ME Bank Term Deposit Rates
If you’re looking for a way to invest money for a set period at a fixed interest rate, then you might be interested to learn more about ME Bank’s term deposits.What terms are available on ME Bank term deposits?
According to ME Bank, it offers term deposits with terms (the length of time your money is deposited) typically ranging from a minimum of one month to a maximum of five years.
You can use Canstar’s term deposit calculator to help you work out what term length might be suitable for you. One factor to consider is that longer terms typically come with higher interest rates, but you may have to wait longer to benefit from the maximum interest rate that can come with reaching the maturity date.
When deciding on a term deposit, it’s a good idea to carefully consider the length of the investment term, as some products may charge a fee and require a certain notice period if you need to access your money early.
When is interest paid on ME Bank term deposits?
ME Bank’s term deposits offer customers the choice of receiving interest payments at the following frequencies:
- Monthly
- Annually
- At maturity
It’s worth remembering that the option you select may have an impact on the rate of interest you earn. Canstar’s term deposit calculator can help you decide how you can maximise the interest paid on your term deposit.
Does ME Bank have a notice period and charge an early withdrawal fee for withdrawals?
At the time of writing, ME Bank requires you to provide notice of 31 days if you need to access your money early.
ME Bank does not charge an early withdrawal fee but they do apply an interest rate adjustment if you withdraw your money before the end of the term. For example, according to ME if 80% of your term has elapsed then you’ll be given a 20% interest rate reduction.
ME Bank’s website and Product Disclosure Statement will provide more information on any early withdrawal penalties that apply.
Does ME Bank charge any other fees for term deposits?
At the time of writing, no additional fees were listed by ME Bank in relation to its term deposits.
For current information on fees and how they apply, please check the Product Disclosure Statement or contact ME Bank.
How to apply for a ME Bank term deposit
Before applying for a ME Bank term deposit, aim to first compare it against other term deposits on the market to ensure it is the right one for you.
If applying, consider ME Bank’s eligibility criteria (below) and what you might need to have on hand, such as:
- Your TFN (Tax File Number)
- Proof of ID, such as your driver’s license or passport
- Personal details, including your residential address, contact information and potentially information on your current job
- Your bank account details
If you’re applying for a term deposit on behalf of a business, self-managed super fund or other type of entity or organisation, you may need to supply different documents to those listed above. The terms and conditions that apply to your term deposit may also be slightly different.
Eligibility criteria
According to ME Bank, when applying for a term deposit, you will need to meet the following eligibility criteria:
- You must be at least 12 years old
- You must be an Australian resident
- You must be investing a minimum deposit of $5,000
- You must be willing to invest for a time frame within the minimum and maximum terms specified (see above)
What happens to a ME Bank term deposit when it reaches maturity?
According to ME Bank, when a term deposit reaches the end of its term it automatically reinvests, creating a new term deposit of the same length at the current interest rate available, unless you give sufficient prior notice to ME Bank of your intention to withdraw your money at the maturity date.
About ME Bank
ME Bank was founded in 1994. It is a digital-only bank and has no physical branches. In 2021, it was acquired by Bank of Queensland.
