Saving for a home just got a lot easier with the ME HomeME Savings Account. Clocking in at a competitive 5.55% maximum interest rate for balances up to $100,000 and no ongoing account fees, this could be a future homeowners best friend.
The rundown for the ME HomeME Savings Account is that it offers a base variable rate of 0.55% p.a. and a bonus rate of 5.00% p.a. on balances up to $100,000. If your account balance exceeds $100,000 but is under 1 million, there is a reduced bonus rate of 2.45% p.a.
There’s a couple of things you need to do to get that sweet bonus rate, first off you need to deposit at least $2,000 into the linked SpendME Transaction Account every month. You also need to grow the balance of your HomeME Savings Account by putting money in there on the regular. There are also no applicable bonus rates to balances over 1 million.
The HomeME Savings Account is housed on the Me GO app and not the usual internet banking most savings accounts are accessed through.
There are no account keeping fees on the Savings Account or linked Transaction Account, however there are some additional costs if you happen to lose your card, want to change the colour or make an error in a payment. Be sure to read the fees guide for the extra costs for the small things that could happen.
The ME HomeME Savings Account is good for those who are saving to buy a home and are consistent with their savings schedule in order to get that max rate.
While this account has a great maximum rate, it is capped at a certain balance and has specific requirements to meet otherwise it goes back to a relatively low variable rate.
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Balances from $0: 0.55% p.a. |
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Balances from $1: 5.55% p.a. |
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Minimum $2000 must be deposited into connected SpendME account and have a higher closing balance than the last month. |
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$0.00 |
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n/a |
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Unlimited free app transfers to linked bank account. |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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$0.00 |
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n/a |
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$0.00 |
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$0.00 |
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Monthly |
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no |
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n/a |
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no |
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no |
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no |
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no |
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no |
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no |
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yes |
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no |
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no |
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Must link to a SpendME transaction account |
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none |
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none |
^See information about the Mozo Expert Choice Awards
Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
Bonus Saver
5.00% p.a. (for $0 and over)
1.00% p.a.(for $0 and over)
Yes up to $250,000
Savings Accelerator
3.55% p.a. (for $0 to $50,000)
2.85% p.a.(for $0 to $50,000)
Yes up to $250,000
Life - 18-29 years old
5.20% p.a. (for $0 to $30,000)
1.85% p.a.(for $0 and over)
Yes up to $250,000
Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Savings Account
5.35% p.a. (for $0 to $250,000)
Yes up to $250,000
4.75% p.a.(for $0 to $1,000,000)
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
Yes up to $250,000
0.55% p.a.(for $0 and over)
Bonus Saver
5.00% p.a. (for $0 and over)
Yes up to $250,000
1.00% p.a.(for $0 and over)
Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
0.05% p.a.(for $0 and over)
Life - 18-29 years old
5.20% p.a. (for $0 to $30,000)
Yes up to $250,000
1.85% p.a.(for $0 and over)
Savings Accelerator
3.55% p.a. (for $0 to $50,000)
Yes up to $250,000
2.85% p.a.(for $0 to $50,000)
Bonus Saver Account
0.05% p.a.(for $0 and over)
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
Kids Bonus Saver
0.05% p.a.(for $1 and over)
0.85% p.a. (for $5,556 and over)
Yes up to $250,000
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
3.01% p.a. (for $0 and over)
Yes up to $250,000
Progress Saver
0.01% p.a.(for $0 and over)
4.25% p.a. (for $0 and over)
Yes up to $250,000
