A term deposit offers a fixed interest rate for a fixed term. Interest rates differ as they depend on both the term and the amount of the deposit. For details, please see the Super Members Term Deposit.
Anyone who is an Australian citizen, an Australian permanent resident or an Australian resident with an Australian residential address (for taxation purposes) over the ages of 12 can apply.
To open an account, you must be the individual opening and using the account for personal use (you cannot open or use an account for business or trustee purposes).
Simply apply online or print out, complete and post an application form back to us. If you are an existing ME Bank customer, you can apply for a term deposit over the phone - just call 13 15 63.
Your account can only be in a single name, and your opening deposit must be made via direct debit (a cheque deposit cannot be accepted).
Unlike many other banks, ME Bank requires a minimum deposit of just $1,000 to open a term deposit account.
There is no maximum deposit amount for term deposit accounts - you can put in as much money as you like! However, for amounts greater than $500,000, please contact us to find out what interest rates will apply.
You can choose your own term between 1 month (30 days) and 24 months (730 days). You may even select a maturity date that suits your own investment goals.
Yes, you can open as many term deposit accounts as you like. Simply fill in another application.
This particular account is for personal use only. If you're a business customer looking to open a term deposit, please see our Business Term Deposit information.
Your account will open within three business days from when we receive your completed application form and any supporting documentation.
We can debit funds directly from your nominated bank account, or we can accept a cheque for the initial deposit (cheque deposits are not available for phone applications from existing customers).
Currently, you can sit back and enjoy zero bank fees on this account.
Yes, once you have registered for our online banking services.
You will receive the interest rate applicable on the day we receive your application (with supporting documentation) required to open your account.
You will receive the interest rate applicable on the day your existing term deposit account matures.
You will earn interest from the day your term deposit is opened and an initial deposit is made.
For terms of 365 days or less, interest is calculated daily and credited at maturity. For terms of 365 days or more, interest is calculated daily and:
Once your term deposit matures, you can choose to have the interest reinvested into your new term deposit or have it paid into your nominated account.
Yes. We will send you a confirmation letter once your account has been opened, detailing your investment amount, the interest rate and the maturity date.
Yes. We will send you a maturity advice letter approximately 10 business days before your account matures. You can then decide if you would like to have it paid into your nominated account.
The default option is that your term deposit will automatically be reinvested into a new term deposit (of the same term, at the interest rate applicable on the day your existing term deposit Account matures).
Alternatively, you may choose to have it paid into your nominated account. Simply complete a Change of Term Deposit Details Form.
Yes. You can withdraw your term deposit before it is due to mature, but you will be subject to an early withdrawal percentage rate up to the amount of accrued interest. Note: A partial withdrawal is not possible.