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ME Bank - Online Savings Account (with Ongoing Bonus) - 3.55% Interest

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ME Bank - Online Savings Account (with Ongoing Bonus) - 3.55% Interest
Go to Deal
moksha on 31/10/2015 - 16:42 mebank.com.au (1604 clicks)
Last edited 31/10/2015 - 17:06 by 1 other user

This is the best interest rate available on an account that lets you take your money out. There are no minimum deposits to get the extra interest, but you must use the pay wave function weekly (please correct me if I am wrong)

(taken from infochoice.com.au):

To receive bonus interest on your Online Savings Account for any calendar month you must have an Everyday Transaction Account (ETA) and during that month make a weekly purchase with your ETA debit MasterCardTM using PayPass Tap&Go. Bonus interest is only payable on balances up to $250,000 on the first OSA you open. You’re automatically eligible for bonus interest unless it was opened before 10/08/15, in which case you’re only eligible upon request. Further T&Cs available at mebank.com.au.

From the MEBank website:

Looking to grow your savings, but still want access to your cash? This account gives you the goods: ongoing interest, without the commitment of a term deposit.

The drawback? There are no fees at all. (NB: Only a drawback if you love fees.)

get the interest you crave

With interest calculated daily and paid monthly, this account gives your savings room to spread its wings.

no fees

Get an ongoing interest rate and 24/7 access to your money with no account keeping fees!

flexible

Afraid to commit? This account keeps it casual. You don’t need to make a minimum deposit, and you can access your money 24/7 using our online banking services.

rates

Variable base rate 2.00% p.a.*

Variable bonus rate^ 1.55% p.a.*

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

Related Stores

ME Bank
ME Bank

closed Comments

  • delusioned on 31/10/2015 - 16:45
    +1

    " You’re automatically eligible for bonus interest unless it was opened before 10/08/15, in which case you’re only eligible upon request. "

    @MEBankScott Should customers with existing OSA ring the hotline and request for it?

    edit: how do i tag reps

    • Steptoe on 31/10/2015 - 20:35

      @MEBankScott:

      Use [Square Brackets]

    • competecarrot on 01/11/2015 - 09:27
      +6

      Always seems a bit shifty when the deal is not offered to existing customers by default (Commonwealth Bank anybody?)

      That weekly PayPass requirement is an absolute deal breaker for me. I don't understand why they don't just let me leave money in the account and not touch it :S

      • ctd on 01/11/2015 - 14:19
        +3

        Indeed. Can't stand practices where existing customers lose out by being automatically opted out of a better deal.

        Most the MEBank promos lately (PayWave rebate, ATM fee rebate, now offering 3.55% on linked savings, etc.) have been pretty unoriginal and almost all seem to be very close to ING's product. Unfortunately, from experience, ME's internet banking, mobile apps, etc. are of a very different calibre to ING.

        I don't know for certain, but I imagine PayPass must attract a greater fee payable to the bank, hence the push from them for consumers to use it.

  • forumninja on 31/10/2015 - 16:51
    +8

    The weekly PayPass requirement is quite annoying. I struggle to make essential transactions on PayPass during the week (5% off WISH gift card), and a lot of OzB would be using the ING PayPass for the 2% cashback when they make any other transactions.

    • [Deactivated] on 31/10/2015 - 17:20
      +4

      Agree. A bit too hard on a weekly basis. I'd rather four per month or something simpler. I'm currently getting the 5% cashback on ME bank card, but a lot of places I shop at don't do paywave, so I use a credit card for the points. Until paywave/paypass is more widespread this condition is not good for me.

      • forumninja on 31/10/2015 - 17:45
        +11

        Also if you go on holidays for say a week, say goodbye to your bonus interest for the month, 1.55%pa, so at $200000 that is $254.79 gone. Be careful of this trap!

        • payton on 31/10/2015 - 23:16
          +1

          This.
          [MEBankScott] I'd rather the requirement be "spend $100 a month", or use 4x paypass per month anytime.
          I'm not risking my interest rate for the whole month being invalidated because I had one busy week and didn't use paywave.

        • muncan on 31/10/2015 - 23:34
          +1

          If you find yourself in this situation (>$30k savings), you could elect to transfer your spending money out on the 1st of the month, and wire the remaining funds to a new account. Yes there's a fee for a wire transfer, but you'll still save $ on lost interest for the month.
          These games we play. *Not a doctor.

