Best rate (up to 1 year)
0.80% p.a.1 year
Minimum deposit
$5,000.00
Interest paid to another bank?
yes

Mozo editorial review ME Term Deposit

Last updated: 5 February 2021.

binocular icon
What's hot
  • 0.65% interest for 6 month terms
  • Deposit between $5k and $2 million
  • Automatic rollover available
What's not
  • Early withdrawal has 31 day waiting period
Mozo snapshot

If you’re looking for a term deposit, you’re looking to lock away money as a low risk investment, but that doesn't mean you need to compromise on the rate you're getting. The ME Term Deposit offers a range of competitive rates as high as 0.65% for 6 month and 0.80% for 1 year terms. It also has all the features you’d want in a term deposit, including automatic rollover, early withdrawal and the ability to pay interest into a different bank.

key icon
Key features

The main question with term deposits is usually, ‘what interest rate can I get?’ 

ME Bank offers up some pretty strong interest rates for term as short as 1 month all the way up to five years to help grow your savings stash. All you'll need is a deposit of at least $5,000 to get started.

At present, all terms will snag you a rate of at least 0.20%, but they go as high 0.80% for a 1 year term. Just keep in mind that when you choose to have interest paid - there are options to have it paid monthly, annually or at maturity - may make a difference to the rate on offer.

If you are looking to make a withdrawal from your ME Term Deposit, you are able to do this with 31 days notice. However, like most term deposits, it’s important to note that this will reduce your interest rate for the remainder of the term period.

Also, there’s no need to worry about setting up another account and starting all over again if you’re keen on reinvesting your savings, as the term deposit will roll over automatically. Just make sure the rate you're getting is still up to scratch before you let it rollover.

snapshot
Who is it good for

The ME Term Deposit could be a great option for anyone looking to lock their savings away with a guaranteed rate. From the competitive interest rates on offer to all the extras you want, ME's Term Deposit has all the hallmarks of an award-winning product.

question icon
Any catches

If you are looking to make a withdrawal, be aware of the fact that this will significantly reduce your interest earned.

Details

Rates and fees information correct as at 28 February 2021. 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
  • 0.20% p.a. ($5,000 to $2,000,000)

  • 0.20% p.a. ($5,000 to $2,000,000)

  • 0.65% p.a. ($5,000 to $2,000,000)

  • 0.65% p.a. ($5,000 to $2,000,000)

  • 0.65% p.a. ($5,000 to $2,000,000)

  • 0.65% p.a. ($5,000 to $2,000,000)

  • 0.70% p.a. ($5,000 to $2,000,000)

  • 0.70% p.a. ($5,000 to $2,000,000)

  • 0.75% p.a. ($5,000 to $2,000,000)

  • 0.75% p.a. ($5,000 to $2,000,000)

  • 0.75% p.a. ($5,000 to $2,000,000)

  • 0.80% p.a. ($5,000 to $2,000,000)

  • 0.80% p.a. ($5,000 to $2,000,000)

  • 0.80% p.a. ($5,000 to $2,000,000)

  • 0.80% p.a. ($5,000 to $2,000,000)

  • 0.80% p.a. ($5,000 to $2,000,000)

  • 0.80% p.a. ($5,000 to $2,000,000)

Other financial bits
  • $5,000.00

  • $2,000,000.00

Features
  • yes

  • yes

  • 31 days notice required if customers want to withdraw their funds before the maturity date.

  • none

Different interest rates apply to different amounts or different interest payment frequencies.

Customer Reviews

How are ME term deposits rated by the Mozo community?

Overall
7.7/10
Price
8.1/10
Features
6.9/10
Customer service
7.3/10
Convenience
6.6/10
Trust
8.0/10

Latest reviews of ME Term Deposit

Thumbnail icon for 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.

See ME term deposits

Thumbnail icon for Citi

Citi

Term Deposit

0.75% p.a.

$10,000.00

Yes up to $250,000

Thumbnail icon for Teachers Mutual Bank

Teachers Mutual Bank

Term Deposit

0.90% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for BankVic

BankVic

Term Deposit

1.05% p.a.

$5,000.00

Yes up to $250,000

Thumbnail icon for Judo Bank

Judo Bank

Term Deposit

0.95% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Citi

Citi

Term Deposit

0.75% p.a.

$10,000.00

Yes up to $250,000

Thumbnail icon for Teachers Mutual Bank

Teachers Mutual Bank

Term Deposit

0.90% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for BankVic

BankVic

Term Deposit

1.05% p.a.

$5,000.00

Yes up to $250,000

Thumbnail icon for Judo Bank

Judo Bank

Term Deposit

0.95% p.a.

$1,000.00

Yes up to $250,000