ME

ME was founded in 1994 as Super Member Home Loans (SMHL) before changing its name to Members Equity. In 2009, Members Equity was re-branded to ME Bank, then in 2015 shortened to ME. Initially the bank opened to help everyday Aussies with home loan products. Now, ME Bank offer a range of low-cost banking products including home loans, savings accounts, credit cards, term deposits, and transaction accounts, with profits going back to the 26 industry super funds that own them. ME bank is an online bank, which allows it to keep costs down and pass on savings to its customers. In February 2021, ME bank was acquired by Bank of Queensland, with the change expected to be finalised by August 2021.

ME

ME was founded in 1994 as Super Member Home Loans (SMHL) before changing its name to Members Equity. In 2009, Members Equity was re-branded to ME Bank, then in 2015 shortened to ME. Initially the bank opened to help everyday Aussies with home loan products. Now, ME Bank offer a range of low-cost banking products including home loans, savings accounts, credit cards, term deposits, and transaction accounts, with profits going back to the 26 industry super funds that own them. ME bank is an online bank, which allows it to keep costs down and pass on savings to its customers. In February 2021, ME bank was acquired by Bank of Queensland, with the change expected to be finalised by August 2021.

Basic Home Loan - Investment - LVR <= 80%

Variable
Rate 3.28
Comparison
Rate 3.30

Basic Home Loan - Investment - LVR > 80%

Variable
Rate 3.45
Comparison
Rate 3.47

Flexible Home Loan - Investment - LVR <= 80%

Variable
Rate 5.07
Comparison
Rate 5.09

Flexible Home Loan - Investment - LVR <= 80%

Variable
Rate 5.07
Comparison
Rate 5.09

Flexible Home Loan - Investment - LVR > 80% <= 90%

Variable
Rate 5.37
Comparison
Rate 5.39

Flexible Home Loan - Investment - LVR > 80% <=90%

Variable
Rate 5.37
Comparison
Rate 5.39

Flexible Home Loan - Owner Occupied - LVR <= 80%

Variable
Rate 4.31
Comparison
Rate 4.33

Flexible Home Loan - Owner Occupied - LVR <= 80%

Variable
Rate 4.31
Comparison
Rate 4.33

Flexible Home Loan - Owner Occupied - LVR > 80% <= 90%

Variable
Rate 4.61
Comparison
Rate 4.63

Flexible Home Loan - Owner Occupied - LVR > 80% <=90%

Variable
Rate 4.61
Comparison
Rate 4.63

Flexible Home Loan - Owner Occupied - LVR > 90%

Variable
Rate 4.61
Comparison
Rate 4.63

Flexible Home Loan - Owner Occupied - LVR > 90%

Variable
Rate 4.61
Comparison
Rate 4.63

ME Personal Loan

1st year Fixed
Rate 10.98
Comparison
Rate. 11.35

frank

Purchase
Rate 11.99
Annual
Fee

Everyday Transaction Account

Max Interest rate($10,000) Base Interest rate($10,000)

ME Online Savings Account (with ongoing bonus)

Max Interest rate($10,000) Base Interest rate($10,000) 0.05

ME Bank Business Term Deposits

90 Days

0.50
1 Yr Paid
Annually 0.75

ME Bank Term Deposit

90 Days

0.50
1 Yr Paid
Annually 0.80

ME Banking and Savings accounts

1. ME Everyday Transaction Account

This is an award winning everyday transaction account that has $0 account keeping fees and no minimum deposits. Customers can obtain a refund on any transaction fee if using an Australian ATM. Customers may their digital wallet so they don’t have to carry their bank card around with them, however if they do wish to carry their card they can choose their own colour. Note that if you choose a pink card, ME Bank will donate 1 cent for every card purchase to the National Breast Cancer Foundation. You must be 16 years or older to open this account.

