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HomeME Savings Account 5.25% p.a. Interest on Balance up to $100,000 ($2,000 Monthly Deposit Required) @ ME Go app

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HomeME Savings Account 5.25% p.a. Interest on Balance up to $100,000 ($2,000 Monthly Deposit Required) @ ME Go app
Go to Deal
Hiphopopotamus on 01/11/2024 - 13:35 mebank.com.au (77 clicks)
Last edited 01/11/2024 - 14:12 by 1 other user

Earn up to 5.25% p.a. interest with HomeME, exclusive to the ME Go app.

Home to our best savings rate, so you can save towards your first home deposit or next big thing faster. HomeME comes bundled with a SpendME everyday account, which helps you earn big bonus interest.

You told ME there were too many hoops to jump through to earn bonus interest on our HomeME savings account – and we’re good listeners.

From 1 November, we're making it even easier to save for your next big thing by removing the requirement to Grow your balance criteria in order to achieve your bonus interest on your HomeME account.

Simply deposit $2,000 every month into your SpendME everyday transaction account from an external bank account like your salary, to earn bonus interest. Thats it!

In parallel to this change, we are also changing the total variable interest rate on your HomeME account to a competitive 5.25% p.a. (including 4.70% p.a. bonus rate plus a base rate of 0.55% p.a.) for balances up to $100k. Keep in mind we regularly reviews the interest rates on our variable rate savings products.

HomeME remains our highest interest savings account, jam-packed with clever features and budgeting tools to help you speed towards your savings goals sooner.

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Comments

  • Hiphopopotamus on 01/11/2024 - 13:35
    +8

    Dopped the rate (was 5.55%) and removed the balance increase requirement… time to move?

    • Bdawg on 01/11/2024 - 13:37

      Buy property, put it in your mortgage/s, put it in superannuation, shares, managed fund, ETF… This I doubt even keeps up with inflation. I keep like $500 in my savings account. Or spend it on coke, fast cars and loose women. No deal!

      • Duplicity on 01/11/2024 - 13:46

        Weird flex but ok

        • Bdawg on 01/11/2024 - 13:47
          +1

          How is an alternate suggestion to having your money go backwards a flex?

          • Lucille Bluth on 01/11/2024 - 13:53
            -1

            @Bdawg: You are absolutely right. People are slowly becoming poorer by keeping substantial amount of money in a bank account being eaten away due to inflation over time. Holding cash is akin to ice cubes melting away.

            Unless you are saving for a deposit, there are better ways that stop your money being eroded overtime.

    • Chris T on 01/11/2024 - 14:30
      +2

      This drop from 5.55% is certainly diasappointing. Using HomeME on 5.25% may still be worth it if you have already max'ed out both UBank ($100K @ 5.50%) and ING ($100K @ 5.50%).

      • Hiphopopotamus on 01/11/2024 - 14:35

        I agree, if you don't like the hoops with Virgin or Rabo (both 5.35%) then it's still an option. I'll keep mine open for the time being, see what the competition does.

        • Chris T on 01/11/2024 - 14:46
          +1

          Yes, Virgin Money Boost Saver with lock feature may also be worth it. With Rabo I figure it's better to close all accounts so you can start a new High Interest Savings Account honeymoon after 2 years.

  • Avi0001 on 01/11/2024 - 13:39
    +2

    Why do we need to Simply deposit $2,000 every month into your SpendME everyday transaction account instead of saving account because they are probiding the interest on MEsaving account?

    • Ave Maria on 02/11/2024 - 14:37
      +1

      The $2K deposit into the spend is just a sily hoop that if you forget to do you do not get paid the full interest (that is the only reason ME kept it). What I do every month is move $2K from Home to Spend to BOQ Everyday and back. If ME Bank realy listens to their customers they would have removed all hoops. They only removed the "increase" requirement to soften the backlash from droping the rate by .30 points. It would have been even nicer if they increased the deposit limit from $100K to $250K to normalise with the BOQ top limit.

      HIVER @5.25% (for those that have the old Target Saver that is) still looks good with their very high limit if you have extra cash that you do not need to withdraw during the month (and nowhere else to put it).

  • Imnuts7 on 01/11/2024 - 13:46
    +6

    Kicked my entire balance out to uBank.

    • FULFILLMENT on 01/11/2024 - 15:00
      +2

      Haha, was creating a uBank account when I read this.

  • Vortex99 on 01/11/2024 - 14:05

    Also check out the forum post and look in the 'Bank Interest Rates' spreadsheet on Google Sheets.

  • autolux on 01/11/2024 - 14:48
    +1

    what, how is this a deal?

    guess im moving to ING… or AMP.

    • Hiphopopotamus on 01/11/2024 - 15:09

      It's no longer at the top but it's still fairly competitive, the hoop is unrestrictive.

  • thewooz on 01/11/2024 - 15:17

    Yeah looks like competition is coming out of the market for deposits. AMP recently dropped their rate by 0.2% to 5.2%, now this…I wonder who will be next!
    BoQ still 5.5% up to 50k

    • trashcan on 01/11/2024 - 15:50
      +2

      Boq still at 5.5% upto 450k. Can open upto 9 Boq saver accounts.