    • bluesky on 31/10/2015 - 17:55
      +3

      I agree. Besides, there are other grey areas:

      (1) With ING, while a purchase amount is booked (available funds decrease), the actual transaction is not consolidated into the bank account balance until a day or two later.

      So the question is: by weekly, does MEBank means (a) when the bank consolidates the transaction, or (b) when the purchase takes place? This could be important for someone who is simply trying to fulfil the minimum requirements, and may have purchased at the end of the week.

      (2) Also, what is consider a week? Monday - Sunday, or Sunday - Monday?

      For those contemplating this account, best to seek clarification on these points first.

      • dyziplen on 31/10/2015 - 18:00
        +1

        I think they would probably leave it ambiguous, the point of this promotion is to get people to use ME as their primary/everyday account. E.g. pay with the card for everyday things, everyday.

        • bluesky on 31/10/2015 - 18:05
          +4

          Yes, I think so too. But imagine the disappointment, when at the end of the month, you find out that you have not qualified for the bonus, because they have allocated your weekend transaction to the next week! :-)

          Despite the grey areas (which can be resolved by clarifications from ME Bank), I still want to thank OP for bringing awareness to this deal.

        • dyziplen on 31/10/2015 - 19:16
          +1

          @bluesky:

          But you already move your accounts over, and set up all the payments and what not. It will be such as hassle to find another bank. So you will just remind yourself to use the card more to ensure it never happens again.

          ME probably is counting on the fact that people will "miss" a couple every now and then as well. They can advertise their headline rate knowing that they don't need to actually payout the full amount.

  • kronicmacstigator on 31/10/2015 - 16:56
    -4

    This is annoying… I'm willing to dump ING.

    Anyone got some feedback regarding this bank?

    I think I'm ready to make the switch.

    • forumninja on 31/10/2015 - 17:05
      +4

      Their iOS app is horrible compared to ING's.

      • Coops1 on 31/10/2015 - 19:28
        -1

        Do you really need to worry about how well an app works for a savings account? Apart from checking a balance what the hell do you need to do with a savings account!

        • forumninja on 31/10/2015 - 21:48
          +2

          The requirement for weekly PayPass transactions means you need to deposit money to the ETA account and also check the balance.

        • Ryk on 01/11/2015 - 10:29
          +1

          exactly, how easy is it to check your balance and transfer funds? fairly simple. with ING it is brilliant.

    • nubzy on 31/10/2015 - 17:39
      +15

      why on earth would you dump ING?? They are the best IMO. Made a good $400+ off their referral program, get a nice 3.5% interest and loving the free ATM's and cashback (though I wish it would go back to 5%).App is fantastic too.

      • tdw on 31/10/2015 - 23:12
        +7

        i wouldn't dump ING either just for a 0.05% increase. they've got a great website, mobile website and app interface, and top service.

      • [Deactivated] on 01/11/2015 - 15:27

        I'm interested in going with ING though what do they mean when they say a $1000 deposit needs to be made every month from an external bank account?

        • bluesky on 01/11/2015 - 15:35
          +2

          It means a total of $1000 or more needs to be deposited into your Online Savings Account during the month to qualify for the bonus. This can come from your salary which is automatically deposited into the account, or an automatic savings plan. Or, you can manually transfer from some other bank account (other than ING) into this account during the month.

          There is no requirement for this amount to remain in the ING account. You can withdraw and use the funds afterwards.

        • tdw on 01/11/2015 - 15:44
          +2
          1. send $1000 from your ING account to an account with another bank.
          2. once it's there, send it right back to ING.
          3. ???
          4. profit
        • [Deactivated] on 01/11/2015 - 16:48
          +1

          @bluesky:
          i see so salary counts, just switched to them now sounds like a great bank

  • Danam on 31/10/2015 - 16:56
    +3

    Geez. Way to take advantage of customers who don't investigate the interest rate of an account they already have. If MEBank are willing to offer a bonus to those who ask, it would be far less shady to apply the bonus to existing accounts who meet the criteria >:|

  • starionx on 31/10/2015 - 17:13
    +10

    I'd rather stay with ING @ 3.5% and not bother with having to do a paypass trans every week (I'm lucky if I do one a month). Doing a $1000 transfer out/in is a lot simpler.

    • cannedhams on 31/10/2015 - 18:12
      +2

      Problem is that ing only gives bonus interests on up to 100k.

      • starionx on 31/10/2015 - 18:20
        +8

        No problem for me. lol

      • highdealer on 31/10/2015 - 18:45
        +8

        if i have more than 100K, i wouldn't put it in a bank, there are ways better thing to invest on.