2. Online Savings account

This online savings account charges no monthly fees and there are no requirements for a minimum or regular deposit. The Online Savings Account has a variable base interest rate. You can earn a bonus rate if you have an ME Everyday Transaction Account and you meet the criteria. In order to be eligible for the bonus rate, you will need to make a minimum of four tap and go settled purchases each month using your Everyday Transaction Account. The bonus interest only applies to balances up to $250,000 on each online savings account you open. If you choose to move, add or withdraw your money, you will still qualify for the bonus as long as you meet the criteria. Use your digital wallet for easy access to your money. You must be 12 years or older to open this account.

3. ME Term Deposits

ME’s Term Deposits require no set up or account keeping fees and very competitive interest rates. You can invest from $5000 to $2 million with terms anywhere from 1 month to 60 months. You can also choose to be paid monthly, annually or at maturity. You must give 31 days’ notice if you would like to access your funds before maturity. You must be 12 years or older to open this account.

Home loans

ME Bank has home loans to suit the needs of first home buyers, property investors or seasoned purchasers.

1. Basic Home loan

This no frills home loan has no application fee, $0 monthly account keeping fees and a low variable rate. A redraw facility is available on this home loan as long as you are ahead of your repayments. You can make extra repayments and pay off your home loan early without any penalties.

2. Flexible Home Loan package

If you need a little more than just the basics, ME’s flexible loan has a few features that are worth considering. You can:

  • Open a 100% offset account so you pay less in interest.
  • Choose whether you would like to have variable or fixed interest rate or select to split your loan for 1-7 years.
  • Make extra repayments on your variable loan and pay off your loan early with no penalty.
  • Use the redraw facility and access any extra funds you have paid.

One of the highlights of this account is the option to pay interest only for up to 5 years (or up to 10 years if you are investing). If you are ahead of your repayments, you can apply to take a break from repayments if unexpected circumstances arise. You also have the option of making repayments weekly, fortnightly or monthly.

3. Flexible Home Loan with member package

If you need that little bit more out of your home loan, sign up for the member package. By paying the $395 annual fee, you unlock more features that are otherwise unavailable to you. Receive a lower variable interest rate, save $200 and pay no valuation fee, no top up fee, no fee if you choose to fix your rate after you settle and no fee to split your loan after you settle.

You can also enjoy all the perks of the Flexible Home Loan package, such as:

  • Choose whether you would like to have variable or fixed interest rate or select to split your loan for 1-7 years.
  • Use the redraw facility and access any extra funds you have paid.
  • The option to pay interest only for up to 5 years (or up to 10 years if you are investing).
  • Open a 100% offset account so you pay less in interest.
  • Make extra repayments on your variable loan and pay off your loan early with no penalty.

Credit Cards

ME keeps it simple, offering just one credit card.

1. ME low rate credit card

ME’s Low rate Credit Card offers a low interest rate, with no annual fee. There is a minimum credit limit of $1000, but this can be increased down the track if you follow certain criteria.

You can receive up to 55 days interest free on purchases and have the ability to use tap and go by either tapping your card or using your digital wallet. Use the app for all your banking purposes as well as putting a temporary stop on your card. You can also get protection from any unauthorised purchases. The bank charges $0 fee for additional cards.

Personal loans

ME’s personal loan is great if you need to consolidate your debt or need to make a big purchase. This is an unsecured loan with a low fixed interest rate, so you will always know what your repayments will be. There is a $250 set up fee, but no ongoing fees.

You can borrow $5000 to $50,000 and choose to pay it off in 1-7 years. You also have the choice to make monthly or fortnightly paymen ts with no penalties if you pay your loan off early.

Pros

  • Online bank means there are very few account fees
  • Full suite of online and mobile banking products, including a digital wallet
  • Good for online savings
  • Good for everyday transactions

Cons

  • Competitive rates, but could be lower
  • Bonus interest rules can be strict
  • No bank branches
  • $4 withdrawal fee for overseas ATMs
  • 2.3% international transaction fee when making purchases with your debit card overseas