ME Bank extends bonus savings rate for another month

Me bank savings content content

To the relief of its savers, ME Bank announced yesterday that it will be extending its automatic bonus savings rates until the end of June 2020.

The online bank originally announced its decision to waive bonus interest rate conditions for its Online Savings Account back in March, as part of its Covid-19 support package.

So if you met all the conditions to qualify for the bonus interest rate in the months leading up to lockdown (between December 2019 and February 2020), or you opened an Online Savings Account with ME Bank in March, then you should be eligible for the automatic bonus interest rate. 

This means you’ll earn the maximum ongoing 1.80% p.a. interest rate on balances up to $250,000 without having to meet the usual conditions.

ME’s executive for customer banking, Craig Ralston said he hoped this measure would bolster customers’ savings and provide some financial certainty during the Covid-19 pandemic.

“Now more than ever, banking should be simple and stress free,” said Ralston.

ME Online Savings Account
  • 1.80% maximum ongoing interest rate

  • No account or transaction fees

  • Earn the same interest rate on multiple savings accounts

ME Bank’s Online Savings Account comes with a competitive 1.80% p.a. interest rate, when you make at least four tap and go purchases each month, through your ME Everyday Account. Plus, if you already have an ME savings account then you might be interested to hear that you can open multiple ME savings accounts and still earn the same savings rate. This way you can set yourself up an emergency savings stash and a dream holiday fund at the same time.

^See information about the Mozo Experts Choice Savings accounts Awards

After a savings account for your rainy day fund? Check out our compare savings account hub to see what competitive interest rates are on offer right now.