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.
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.