This was posted 11 years 11 months 8 days ago, and might be an out-dated deal.

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5.10% Variable Interest Rate on Online Savings with ME Bank - 3.5% Variable + 1.6% Bonus (1 yr)

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5.10% Variable Interest Rate on Online Savings with ME Bank - 3.5% Variable + 1.6% Bonus (1 yr)
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drillvoice on 14/01/2013 - 09:06 mebank.com.au (735 clicks)
Last edited 14/01/2013 - 12:22 by 2 other users

ME Bank is currently offering a 1.60% bonus on their online savings interest rate if you link it to a new or existing Everyday Savings Account. This gives a total of 5.10%. For comparison's sake, the best interest I get for online savings with CBA is about 3.6%.

You can either set up a new everyday account and online savings account in one go, ("Apply now", on the homepage, http://mebank.com.au/), or start an online savings account and link it to an existing everyday account.

MOD: Remove "Freebie"

N.B.:
1) the +1.6% bonus rate is only available for the first 12 months
2) The everyday account that you need to setup has /no/ fees but /no/ interest either.

Referral Links

Referral: random (36)

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

Financial Banking Interest

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ME Bank

closed Comments

  • CyberMurning on 14/01/2013 - 09:14

    big banks never give good rate, you should compare with ubank 4.66% (incl 0.7 bonus if making regular deposit).

    mebank still better than youbank at this present.

    see the conditions: you NEED to open and link with their transac account too, which has zero interest.

    The bonus interest rate of 1.60% p.a. is a fixed rate and payable for 12 months on your Online Savings Account if your linked nominated account is or becomes an ME Bank EveryDay Transaction Account by 31/3/13. The bonus interest is available to both new and existing customers and payable from 6/12/12 on qualifying Online Savings Accounts. Existing Online Savings Accounts with a linked ME Bank EveryDay Transaction Account will receive the bonus interest for 12 months calculated from 6/12/12. If the nominated account ceases to be an ME Bank EveryDay Transaction Account the Online Savings Account ceases to qualify for bonus interest from that date. Bonus rate offer closes 31/3/13.

    • chyawala on 14/01/2013 - 12:20
      +1

      Ubank is out of the game, they invest solely in real estate and we know how that's performing. In fact if you were saving for a house it may well be worth putting your savings elsewhere as they would be essentially used against you, something compounded by fractional reserve lending.

      For example, your $100,000 savings allows the bank to borrow 20 times that from the reserve b@nk. So do you really want $2,000,000 lent to other buyers and investors before you even buy, and in the same market that you are wanting to buy into?

      If you're left wondering where those digits came from, yes it is printed out of thin air and yet if we were to do that it would be called counterfeiting.

      • Vallani on 14/01/2013 - 13:43

        I don't understand this at all. What you have described is what nearly all retail banks do; borrow short and lend long into the residential mortgage market. The spread between the two is how they make their profit. In fact, it is how modern banking works all over the western world.

        The most important thing for savers is that ubank is an authorised deposit-taking institution (ADI) covered by the Financial Claims Scheme, which is a government guarantee of amounts up to $250,000 per customer. That means you don't need to give too much thought to the creditworthiness of the bank so long as your deposit is less than 250k, since the government will make you whole if the bank collapses. So feel free to go for the higher rates…

        • chyawala on 14/01/2013 - 14:38

          Allow me to rephrase "In fact if you were saving for a house it may well be worth putting your savings elsewhere ..".

          When saving for a house consider the effect on realty that your savings will have when in a bank account (ie 20x the amount of your savings lent to other buyers before you get to buy), and consider non-bank institutions to invest in, or even precious metals.

          This concept is especially relevant in a volatile property bubble, so tell your friends that its worthwhile acting upon. The bubble is built on banks lending 20x your savings, and in doing so robbing us of our livelihoods through excessive house prices and mortgages.

        • Vallani on 14/01/2013 - 15:09
          +2

          Right, so you're asking us to ignore a safe, rational (and for many people, the best) form of investment, in favour of risky precious metals or non bank institutions because you don't like the effect of fractional reserve banking on the wider housing market. That advice is dangerous and wrong, and I hope ozbargainers will see sense enough not to follow it.

        • chyawala on 14/01/2013 - 17:52
          +1

          Mortgages and excessive house prices rob us of our livelihoods, and it is our choice through non-bank investment of our savings whether we support this or not.

          The fact is there are other non-bank institutions to invest in safely. By your reasoning Superannuation is dangerous and wrong by default.

          I'm actually asking people to consider the significance of this for themselves and not "ignore" anything.

        • qazwsx on 15/01/2013 - 21:34

          Mate you are barking up the wrong tree. There are other factors in this country that affect the affordability of housing significantly more than this - negative gearing, comparatively high wages, planning laws, government taxes and charges, generous main residence CGT exemption, relaxation of foreign ownership laws, etc.
          The cash reserve ratio is not your biggest problem.

