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 4.85% 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. It also snagged a 2023 Mozo Experts Choice Award for best Term Deposit.
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 4.85% 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.
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.
If you are looking to make a withdrawal, be aware of the fact that this will significantly reduce your interest earned.
0.75% p.a. ($5,000+) |
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0.80% p.a. ($5,000+) |
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2.25% p.a. ($5,000+) |
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4.65% p.a. ($5,000+) |
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1.25% p.a. ($5,000+) |
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4.85% p.a. ($5,000+) |
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1.75% p.a. ($5,000+) |
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1.75% p.a. ($5,000+) |
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4.85% p.a. ($5,000+) |
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2.00% p.a. ($5,000+) |
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2.00% p.a. ($5,000+) |
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4.85% p.a. ($5,000+) |
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4.75% p.a. ($5,000+) |
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4.45% p.a. ($5,000+) |
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4.30% p.a. ($5,000+) |
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3.50% p.a. ($5,000+) |
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3.50% p.a. ($5,000+) |
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3.50% p.a. ($5,000+) |
$5,000.00 |
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none |
yes |
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yes |
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31 days notice required if customers want to withdraw their funds before the maturity date. |
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none |
Different interest rates apply to different amounts or different interest payment frequencies.
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.
Read full reviewSigned 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.
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.
Read full reviewAfter 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.
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.
Read full reviewTheir 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.
Great rates. Easy signup. Attentive staff. Ethical company. What is not to love about ME Bank?
Read full reviewGreat rates. Easy signup. Attentive staff. Ethical company. What is not to love about ME Bank?
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.
Read full reviewGreat 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.