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ME Term Deposit

In partnership with AFSL 459645
About Cashwerkz

This Term Deposit offer is available to Mozo customers from Cashwerkz, the secure online marketplace for cash investments, regulated by ASIC (AFSL 459645). You do not pay a fee to use Cashwerkz. Your Term Deposit funds will be deposited directly with your chosen financial institution, in your name, and the funds are never held by Cashwerkz.

Best rate (up to 1 year)
1.30% p.a.1 year
Interest paid to another bank?
yes
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Mozo editorial review ME Term Deposit

Last updated: 13 July 2020.

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What's hot
  • 2020 Mozo Experts Choice Award winner
  • 1.05% interest for 6 month terms
  • Deposit between $5k and $2 million
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 1.05% for 6 month and 1.05% 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.

And did we mention it took out a 2020 Mozo Experts Choice Award for best Term Deposit? Not too shabby! 

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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 0.60%, but they go as high 1.05% 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.

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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 an award-winning 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 14 July 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
  • 0.60% p.a. ($25,000 to $2,000,000)

  • 0.60% p.a. ($25,000 to $2,000,000)

  • 1.00% p.a. ($25,000 to $2,000,000)

  • 1.00% p.a. ($25,000 to $2,000,000)

  • 1.00% p.a. ($25,000 to $2,000,000)

  • 1.05% p.a. ($25,000 to $2,000,000)

  • 1.00% p.a. ($25,000 to $2,000,000)

  • 1.00% p.a. ($25,000 to $2,000,000)

  • 1.05% p.a. ($25,000 to $2,000,000)

Other financial bits
  • $25,000.00

  • $2,000,000.00

Features
  • direct credit

  • 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 customer rating
8.0/10
Price
8.3/10
Features
7.1/10
Customer service
7.6/10
Convenience
6.8/10
Trust
8.3/10

Latest reviews of ME Term Deposit

  • Overall 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.

    Read 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
    Mozo community reviewer, Queensland reviewed almost 7 years ago
  • Overall 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 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 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
    Features
    -1/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Mozo community reviewer, Victoria reviewed almost 7 years ago
  • Overall 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.

    Read 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
    Mozo community reviewer, New South Wales reviewed almost 7 years ago
  • Overall 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?

    Read 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
    Mozo community reviewer, South Australia reviewed almost 7 years ago
  • Overall 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.

    Read 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
    Mozo community reviewer, Australian Capital Territory reviewed almost 7 years 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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