ME Online Savings Account

0.80% p.a.(for $0 and over)

2.35% p.a. (for $0 to $250,000)

ME Online Savings Account

0.80% p.a.(for $0 and over)

2.35% p.a. (for $0 to $250,000)

Mozo Review   ME Online Savings Account Review

Last updated: 10 July 2019.

What's hot:
  • Mozo Experts Choice Award winner 2019

  • No account or transaction fees

  • Special 2.35% interest rate (conditions apply)

What's not:
  • No BPay or Australia Post banking facilities

Mozo snapshot:

Want a savings account with one of the highest interest rates in the market that's free of the bite of fees? Well, the ME Online Savings Account could be for you!

Not only will you receive a generous 2.35% interest rate but you'll pay $0 account keeping and transaction fees. It's no wonder the ME Online Savings Account was named as a winner of a 2019 Mozo Experts Choice Award in the Regular Saver category.

Just keep in mind, to receive that 2.35% rate you'll need to link your Online Savings Account to ME's EveryDay Transaction Account, and make a weekly "tap and go" purchase using its Buck debit card.

Key features:

The ME Bank Online Savings Account really is a great value product. The standard interest rate is 0.80%, which has no conditions attached, so you can simply deposit your money into the account and set and forget. But why would you do that when there is a competitive 2.35% interest rate up for grabs? 

All you need to do to nab that rate is open ME's Everyday Transaction Account and link it to your Online Savings Account. When you open the transaction account you'll receive a Buck debit card and as long as you make just one tap and go purchase each week the 2.35% interest rate will be applied to your Online Savings Account. 

Other features of the savings account include, fee free transactions online and over the phone. And just like most savings accounts, no ATM access is included in the Online Savings Account. But that's what you have the Everyday Transaction Account for, right? 

Who it's good for:

The ME Bank Online Savings Account is great for anyone looking for a high interest savings account to grow their money.

Any catches?
ME's terms and conditions are not clear on what is meant by 'weekly payment' so whether you need to make a purchase every seven days or between certain days of the week to get your bonus interest, it is unclear. But you will need to make sure that the transaction is processed within the same calendar month as the purchase in order to get the bonus interest.

The good news that the T&Cs do say that ME may waive the requirement for you to meet all the conditions so if you do end up getting duped of your bonus interest it is worth contacting their customer service.

Also, keep in mind, if you're jetsetting overseas and don't make a weekly "tap and go" purchase with the Buck debit card within Australia for that month you won't receive the high 2.35% interest rate.




Details

Rates and fees information correct as at 16 July 2019. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.80% p.a.

  • Balances from $0: 2.35% p.a.
    Balances from $250,000: 0.80% p.a.

  • Ongoing bonus rate if you make at least one tap & go™ payment per week with your Everyday Transaction Account debit card. Purchases must be processed in calendar month to be eligible for bonus interest.

Fees
  • $0.00

  • n/a

  • unlimited free transactions from internet, phone.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • $0.00

  • $0.00

  • n/a

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • yes

  • yes

  • no

  • no

  • Must link to a transaction account

  • none

  • none

Customer Reviews

How are ME savings accounts rated by the Mozo community?

Overall customer rating
8.2/10
Price
8.2/10
Features
7.3/10
Customer service
8.3/10
Convenience
7.4/10
Trust
8.5/10

Latest reviews of ME Online Savings Account

  • Overall
    8/10
    Great customer service but frustrating phone app

    I transferred to ME because of their excellent savings account interest rate, and found during...

    I transferred to ME because of their excellent savings account interest rate, and found during the application process that their staff were just as impressive. Unfortunately I found their phone app to be clunky and limited compared to other banks which was frustrating as I prefer to use my phone for all my banking, and that combined with the drop in savings interest rate forced me to look elsewhere. In saying that I couldn't recommend their staff more highly, and overall they were one of the best banks I've been with.

    Price
    7/10
    Features
    -
    Customer service
    -
    Convenience
    -
    Trust
    -

    Tom | New South Wales

    reviewed over 1 year ago

  • Overall
    10/10
    Excellent banking experience, fast data update

    excellent no fee banking , online way of the future.

    excellent no fee banking , online way of the future.

    Price
    10/10
    Features
    -
    Customer service
    -
    Convenience
    -
    Trust
    -

    Tony | New South Wales

    reviewed about 2 years ago

  • Overall
    5/10
    Competitive rate, hopeless account keeping

    This bank makes lots of mistakes in the interest payments and has confusing account keeping. I...

    This bank makes lots of mistakes in the interest payments and has confusing account keeping. I have had to ring several times due to wrong interest being credited, or tax withheld and paid to taxation office even though I was exempt. Interest rate is competitive which is the only reason I am still with them.

    Price
    8/10
    Features
    -
    Customer service
    -
    Convenience
    -
    Trust
    -

    Florence | Tasmania

    reviewed about 2 years ago

  • Overall
    10/10
    Great service and rates

    Great service and rates.

    Great service and rates.

    Price
    10/10
    Features
    -
    Customer service
    -
    Convenience
    -
    Trust
    -

    Bernie | Australian Capital Territory

    reviewed over 2 years ago

  • Overall
    2/10
    Dissatisfied

    We have insisted on printed statements and always have to chase the bank to provide them. Often...

    We have insisted on printed statements and always have to chase the bank to provide them. Often they are promised the next week and just never arrive.

    Price
    2/10
    Features
    -
    Customer service
    -
    Convenience
    -
    Trust
    -

    Ian | Victoria

    reviewed over 2 years ago

ME

About ME

ME stands for a new kind of banking - one that's fairer, more transparent and is committed to great deals for its customers. ME was created by Australia's leading super funds and has award-winning home loans and term deposits, low-cost savings accounts, country-wide ATM access and banking experts that come to you at your convenience.

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