What ME Bank savings accounts are and who offers them
ME Bank is a customer-owned mutual bank based in Australia that offers savings accounts to individuals and small businesses. Unlike banks owned by shareholders, ME Bank is owned by its members — the people who bank there — which means profits can be returned to account holders rather than paid to external investors.
ME Bank offers several types of savings accounts with different features, interest rates, and conditions. The main categories are standard savings accounts (which earn interest on your balance), high-interest savings accounts (which require you to meet certain conditions to earn the advertised rate), and goal-based savings accounts (which help you set aside money for a specific purpose).
You can open an ME Bank account online, by phone, or in person at a branch. The bank operates across Australia and is regulated by the Australian Prudential Regulation Authority (APRA), which means your deposits are protected under the Financial Claims Scheme up to a certain limit.
Key Takeaways
- ME Bank savings accounts come in different types — standard, high-interest, and goal-based — each with different interest rates and conditions.
- High-interest accounts often require you to deposit a minimum amount each month or maintain a minimum balance to earn the advertised rate.
- You can open an account online in minutes, but you will need to verify your identity with a driver's license or passport.
- Interest is usually paid monthly or quarterly depending on the account type, and you can check your balance and transfer money through the ME Bank app or website anytime.
- Your deposits are protected by the Financial Claims Scheme up to A$250,000 per account holder per bank.
Interest rates and how they are paid
ME Bank's savings account interest rates vary by account type and change regularly based on market conditions. Standard savings accounts typically earn a lower rate, while high-interest accounts offer higher rates but come with conditions you must meet to earn that rate.
Common conditions on high-interest accounts include making a minimum deposit each month (often A$200 to A$500), maintaining a minimum balance, or keeping the account open without withdrawals for a set period. If you do not meet the conditions, the account usually reverts to a lower base rate.
Interest is credited to your account either monthly or quarterly, depending on the account. You can see the current rates and conditions for each account type on the ME Bank website, and rates are updated regularly, so it is worth checking back if you opened an account some time ago.
How to open an account and what you need
Opening an ME Bank savings account online takes about 10 to 15 minutes. You will need to provide your full name, date of birth, email address, phone number, and residential address. You will also need to verify your identity using either an Australian driver's license or passport.
If you are opening an account as a member of ME Bank for the first time, you may need to complete a membership application as well as the account opening form. This is part of the mutual bank structure and does not cost anything.
Once your identity is verified, your account is usually active within one business day. You can then start depositing money through bank transfer, direct deposit from your employer, or by linking another bank account to transfer funds in.
Accessing your money and moving it between accounts
You can access your ME Bank savings account through the ME Bank mobile app, the website, or by calling the bank. You can transfer money out to another Australian bank account using the Osko payment system (which is usually instant) or a standard bank transfer (which takes one to two business days).
Some high-interest savings accounts come with restrictions on how many withdrawals you can make per month without losing the interest rate. Check your account terms to see if this applies to you — if it does, plan your withdrawals accordingly or consider moving money to a separate account if you need frequent access.
ME Bank also offers a debit card linked to some savings accounts, though not all. If your account includes a card, you can withdraw cash from ATMs or make purchases, though using the card may count as a withdrawal under your account conditions.
Fees and charges
ME Bank's savings accounts generally have no monthly account-keeping fees. However, there may be charges for certain transactions or services — for example, if you exceed the number of free withdrawals allowed on your account, or if you request a bank cheque or special transfer.
International transfers, if your account allows them, typically incur a fee. Overdrawn accounts may also attract fees, though most savings accounts do not allow overdrafts. Check your account terms or the ME Bank website for a full fee schedule, as charges can change.
Because ME Bank is a mutual bank, any profit after costs is returned to members, which can sometimes mean lower fees or higher interest rates than you would find at other banks.
Protection of your money
Deposits in ME Bank savings accounts are protected under Australia's Financial Claims Scheme, which is run by the Australian Prudential Regulation Authority. This means if ME Bank fails, your deposits are protected up to A$250,000 per account holder per bank.
If you hold multiple accounts at ME Bank — for example, a savings account and a transaction account — they are usually added together for the purpose of the scheme, so your total protection is A$250,000 across all your ME Bank accounts, not A$250,000 per account.
If you hold an account jointly with another person, each person's share is protected separately up to A$250,000, so a joint account with two holders has A$500,000 of protection in total.
What to do if you have a problem with your account
If you notice an error on your account, an unauthorized transaction, or a problem with interest being paid, contact ME Bank as soon as possible. You can call the customer service line, use the app to send a message, or visit a branch in person.
ME Bank has a dispute resolution process for complaints. If you are not satisfied with how the bank handles your complaint, you can refer it to the Australian Financial Complaints Authority (AFCA), which is a free, independent service that investigates complaints about financial services.
Keep records of any transactions, emails, or calls related to your complaint, as you may need to provide these to AFCA if the dispute goes that far.
Frequently Asked Questions
Can I earn interest on a ME Bank savings account if I do not meet the conditions?
Yes, but usually at a much lower rate. Most high-interest accounts have a base rate that applies if you do not meet the conditions for the higher rate. Check your account terms to see what the base rate is.
How long does it take to transfer money out of my ME Bank account?
Osko transfers are usually instant, while standard bank transfers take one to two business days. The speed also depends on the receiving bank. Transfers made after hours or on weekends may not process until the next business day.
What happens if I close my ME Bank account?
You can close your account at any time by contacting ME Bank. Any balance remaining in the account will be transferred to the account you specify. There is usually no fee for closing an account, but check your terms to be sure.
Can I have more than one savings account with ME Bank?
Yes, you can open multiple accounts. However, remember that the Financial Claims Scheme protection of A$250,000 applies to all your accounts at ME Bank combined, not to each account separately.
Is ME Bank safe, and is my money may provide?
ME Bank is regulated by APRA and your deposits are protected under the Financial Claims Scheme up to A$250,000. The bank has been operating since 1987 and is owned by its members. Your money is not may provide to grow, but it is protected against bank failure up to the scheme limit.