ME logo

ME Term Deposit

Advertiser disclosure
Best rate (up to 1 year)
5.00% p.a.1 year ($5,000 to $)
Minimum Deposit
$5,000.00
Interest paid to another bank?
yes

Mozo editorial review ME Term Deposit - last updated: 21 May 2024

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What's hot
  • 5.00% p.a. interest for 12 month term
  • Deposit from $5k
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 4.90% for 9 month 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.

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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 0.75%, but they go as high as 4.90% for a 9 month 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.

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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 a competitive product.

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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 29 May 2024. 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

0.75% p.a. ($5,000+)

0.80% p.a. ($5,000+)

2.25% p.a. ($5,000+)

4.65% p.a. ($5,000+)

1.25% p.a. ($5,000+)

4.85% p.a. ($5,000+)

1.75% p.a. ($5,000+)

1.75% p.a. ($5,000+)

4.90% p.a. ($5,000+)

2.00% p.a. ($5,000+)

2.00% p.a. ($5,000+)

5.00% p.a. ($5,000+)

2.00% p.a. ($5,000+)

2.00% p.a. ($5,000+)

2.00% p.a. ($5,000+)

2.00% p.a. ($5,000+)

2.00% p.a. ($5,000+)

2.00% p.a. ($5,000+)

Other financial bits

$5,000.00

none

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
8.3/10
Price
8.0/10
Features
6.9/10
Customer service
7.4/10
Convenience
6.6/10
Trust
7.9/10
Based on 55 ME term deposit reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

Latest reviews of ME Term Deposit

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Yes up to $250,000

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Yes up to $250,000

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Yes up to $250,000

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$1,000.00

Yes up to $250,000

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5.25% p.a.

$1,000.00

Yes up to $250,000

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Rabobank

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5.00% p.a.

$1,000.00

Yes up to $250,000

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MyState Bank

Term Deposit

5.00% p.a.

$5,000.00

Yes up to $250,000

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Heritage Bank

Term Deposit

4.75% p.a.

$1,000.00

Yes up to $250,000

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Judo Bank

Term Deposit for SMSF

5.25% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Judo Bank
Judo Bank

Term Deposit

5.25% p.a.

$1,000.00

Yes up to $250,000

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Rabobank

Term Deposit

5.00% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for MyState Bank
MyState Bank

Term Deposit

5.00% p.a.

$5,000.00

Yes up to $250,000

Thumbnail icon for Heritage Bank
Heritage Bank

Term Deposit

4.75% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Judo Bank
Judo Bank

Term Deposit for SMSF

5.25% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Judo Bank
Judo Bank

Term Deposit

5.25% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Rabobank
Rabobank

Term Deposit

5.00% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for MyState Bank
MyState Bank

Term Deposit

5.00% p.a.

$5,000.00

Yes up to $250,000

Thumbnail icon for Heritage Bank
Heritage Bank

Term Deposit

4.75% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Judo Bank
Judo Bank

Term Deposit for SMSF

5.25% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Judo Bank
Judo Bank

Term Deposit

5.25% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Rabobank
Rabobank

Term Deposit

5.00% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for MyState Bank
MyState Bank

Term Deposit

5.00% p.a.

$5,000.00

Yes up to $250,000

Thumbnail icon for Heritage Bank
Heritage Bank

Term Deposit

4.75% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Judo Bank
Judo Bank

Term Deposit for SMSF

5.25% p.a.

$1,000.00

Yes up to $250,000

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