          Find another problem to jump on. Just make sure it is a real problem first.

        • shaybisc on 04/02/2013 - 15:40

          Bing!

  • dak52 on 14/01/2013 - 09:19

    I should point out that service at mebank is relatively terrible. Go for it if you want, but be warned.

    • ihavok on 14/01/2013 - 09:22
      +1

      Can you please share your experience with them?

    • c64 on 14/01/2013 - 09:29
      +1

      i opened a mebank account for this promotion http://www.ozbargain.com.au/node/81565. i have never had to contact customer service besides the initial card activation

      • dak52 on 14/01/2013 - 09:59
        +3

        I opened an account during that same promotion and have been less lucky. Ther online banking is clunky and when I did activate my card it took longer on the phone that I thought strictly necesary. On top of this they never ended up giving me the $50 so I had to sit on the phone to them again and was just told they would create a ticket and call me back. They never called me back but they did ultimatly credit me the $50.

        I am not saying they are a bad bank, or that they go against their own word, I just think they are more trouble then they are worth and that ING has been far easier to deal with as a bank.

        • [Deactivated] on 14/01/2013 - 10:26
          +1

          you're kidding? ING is a p.i.t.a to open an account with.
          I opened a ME a/c years ago, so I can't comment what it's like now. But it took us 3 trips to the post office, 9 calls to customer service to get our a/c open & functioning. But paywave cashback @ Dan made erasing this bad experience a bit easier.

        • CyberMurning on 14/01/2013 - 10:37

          see? those are proof that "customer service" is a relative measure, it never stable and consistent, because we deals with human, sometimes we get good service other time the staff might in bad mood and creates delay.
          the only important is "best rate" - this will always be tangible item

        • retiredfeline on 14/01/2013 - 10:45
          +1

          No problem with ING here. In fact haven't had any problems satisfying the ID requirements that I can recall with last few banks.

    • braddsey on 14/01/2013 - 09:34
      +2

      My home loan is with meBank. Never had a problem with them.

      Online banking is a little clunky, but does everything I need it to. Always answer the phone when I call!

      • CyberMurning on 14/01/2013 - 09:58
        +1

        is the rate good? better than ubank?

    • cyssero on 15/01/2013 - 12:00

      I'd say their customer service isn't the best I've experienced either - I was given incorrect information regarding one account (which had some pretty significant implications), but as it didn't sound right I called around and confirmed it.

      The online platform is very, very plain and light years behind the big 4. Probably using a white label partner to do so.

      I did open my account with them due to their attractive interest rates though and was happy with this at least. Statements were fine.

      They also keep reminding me I am liable for any fraud on my account if I store more than 1 or 2 of the one-time authentication SMSs on my phone. As if they're expecting someone to work out the seed by compiling all of these SMSs together. I never received these SMSs anyway but thought it was as bizarre condition to include.

  • GreatWhiteHunter on 14/01/2013 - 09:19

    Good deal assuming there are no fees on the everyday savings account….

    • CyberMurning on 14/01/2013 - 09:22
      +1

      there is no fee but also no interest, hsbc online saving (transaction) is better, very low interest but still…

      • c64 on 14/01/2013 - 09:32

        hsbc's internet banking is absolutely horrible. plus they don't have any decent high-interest online accounts to link to.

        • retiredfeline on 14/01/2013 - 11:53

          Yeah, I don't know if it's still true, but years ago their online banking only used to work with browsers (even FF) on Windows. A platform specific service is unforgivable these days. I left them soon after they stopped the (previous) annual fee free CC product.

  • ihavok on 14/01/2013 - 09:20
    +2

    Thanks for posting this. Please update your post to say that the +1.6% bonus rate is only available for the first 12 months (which I think is great, as usually the bonus period for these type of deals is just 3 or 6 months).

    • drillvoice on 14/01/2013 - 12:23
      +1

      Thanks, I've done so.

  • heyrosered on 14/01/2013 - 09:35
    +1

    I can't seem to find any fees or deposit requirements for the everyday account, so basically we can open it and not use it at all?

  • retiredfeline on 14/01/2013 - 09:35

    This is not a new deal, it's been around for a while. I'm not sure this qualifies as a deal. Do we keep posting the bank that has the best interest rate at the moment?

    But certainly it's not a freebie. A freebie is something you don't have to do anything for. You have to open an account for the bonus.

    You can get a Paypass/wave card with your account but you'd be better off using the Ingdirect one until end of June for the 5% rebate.

    • drillvoice on 14/01/2013 - 12:23

      I wasn't sure but thought that as the interest rate is a special promotion, not a market promotion, it was worth sharing.