      • cannedhams on 31/10/2015 - 21:49
        -2

        Typical gutless neg.

        • DeafMutePretender on 31/10/2015 - 22:06

          Yeah, it is titpical OzBargain commentor behaviour. It's brest not to take it personally.

  • muncan on 31/10/2015 - 17:20
    +1

    RAMS has 3.6% with $200 deposit a month
    (or 3.91% according to their mobile page…)

    • spendinghacker on 31/10/2015 - 18:30

      I believe 3.91% is a targeted offer and not available to everyone.

      Happy to be proven wrong :)

      • muncan on 31/10/2015 - 18:35

        Click the link on a mobile ;-)

      • DeafMutePretender on 31/10/2015 - 22:44

        I believe 3.91% is a targeted offer

        This part of the sentence has been proven wrong

        not available to everyone.

        This part is correct but in context, that statement implied "not available to everyone (apart from the targeted few)" so in short, the statement is correct but without the implication. It's "not available to everyone" full stop, or in natural English, it's "not available to anyone"

  • WaywardOne on 31/10/2015 - 17:26

    I'm still on ubank's Ubank Ultra (3.37% pa) — however the restriction is that you must have ~$100 that earns no interest (in the transaction account)

    • [Deactivated] on 01/11/2015 - 09:35
      +2

      Do you!? That dirty bank… I asked them a question - and after answering it, the guy that replied said I should make the Ultra balance $0, as I could be earning interest on that $1000 instead.

      • muncan on 01/11/2015 - 09:54
        +3

        To put this in perspective, that's just $3.42 per year of lost compound interest on that $100 in your Ultra account.
        Some banks have higher monthly fees.

        • tdw on 01/11/2015 - 14:56

          yeah but no true ozbargainer would be willing to pay a monthly fee on any account ;)

    • [Deactivated] on 30/11/2015 - 11:26

      When Ultra's daily minimum was $500, you could tweek the daily limits (both high), and auto transfer $100 on last day of month (to Ultra), and transfer back 1st of month. Did this for first six months or so, but cancelled it when they dropped to minimum $100.
      Probably still can be done if you want interest on the $100.

  • TheAviator on 31/10/2015 - 17:33
    +5

    I'm happy with my ING Direct account for everyday transactions as well as some saving, then RAMS Saver for the rest.

    Used to be with UBank but their lower rate, requirement of $100 earning zero interest and constant downtime on their website and apps was enough to make me leave.

    • cannedhams on 31/10/2015 - 18:09
      +1

      Same here. B&$+rds. I didn't pick up on the requirement to have a stupid transaction account set up and missed out on close to a grand.

  • zacsg1 on 31/10/2015 - 17:39

    so about $5.80 a month for a $2000 deposit, is that right? I suck at maths…

  • [Deactivated] on 31/10/2015 - 17:50
    +4

    Rams is still 3.6% Interest. With no withdrawals…
    Paypass every week isn't what a bank account is for.

    • nasu on 06/12/2015 - 09:16

      RAMS has since reduced it 3.4%.

      • [Deactivated] on 06/12/2015 - 11:45

        Have you made my usual mistake, and not checked the posting date? Ram's reduced % a fortnight after my comment.
        Anyway thanks for comment ;-)

        EDIT: May have misunderstood your comment, sorry.
        3.4% where will the avalanche in rates end?

        • muncan on 07/12/2015 - 00:51

          December 17

  • spendinghacker on 31/10/2015 - 17:57
    +3

    Nah. No deal IMHO.

    I can get 3.5% at ING with 2% Paypass rebate.

    The extra 5 basis points are not worth the hassle given you need to use the ETA in order to get it.

    ME bank have definitely improved their Android app recently but the ING app still eats it alive.

    Try again ME Bank ;)

    • Coops1 on 31/10/2015 - 18:06

      Not being an ING customer, can I get the deal you mentioned including ongoing 2% rebate?

      • bluesky on 31/10/2015 - 18:19

        Even better, (if I am not mistaken), if you sign up an Everyday account, you will get 5% first, for a few months, then it reverts to 2%. Please check out the specifics from their website.

        • silent1 on 31/10/2015 - 20:02
          +3

          The 5% was only available as a promotion and there hasn't been one since June 2014.

        • bluesky on 31/10/2015 - 20:31

          @silent1: Oh, thanks for update.

      • spendinghacker on 31/10/2015 - 18:20
        +4

        Sure. Anyone can get it (new or existing customer).

