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ME Online Savings Account

Interest rate
0.10% p.a.(for $0 and over)
Maximum rate
1.55% p.a. (for $0 to $250,000)
Govt deposit guarantee
Yesup to $250,000
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Mozo editorial review ME Online Savings Account

Last updated: 24 July 2020.

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What's hot
  • Mozo Experts Choice Award winner 2020
  • No account or transaction fees
  • Special 1.55% 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 1.55% 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 2020 Mozo Experts Choice Award in the best Regular Saver category.

Just keep in mind, to receive that 1.55% rate you'll need to link your Online Savings Account to ME's EveryDay Transaction Account, and make four monthly "tap and go" purchases using its Buck debit card.

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Key features

The ME Bank Online Savings Account really is a great value product. The standard interest rate is 0.10%, 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 1.55% 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 four tap and go purchases each month, the 1.55% 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? 

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Who is it good for

The ME Bank Online Savings Account is great for anyone looking for a competitive bonus rate on their savings account to grow their money.

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Any catches
Bear 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 1.55% interest rate.



Details

Rates and fees information correct as at 19 September 2020. 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: 0.10% p.a.

  • Balances from $0: 1.55% p.a.
    Balances from $250,000: 0.10% p.a.

  • Ongoing bonus rate if you make at least four tap & go™ payments per month 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 and app.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • $0.00

  • n/a

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • no

  • yes

  • no

  • no

  • Must link to a transaction account

  • none

  • none

Customer Reviews

How are ME savings accounts rated by the Mozo community?

Overall
8.2/10
Price
8.3/10
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 7/10
    Absolutely fantastic bank, considering no branches

    Their interest rates are among the best in Australia. The savings accounts tabs are easy to use and are easy to understand.

    Read full review

    Their interest rates are among the best in Australia. The savings accounts tabs are easy to use and are easy to understand.

    Price
    8/10
    Features
    8/10
    Customer service
    6/10
    Convenience
    8/10
    Trust
    6/10
    Less
    Magdi, Victoria reviewed about 1 month ago
  • Overall 9/10
    Friendly concierge.

    Competitive and easy to apply online. Tap and go the required amount of times will get you the bonus variable interest. Only drawback is there's no branches available.

    Read full review

    Competitive and easy to apply online. Tap and go the required amount of times will get you the bonus variable interest. Only drawback is there's no branches available.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    -1/10
    Trust
    10/10
    Less
    Richard, Victoria reviewed 3 months ago
  • Overall 9/10
    Best in class interest rate.

    Good interest rate but no Apple Pay.

    Read full review

    Good interest rate but no Apple Pay.

    Price
    10/10
    Features
    3/10
    Customer service
    8/10
    Convenience
    3/10
    Trust
    10/10
    Less
    Elijah, Australian Capital Territory reviewed 3 months ago
  • Overall 10/10
    Competitive interest rate.

    Good interest rate, low fees.

    Read full review

    Good interest rate, low fees.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Simon, South Australia reviewed 3 months ago
  • Overall 10/10
    Great bank with no fees and great service.

    Great bank with great rates and customer service. Can use pretty much most ATMs without incurring a fee (for the linked everyday transaction account). Online banking is easy and simple to use. Call centre is Australian and they're great. One of my favourite banks.

    Read full review

    Great bank with great rates and customer service. Can use pretty much most ATMs without incurring a fee (for the linked everyday transaction account). Online banking is easy and simple to use. Call centre is Australian and they're great. One of my favourite banks.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    8/10
    Trust
    10/10
    Less
    Andrew, New South Wales reviewed 4 months 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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