  • YOTR on 14/01/2013 - 09:39

    I am getting 5.16% at Rabo at the moment, so thanks but no thanks :P

    • c64 on 14/01/2013 - 09:42
      +1

      likewise. but that introductory period is going to run out in a month or two's time …

      • mick01 on 14/01/2013 - 10:38
        +1

        Runs out at the end of this month I believe.

  • xyron on 14/01/2013 - 09:59

    I've been on my 'introductory' 5.1% rate with BankWest (TelNet Saver) since December 2011…:p

    I've always wondered this, but isn't ME Bank more of a credit union than a bank? seems a bit cheeky for them to have rebranded themselves like that.

    • mick01 on 14/01/2013 - 10:40
      +2

      They are definitely a bank (authorised by APRA). It would be illegal to call themselves a bank if they weren't.
      http://www.apra.gov.au/adi/Pages/adilist.aspx#AOBC

    • c64 on 14/01/2013 - 10:43
      +1

      I've been on my 'introductory' 5.1% rate with BankWest (TelNet Saver) since December 2011…:p

      the current introductory telnet rate is 4.8% according to https://www.ubank.com.au/ubank/web/compare-rates/compare-hig…

      you might want to recheck that you are indeed getting that rate

    • tooblue on 14/01/2013 - 12:09

      From customer point of view they are all categorised as authorised deposit-taking institution (ADI), under same APRA regulation and compliance. Doesn't matter whether it's big 4 or small building society.
      The difference lies in the source of funding and operation of the business so let the investors and management worry about it.

  • Grok on 14/01/2013 - 11:43
    +2

    Not a bad rate but only the bonus of 1.6% is fixed and guaranteed for 12 months. The base rate is still variable.

    So you may not get 5.1% for 12months,

    • retiredfeline on 14/01/2013 - 11:50
      +4

      Though rates all across the board will be headed downwards if the predictions are true.

  • inherentchoice on 15/01/2013 - 09:40
    +1

    This is based on a variable rate. Go back and have a look at the previous UBank/Rams deals posted on this site with good savings rates, and almost always they dropped the rate shortly afterwards…

    What's to say that mebank won't drop their rate tomorrow or next week?

    • [Deactivated] on 15/01/2013 - 11:25
      +1

      these deals really frustrate me because they are always "temporary" after the introductory period the bargain goes away and in most circumstances you are worse off that if you stayed with your existing provider .

      I moved from ING Direct to Ubank last year when the rates were amazingly good and have enjoyed the variable and bonus variable for quite a while now. not really interested in buying into an introductory offer where I may have to move my money around again

      unless of course you have several savings accounts open (ING, Ubank, Rabo, MEbank, RAMS etc.) and swap money back and forth. even then, the savings benefits would be minimal especially taking into account the delays in transferring funds and potential to lose interest for the month if you withdrawal from that account.

      • SummerMan on 15/01/2013 - 13:59
        +2

        If you plan things wisely, there will be no delay/loss due to delays in transferring funds.

        • catinjapan on 15/01/2013 - 19:25

          Agreed. I avoid making transfers from Thursdays to Sundays wherever possible for this reason. Ubank even advises you that you will lose interest if you make a transfer on a non-business day.

  • NightFlight on 15/01/2013 - 21:44
    +1

    Made the switch from RAMS to ME Bank earlier this month, can definitely recommend it!

    Pros:
    - Best rate at the moment, bonus rate guaranteed for full 12 months
    - No conditions for the bonus rate (no maximum $ limit, no savings plan required, withdrawals allowed etc.)
    - Easy online identification process
    - Money can be transferred directly into savings account from external accounts

    Cons:
    - Need to call customer service once to set up online banking
    - Maximum online limit for transfers to external accounts $10k, for larger amounts printing a paper form, completing, scanning and emailing it is required (not even possible via phone banking)

  • shaybisc on 04/02/2013 - 15:44
    +1

    I'll give it a big tick for making the introductory bonus time 12 months. Haven't seen that before. Others are always in the 3-6 month range.

  • shaybisc on 04/02/2013 - 15:56

    I use LastPass so I have become somewhat of a password strength fiend. I've even got 99 character password with every special character known to man, where they'll let me.

    ME password, the one they ask for on the application anyway, is 5-9 characters, and as far as I can tell,there is no second factor authentification. That is primitive. Am I missing something?

    • shaybisc on 04/02/2013 - 16:29

      That may be just a password for the phone. Don't know. It's turned me off applying for the moment.

  • ozb-442 on 07/02/2013 - 11:06

    Thanks. Going to transfer my money over on the 1st of March when i receive my quarterly interest from Commbank.

    the 1.2% added interest from Commbanks rate will save (earn) me roughly $120.

    Already have the accounts sitting there empty, from the last mebank deal where you got $50 for making three credit transactions.

    Cheers op.

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