      • Neoika on 01/11/2024 - 18:29
        +2

        I don't think so. The $50k balance is for combined accounts and this option has strict age limit.

        • trashcan on 01/11/2024 - 18:35

          Correct about the age limit. I have got multiple accounts with less than 50000 in each but more than 50000 in total and have been getting bonus interest on all my accounts

          • Neoika on 01/11/2024 - 18:43
            +1

            @trashcan: Although it doesn't say clearly, it uses the word Balances, not Balance. Another thing to notice is that the balances over $50k earn 3% interest that can make you think you still get 5.50% without meticulous calculation.

            Another factor: Young people are not supposed to save that huge amount and not invest elsewhere. When you compare the Smart Saver for over 36, it only limits all balances to $250k for high interest.

            Generally, some bank offer higher interest for young people, but with low balance limit for it. I haven't been with BOQ, but with Virgin Money, backed by BOQ that has similar terms.

            • trashcan on 01/11/2024 - 19:10

              @Neoika: I know the difference in funds generating 3% interest compared to 5.50%.

              The Smart Saver has a limit of 250K across all Smart Saver accounts. This is clearly mentioned on the site - https://www.boq.com.au/personal/banking/savings-and-term-dep…. There is no mention about the limit across all accounts on the site for the Future Savers account.

              Your interpretation of the terms and conditions may be correct. I am just going by the interest I am getting each month.

        • Gyr on 02/11/2024 - 09:45

          When did you last calculate your interest? Last I checked, I got the full interest on both my accounts, but it's been over a year since I had that much in BOQ.

          • trashcan on 03/11/2024 - 13:29
            +2

            @Gyr: Got bonus interest on all my account for the month of October.

  • Drakesy on 01/11/2024 - 21:00

    Ubank pips it up to $100k.

  • squeeb on 01/11/2024 - 22:33
    +5

    That is pretty crappy of them giving absolutely no notice on the rate drop.

    Personally I would prefer the hoop and the higher interest rate!

    Very cheeky of them to hide the rate cut half way down the email and not even call it out as an interest rate cut. Behaviour is bordering on deceptive…..

  • DawnShadow on 02/11/2024 - 14:13

    Am I correct in thinking you could move all of your ME Bank money to BOQ on a weekend and it would transfer instantly due to both banks having the same owner?

    • Ave Maria on 02/11/2024 - 14:45

      I would personaly not risk or try that and wait until Monday (the transfer is still treated as between external banks and weekend/non business day rules may apply). I do the $2K hoop each month on a business day by transferring between ME Bank and BOQ (and now would be an OSKO transfer as both increased the daily OSKO limit to $5K). So if you transfer up to $5K it would be definetely an instant OSKO transfer on any day. No need to rush as you still get the 5.2% prequalified from previous month for current month. So you can transfer money any day this month without any loss of interest.

    • Chris T on 03/11/2024 - 12:20

      I have found that transfers between ME Bank and Virgin Money go through instantly, which is not surprising as they are on the same or very similar BoQ platform. I expect it would be the same with transfers from ME Bank to BoQ accounts using the myBOQ app, but I don't have any BoQ accounts and haven't tried it.

      I would suggest trying a small transfer, e.g. $1, and see if it arrives immediately. It it does then ramp up the size of your transfers.

    • parisian on 05/11/2024 - 14:51

      Yes - instant both on both sides.
      I have both accounts and that's what I do every month.

  • Boomer63 on 02/11/2024 - 16:54

    Virgin Money 5.35% made up of made up of the variable Base rate of 0.05% p.a., Bonus rate of 5.00% p.a. and the Notice Interest Rate of 0.30% p.a.

    To get the highest interest rate of 5.35% p.a. on your Boost Saver account, you just need to meet the simple Monthly Criteria.

    Receive the 5.00% p.a. Bonus Interest rate when you:

    deposit $1,000 or more into your Go Account monthly.
make at least 5 settled (not pending) Visa Debit card purchases per month on your linked Go Account. (That includes direct debits and BPAY payments!)

    To get the additional 0.30% Notice Saver interest:

    enable the Lock Saver Feature in the Virgin Money app (available to customers 18+ years old).
this feature can be great for savings you don’t need to access immediately.
give 32 days’ notice to unlock your account or withdraw your money.
    • Ave Maria on 02/11/2024 - 17:04

      You call that "simple criteria" = $1K deposit + 5 transactions + [no withdrawals] ?

      You should create a new post for a Virgin Money "deal" instead of doing so on the ME Bank post (or provide a linkg to the existing long running one if still active).

  • Boomer63 on 02/11/2024 - 20:18

    Just pointing out that to me, it seems a better deal than ME bank.

    To me it's a fairly simple criteria.

    $1k deposit normally an income would cover it. If not, transfer out $1k to a family member or partner and get them to transfer it back.

    I'm pretty sure I can do more than 5 transactions per month (no withdrawals)

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