This was posted 9 years 22 days ago, and might be an out-dated deal.

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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
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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

      • bluesky on 18/12/2015 - 20:47
        +1

        I was also told the same thing just 2 weeks ago. And then today, this custrep seemed to have a page of guidance he was reading off. It might be they are still amending the rules as time goes by.

        I did spell out what we understood, but he seemed to think this is the most up-to-date info.

        I was also trying to find out if their rules are not hard and fast - i.e., as long as one makes serious attempts, they will overlook any misses. In other words, it is down to human discretion.

        The chap then said the automated system might pick up intervals that do not meet the 7-day. Now, whether this was just his pre-supposition from the guidance he was given, or whether they are really using automated means to detect the 7-day intervals, I cannot be sure.

        • squeeb on 07/01/2016 - 18:23

          Gee whiz, I have only just read your post and am now concerned. Thought that I did the right thing my calling up and quizzing the staff. I have been timing my tap and goes using the date range definition given above and see that the interest rate showing on my online savings account is 3.55%.

          Without an official definition in writing of what "make a weekly purchase with your ETA Debit MasterCard using tap & go" actually means, we are open to ME Bank denying the 1.55% bonus interest.

          Anyone yet been denied the bonus interest? Or have more information?

        • bluesky on 07/01/2016 - 19:17

          @squeeb: Since being told about the 7-day paypass intervals, I have tried to meet both sets of requirements. As it so happened, from 1st to 18th December (when I was informed of this), I have also met the 7-day intervals. So, I cannot tell if they will be pedantic about this new requirement or not.

          How about you? In December, have you satisfied the 7-day paypass interval all through the month? If not, and you have still been awarded the bonus interest, at least it means they are not so pedantic about it.

          Very interested to know. Thanks in advance.

        • squeeb on 07/01/2016 - 19:49
          +1

          @bluesky:
          In both November and December, I followed the tap and go date range definition that was described to me over the phone and have been awarded bonus interest in each month.

          There was one period in each of those months that I have not met the 7 day interval that you described.

          This seems to suggest that the date range definition works. But coops1 said below that he hasn't even used his Mastercard and has still been awarded the bonus interest. I am not prepared to take that risk. I wonder if their systems are sophisticated enough to register the pattern of taps and apply the correct interest +/- the bonus interest.

        • bluesky on 07/01/2016 - 20:01
          +1

          @squeeb: Yes, I saw Coops1's comment, but I am thinking perhaps that leniency is for those who registered, and yet to get into the paypass habit.

          As for your December period, which did not meet the 7 day interval - would that happen to be after 18 December?
          If after, at least it demonstrates the rule is not hard and fast.

          But if before, it could be the period prior to the rule amendment. 'Cos I was also told about the week ranges requirement 2 weeks before that! (Nothing about the 7-day interval).

        • squeeb on 07/01/2016 - 20:14
          +1

          @bluesky:
          I tapped on 8 December and the next tap was on 19 December.

          I also did not meet the 7 day interval (but did tap in the date range) over Christmas/New Years as I went away. Not sure if tap and go system exists overseas.

        • bluesky on 07/01/2016 - 20:31
          +1

          @squeeb: Thanks for the info. It is starting to look like they are not that strict about it, which is good news :-)

        • Coops1 on 07/01/2016 - 23:26
          +2

          @bluesky:

          I started the paypass habit by buying my $2 woolworths milk on paypass last night :). hate losing FF points by using cc purchased wish cards!

          Now I only have $10 left in my online account, after paying all the credit cards early (just to feel good! :) )

        • squeeb on 08/01/2016 - 11:42
          +1

          @Coops1:
          I was told that there was no minimum. Some weeks I just buy a piece of fruit in order to qualify.

          Good on you for paying off your credit cards. No debt is indeed a nice feeling.

          Let us know if you still qualify this month. I am in two minds whether to continue tapping according to the date range or should I add a couple more in to make it every 7 days.

        • bluesky on 08/01/2016 - 12:53
          +1

          @Coops1: If I can't think of something to use the paypass with, I just get the $1 Woolworths Angel Pasta or the 67c pasta. Good on you for paying off the CCs :-)

        • bluesky on 08/01/2016 - 12:56
          +1

          @squeeb: I guess it isn't that hard to add a few more taps of small purchases, like pasta/milk, which I need anyway, so that's what I have been doing.

  • AncientWisdom on 18/12/2015 - 21:38

    Would love your opinions on my thread/poll - Need to open a savings account - who should I go with?

    Cheers

  • Its4me on 24/12/2015 - 00:55

    I just noticed that I lost my 5% paypass cashback (6 months from 28/7 as per this deal https://www.ozbargain.com.au/node/204762) the week after I enquired about this offer.

  • Coops1 on 03/01/2016 - 17:40

    Bit of a surprise today, got some bonus interest, even though I registered I haven't even used paypass yet. Thanks MEB

  • bluesky on 07/01/2016 - 05:52

    This post is now shown as expired. But pretty sure it is still current.

    • moksha on 07/01/2016 - 19:48
      +1

      thanks bluesky, I have updated the expiry.

  • bluesky on 01/02/2016 - 07:01
    +1

    This morning, I logged on to the MeBank account, and the rate shown on my online savings account was 3.35% (not the former 3.55%).

    But the link for this deal (ongoing 3.55% with tap and go condition) still remains at their website:
    http://mebank.com.au/personal/bank-accounts/online-savings-a…

    So one would think it is still current.

    Are you guys seeing the same thing when you log on? Many thanks in advance.

  • squeeb on 01/02/2016 - 09:06

    Even worse, mine is showing as 1.8% despite the tap and goes. Have sent them a message.

    The website now shows as 1.8% and 1.8% bonus so total should be 3.6%.

    • moksha on 01/02/2016 - 10:58
      +2

      Thanks squeeb.. I thought that change was worth a new deal!

      https://www.ozbargain.com.au/node/232751

      • squeeb on 01/02/2016 - 11:40

        It seems to be the highest on offer. Will head over to your new thread. Thanks Moksha.

    • bluesky on 01/02/2016 - 19:43

      Same here, earlier in the day, it was 3.35% and now 1.8%

      • squeeb on 01/02/2016 - 20:01

        I haven't had a reply as yet. But will call them tomorrow and see what is happening.

        • bluesky on 02/02/2016 - 16:26

          Squeeb, if this will help, I was told today that from now on it will only show 1.8% (base rate). Unlike before, because they decided it would be misleading if someone does not qualify. And if the conditions are met, we will get the bonus at the end of the month.

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