        However, if you are not with ING yet, I'd wait until they offer money again to get new customers to sign up ;)

        Maybe take the ME bank deal in the mean time or if it's all about the interest rate on savings, consider RAMS.

        Shouldn't be too long I reckon before ING offers cash again…

      • highdealer on 31/10/2015 - 18:27
        +2

        Yeah, its available for every one. As long as you deposit $1000 every month. You don't have to keep $1000 in there just make sure there are some sort of money flow. Also free ATM usage anywhere as well.

        • zacsg1 on 31/10/2015 - 19:28

          so if i got my pay put in there and then took most of it out would that work?

        • bluesky on 31/10/2015 - 19:30
          +2

          @zacsg1: absolutely!

  • coxymla on 31/10/2015 - 18:13

    Unrelated to the ME Bank deal, but can anyone recommend a bank account for a newborn's gift money?
    ie. No regular deposits but no withdrawals either, best interest rate and no fees.

    • spendinghacker on 31/10/2015 - 18:25
      +1

      Are you willing to deposit $200 every month?

      If so, RAMS Saver offers the highest interest rate on at call savings in Australia (which also beats most term deposits) and does not require you to bundle with their transaction account.

      Otherwise, your best bet is a term deposit which offers the benefit of locking-in your interest rate which is a good thing as we will most likely see at least another rate cut from the RBA in the next months (and maybe even as early as this Tuesday)

    • [Deactivated] on 31/10/2015 - 18:26
      +1

      Term deposit would be your best option if you had a minimum of around $10k.

      If not, most savings accounts have 3 month or 4 month promotional rates. They are not ongoing, but with some banks (NAB, ANZ) you can open as many accounts as you want. So, once the promotional rate of one account finishes, open another account up and transfer the balance from the old account to the new one.

    • coolsteps on 31/10/2015 - 18:27
      +1

      try a bankwest kids saver account or suncorp or westpac

      • Scrooge McDuck on 31/10/2015 - 19:26

        5.25 % p.a. with the Bankwest Kids' Bonus Saver:

        http://www.bankwest.com.au/personal/savings-term-deposits/sa…

        • Kaboda on 31/10/2015 - 19:34

          Thanks for that I opened a telnet saver which gives 1.80% extra for four months. Limit is five million so pretty good if you just want to stick a massive amount for a short period of time.

        • DeafMutePretender on 31/10/2015 - 20:37

          Kids get 5.25% on their savings!? Do you think I can get that rate if my mental state was that of a child's?

        • muncan on 31/10/2015 - 20:47

          Maximum allowable deposit of $250 per month.

        • Scrooge McDuck on 31/10/2015 - 22:42

          @Kaboda:

          I opened a telnet saver which gives 1.80% extra for four months.

          How? The bonus rate shows as only 1.1 % for me. :/

        • Kaboda on 31/10/2015 - 23:00

          @Scrooge McDuck:

          Sorry misinformation it's 3.10%

          What was good was the fact that it was over two hundred thousand

    • muncan on 31/10/2015 - 18:30
      +1

      Put $1 into a Life Saver account. Parenting job complete. Margarita time!

  • DeafMutePretender on 31/10/2015 - 18:40
    +8

    I'm noticing a trend of ME's promotions having the most annoying conditions.

    Also, RAMS is 3.60% with no withdrawals so it is at least equal, if not better.

    I'm going to hold off doing anything at the moment. What with the big 4 banks recently raising home loan interest rates, we might be entering a savings account promotions period and we haven't had one of those in a while, have we.

    • [Deactivated] on 31/10/2015 - 20:06
      +5

      Yeah, the Big4 also need to hold more capital, so we could be in for some treats.

  • shortgum on 01/11/2015 - 03:21
    +7

    l will shtick withs lNG 3.5% with little fuss

  • CheapskateQueen on 01/11/2015 - 14:10

    The only reason I opened up an ME account is cos my friend had a referral code for a bonus $50 if I spent $10 three times using PayPass. Set it all up, activated the card and a week later I still don't have an actual account attached to my online account. Epic fail.

  • Windows7forever on 02/11/2015 - 17:04

    Ta

  • squeeb on 03/11/2015 - 09:38
    +2

    A little more information:

    You need to tap and go 4 times each month. There is no minimum.

    These weeks are defined as:

    Week 1 - 1st to 7th
    Week 2 - 8th to 14th
    Week 3 - 15th to 21st
    Week 4 - 22nd to 28th

    You can ignore any days after 28th of the month.

