ME Term Deposit

1.70% p.a.6 months

yes

ME Term Deposit

1.70% p.a.6 months

yes

Mozo Review   ME Term Deposit Review

Last updated: 10 December 2019.

What's hot:
  • 2019 Mozo Experts Choice Award

  • 1.60% interest for 1 year term

  • 1.70% interest for 8 months term

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. The ME Term Deposit offers a hot 1.60% p.a. interest rate across most of it's term lengths, from 3 months to 2 years. 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 Mozo Experts Choice Award in 2019 for best Term Deposit? Not too shabby. 

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 to help grow your stash. Most terms will snag you a cool 1.60% p.a. in interest, although notable exceptions are the 3 month term, where you'll get 1.65% p.a. and the 8 month term, which comes with 1.70% p.a. attached. 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 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 $5,000 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.

Details

Rates and fees information correct as at 15 December 2019. 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
  • 1.20% p.a. ($5,000 to $2,000,000)

  • 1.20% p.a. ($5,000 to $2,000,000)

  • 1.65% p.a. ($5,000 to $2,000,000)

  • 1.60% p.a. ($5,000 to $2,000,000)

  • 1.60% p.a. ($5,000 to $2,000,000)

  • 1.70% p.a. ($5,000 to $2,000,000)

  • 1.60% p.a. ($5,000 to $2,000,000)

  • 1.70% p.a. ($5,000 to $2,000,000)

  • 1.60% p.a. ($5,000 to $2,000,000)

  • 1.60% p.a. ($5,000 to $2,000,000)

  • 1.60% p.a. ($5,000 to $2,000,000)

  • 1.60% p.a. ($5,000 to $2,000,000)

  • 1.60% p.a. ($5,000 to $2,000,000)

  • 1.50% p.a. ($5,000 to $2,000,000)

  • 1.50% p.a. ($5,000 to $2,000,000)

  • 1.50% p.a. ($5,000 to $2,000,000)

  • 1.50% p.a. ($5,000 to $2,000,000)

Other financial bits
  • $5,000.00

  • $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
7.7/10
Convenience
6.9/10
Trust
8.4/10

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...

    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

    Name not supplied | Queensland

    reviewed over 6 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,...

    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

    Name not supplied | Victoria

    reviewed over 6 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...

    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

    Name not supplied | New South Wales

    reviewed over 6 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?

    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

    Name not supplied | South Australia

    reviewed over 6 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...

    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

    Name not supplied | Australian Capital Territory

    reviewed over 6 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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