next month.

        • aft on 09/12/2014 - 04:17
          +3

          Once a week:
          05/12/2014
          28/11/2014
          21/11/2014
          14/11/2014
          etc.

        • Unorthodox on 09/12/2014 - 09:09

          @aft:

          Sweet! Thought I read month after lol

  • CVonC on 09/12/2014 - 00:16

    ugh i just opened up a Citibank Online Saver too with its 4% for the first 4 months….

  • kcyw on 09/12/2014 - 00:45

    Apart from Ubank, is there any other account with interest rate close to 4% permanently? (with ASP of course)

    • frinik on 09/12/2014 - 00:55

      rabodirect 90 day notice saver.
      You basically have to tell them 90 days before you want to take your money out.

      • payton on 09/12/2014 - 02:14

        For a bank their size, this is such a BS requirement, it must be tailored for gazillionaires who can break the bank when they take out ALL of their savings with RAbo.

    • iSamurai on 09/12/2014 - 05:49
      +1

      ING is 4% on going.

      • Cataclysm on 16/01/2015 - 11:04

        I just read the condition, it says You can get this rate on one account, for balances up to $100,000. And the rate doesn’t change if you need to dip into your savings, no matter how many times you withdraw.

        Does it mean u can just transfer $1k into your account and then take it out and still get the 4%?

        • iSamurai on 16/01/2015 - 12:08

          I used to do that when I kept my savings with UBank. Salary comes in to ING, then I transfer it over. It worked, but I no longer do that since I moved my savings across to ING because 4.02% and 4.00% is practically the same and + I like ING more than UBank now because of the convenience of having both savings and transaction accounts together, free ATM withdrawals and 2% cashback.

        • Cataclysm on 27/01/2015 - 16:31

          @iSamurai: Just want to make sure, so are you saying yes to i will still get 4% even if i move the $1k i deposit this month out. Eg, i have $5000 balance at the start of the month, and during this month i deposited $1000 then i took $1000 out. Then do I get the 4% on $5000 for the whole month?

        • iSamurai on 27/01/2015 - 19:15

          @Cataclysm: I never really checked (Calculating the interest earned manually) but the bonus interest is paid as a transaction in the savings account. It also says you're receiving the 4% interest in the account info. Interest is calculated daily so I would assume you'd be getting the 4% on the $5k for each day it sits in there.

    • wortho on 09/12/2014 - 10:07

      Bankwest hero saver ongoing 4.00% with $200 per month deposit and no withdrawals.
      Bonus is they have stores and you can open an everyday account with free ATM withdrawals from thier own ATMs and Commonwealth banks.
      Good phone App to.

      • [Deactivated] on 09/12/2014 - 10:55

        Similar to RAMS- only good if you can leave the money untouched.

  • what on 09/12/2014 - 02:24

    I like the idea of the 5% cash back but really don't want to open an everyday account.

  • Pigey on 09/12/2014 - 03:11
    +3

    I'm with ME Bank now. Their online banking and app sucks.

    Stay with ING for the sake of having a pretty app/website.

  • ethereal88 on 09/12/2014 - 07:14
    +2

    The endless downtime and shitty 1995 banking is free too! They are not even a bank anyway just a bunch of super companies.

  • z00m on 09/12/2014 - 08:08
    +3

    Easily the worst bank from a customer service point of view. If this was something where you put your money in for a long time and could forget about it, never needing to deal with ME, you could consider it.

    • miss arrow on 09/12/2014 - 09:30

      Couldn't agree more :)

  • abc on 09/12/2014 - 12:15

    Doesn't say anything about existing or previous customers. Are we eligible?

    • Danam on 09/12/2014 - 12:55

      So long as your existing account is/was not an online savings account you should be eligible. T&C: "if you open your first Online Savings Account"

  • Cluster on 09/12/2014 - 12:40

    This is a good deal as customers who have the 5% paywave offer need to keep money in ME Bank to use on the debit card. The normal transaction account pays 0%, so keep money in the 4.1% account and move it over when you need to spend.

  • [Deactivated] on 09/12/2014 - 14:24
    +3

    UBank should come out with a paywave offer to corner the market. lol.

    • compugrid on 09/12/2014 - 23:31
      +1

      Totally agree.

  • videoman on 09/12/2014 - 21:20

    What's the best interest on a savings account that doesn't have any special conditions (like depositing a certain amount every month)?

    • jaybmate on 09/12/2014 - 21:55

      well ubank is great. highest interest rate at 4.02%. you do need to put in 200 per month, but its not a big deal for most people, as you can make unlimited withdrawls per month and still get the full interest rate. other higher interest rate deals limit you on withdrawls if you can even make any.

    • CVonC on 09/12/2014 - 23:28

      citibank online saver is 4% no deposit and you can withdraw any time.. but only for the first 4 months.. after that it reverts to 2.90% which is when you move it :P

  • vvti85 on 10/12/2014 - 12:23

    If you're an Australian Super member you will get Free Access to ANY ATM Australia wide.

    http://mebank.com.au/lps/member-benefits/australiansuper-fre…

  • what on 12/12/2014 - 12:58

    Does anyone know where the branches are located in Melbourne South East.

  • OldBugger on 15/01/2015 - 19:40

    They opened my transaction account on the 19th Dec and this is the date they will start the 6 month 5% cashback from. But I only have activated the card today (the others were lost in the mail supposedly). My additional card for my partner still hasn't arrived. So I have lost a month. They said they can't change the start of the cashback date. Not sure if I can pursue it further?

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