ME Term Deposit

2.80% p.a.1 year

yes

 

ME Term Deposit Review

Rates and fees information correct as at 20 September 2018.

Review published: 19 April 2018

What's hot:

  • 2.75% interest after 1 year

  • 3.00% interest after 3 years

  • Automatic rollover

What's not:

  • Early withdrawal has 31 day waiting period

Mozo snapshot:

If you’re looking for term deposit, you’re looking to lock away some money for a while as a low risk investment. ME Term Deposit, offers some of the best rates on the market at the 1 month, 1 year and 3 year time periods. It also has the 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 features:

The main question with term deposits are, ‘what are the interest rate at different periods?’. ME offers some of the highest interests rates out there. When you open the account, you’ll start with a 2% interest rate, after a year this rises all the way to 3% and after 3 years it hits its’ max at 3%. And if you want this interest paid into another account, that’s an option you can set up.

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

The term periods’ vary to fit your needs; ME allows for terms anywhere from 1 month to 5 years. You just need to deposit a minimum of $1000 to open an account.

Also, there’s no need worrying about having to set up another account and start all over again if you’re keen on re-upping for another term deposit period; as the term deposit will roll over automatically.

Concerned about the fees? Don’t be! There isn’t any.

Who it's good for:

ME Term Deposit really is good for anyone looking to use this alternate savings strategy. From the high interest rates at each period to all the extras you want, this cater to everyone.

Any catches?

If you are looking to make a withdrawal, be aware of the fact that this will reduce your interest earned significantly, with the longer you have left on the term period, the greater the decrease in interest.

How are ME term deposits rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
8.0

Based on 48
ME term deposits reviews

8.2 7.1 7.8 6.9 8.4

Read ME term deposit reviews by the Mozo community

Latest reviews of ME Term Deposit

ME

ME Term Deposit term deposit review

Overall rating   10 / 10

Competitive features, great online service

Signed up online and received a text to advise that the term deposit had been created. The next day the new account appeared in my portfolio. Received additional interest by being in a listed industry super fund.

Full review

Signed up online and received a text to advise that the term deposit had been created. The next day the new account appeared in my portfolio. Received additional interest by being in a listed industry super fund.

    Price   10 / 10

    Features   7 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Name not supplied, Queensland, reviewed about 5 years ago

ME

ME Term Deposit term deposit review

Overall rating   10 / 10

Friendly and fast customer service

After deciding to apply for my first term deposit, I finally got around to it. I was however, startled to see that between submitting my application and it being approved, the interest rates had dropped! Naturally, I got on the phone to find...

Full review

After deciding to apply for my first term deposit, I finally got around to it. I was however, startled to see that between submitting my application and it being approved, the interest rates had dropped! Naturally, I got on the phone to find out what had happened. After explaining the situation and spending a short time on hold, I was given my orignal, and higher interest rate. Very happy.

    Price   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Name not supplied, Victoria, reviewed about 5 years ago

ME

ME Term Deposit term deposit review

Overall rating   9 / 10

Best term deposit rate and customer service!

Their customer service is awesome. If they say they will call you back they do. They follow up on any service requests and their customer service personnel are always helpful and polite.

Full review

Their customer service is awesome. If they say they will call you back they do. They follow up on any service requests and their customer service personnel are always helpful and polite.

    Price   8 / 10

    Features   5 / 10

    Customer service   9 / 10

    Convenience   9 / 10

    Trust   9 / 10

Less

Name not supplied, New South Wales, reviewed about 5 years ago

ME

ME Term Deposit term deposit review

Overall rating   9 / 10

Great rates. Easy signup. Attentive staff. Ethics.

Great rates. Easy signup. Attentive staff. Ethical company. What is not to love about ME Bank?

Full review

Great rates. Easy signup. Attentive staff. Ethical company. What is not to love about ME Bank?

    Price   9 / 10

    Features   8 / 10

    Customer service   8 / 10

    Convenience   9 / 10

    Trust   10 / 10

Less

Name not supplied, South Australia, reviewed about 5 years ago

ME

ME Term Deposit term deposit review

Overall rating   9 / 10

Great rates, easy process and no hassles

Great website and customer service makes setting up a term deposit with ME Bank easy. Only downside is that rollover is automatic so you have to be attuned to the maturity date if you want to access your funds.

Full review

Great website and customer service makes setting up a term deposit with ME Bank easy. Only downside is that rollover is automatic so you have to be attuned to the maturity date if you want to access your funds.

    Price   9 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   8 / 10

    Trust   9 / 10

Less

Name not supplied, Australian Capital Territory, reviewed about 5 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • 2.00% p.a. ($1,000 to $2,000,000)

  • 2.00% p.a. ($1,000 to $2,000,000)

  • 2.55% p.a. ($1,000 to $2,000,000)

  • 2.55% p.a. ($1,000 to $2,000,000)

  • 2.65% p.a. ($1,000 to $2,000,000)

  • 2.75% p.a. ($1,000 to $2,000,000)

  • 2.80% p.a. ($1,000 to $2,000,000)

  • 2.80% p.a. ($1,000 to $2,000,000)

  • 2.70% p.a. ($1,000 to $2,000,000)

  • 2.65% p.a. ($1,000 to $2,000,000)

  • 2.75% p.a. ($1,000 to $2,000,000)

  • 2.80% p.a. ($1,000 to $2,000,000)

  • 2.80% p.a. ($1,000 to $2,000,000)

  • 2.80% p.a. ($1,000 to $2,000,000)

  • 3.00% p.a. ($1,000 to $2,000,000)

  • 3.00% p.a. ($1,000 to $2,000,000)

  • 3.00% p.a. ($1,000 to $2,000,000)

  • yes

  • yes

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

  • none

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.

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

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