    • bluesky on 03/11/2015 - 13:48

      Thanks squeeb. The week definition above: is it defined as the times when the purchases occur (i.e when we tap and go), or when the transactions get reconciled by the bank into the account.
      Point 1 here elaborates on my question:

      Many thanks in advance.

      • squeeb on 03/11/2015 - 14:28
        +2

        Good point Bluesky. I rang yesterday to request that my existing account qualifies for this rate and clarified when to tap. I was told that you need to tap between the dates listed above but did not specifically question whether the timing maybe when the bank records the transaction. As the qualification is automatically recorded it would make sense that it registers when the bank receives the debit information (which may occur some time after the physical tapping). Someone else may have more information on this.

        To be sure that I don't forget I have set a reminder in my phone. To avoid missing out on the bonus interest I think it would be prudent to tap prior to the last day in the series.

        I bought a yoghurt for $1 yesterday so I have fulfilled my obligation this week.

  • jimm9 on 04/11/2015 - 16:32
    +1

    I find Robodirect (High Interest Saving Account) better if someone looking for stable interest rate with no hassle of deposit, withdrawal, paypass, etc.

    https://www.rabodirect.com.au/personal-savings/high-interest…

    • bluesky on 04/11/2015 - 16:43

      They don't offer a transaction account. One has to transfer it to an external account, to access the funds, pay bills etc. And this is not immediate. So while it may be good for savings, it is not so good for convenience.

      • jimm9 on 04/11/2015 - 16:59

        Thanks for clarification.

    • DeafMutePretender on 04/11/2015 - 23:21
      +2

      3.50% which is par for the course but it's only 4 months and then it goes down to 2.55%.

    • AncientWisdom on 04/11/2015 - 23:36
      +1

      Also 3.5% only for first 4 months… Then it goes to 2.55%

    • SomeGuyOnOzB on 07/11/2015 - 21:23
      +1

      In case it's relevant to people, limit of $50,000 for earning interest with Rabodirect

  • jtc13 on 12/11/2015 - 10:00

    U-Bank are dead to me after not notifying me of the changes and me losing bonus interest for a year. Hello Rams savings account. Thanks to OP and others for good info. the paypass stuff is too much hassle for me so Rams best.

  • freemoneyhunter on 17/11/2015 - 16:04

    I might leave Ubank, I have been with them for years and recently got the green card but never use it. I am with ING, I should use the savings feature there, I only have the transaction account. I am with me bank too, I have a card of theirs which I do not use but it should have $50 bonus credit on it, problem is I forgot pin number to check and all other account info.

  • squeeb on 18/11/2015 - 10:27

    RAMS have dropped their interest rate to 3.4% (including bonus interest).

    • muncan on 20/11/2015 - 03:36

      Damn, time to port back to ME Bank!

      • squeeb on 20/11/2015 - 08:44

        I know right. But the buggers did it in the middle of the month so you are essentially trapped until the 1 December or lose your bonus interest for the month. There will be a mass exodus in December. ME currently have the best rate but that can change. So far I have been doing my weekly tap and go.

  • [Deactivated] on 01/12/2015 - 01:29

    On $100k savings a $50 total profit, when comparing it to ING 3.5% having more benefits.
    This bank is much too unprofessional
    eg. weekly paywave or else lose out. When I paywave is none of their business.
    Website is down too often.
    And this…
    - (NB: Only a drawback if you love fees.)
    - get the interest you crave
    - gives your savings room to spread its wings.

    Never thought I'd say this to a bank, but grow up.
    Neg away, I'm going to.

  • bluesky on 18/12/2015 - 18:45
    +2

    For those with this account:

    Today, I spoke with MEbank Cust Support, and was told the terms are different from those we understood, and as described by squeeb, i.e. at least one tap and go in each distinct week of the month. (See below for the terms I was told).

    I asked for this new terms to be emailed for clarity - and said I would update the OZB forum, since others, like me may also misunderstood the terms, and possibly miss out on the bonus. (A past MeBank conversation did back up what squeeb had said, but sounds like things have changed again!)

    He did not have anything he could email. What he has was guidance given to them (Cust Support) regarding this issue.

    So basically, for the bonus interest to apply, "a period of more than 7 days cannot pass without a tap and go being made". (Wrote this down word for word). Sounds like he was reading it from the guidance.

    Not sure if others will ring to confirm, but please update if you get more info. Hopefully, eventually we will get to the actual conditions :-)

    • moksha on 18/12/2015 - 20:09
      +1

      I called MeBank around the time I posted this deal, and was told the exact same thing as squeeb.

      Thanks for your update.

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