A term deposit offers a fixed interest rate for a fixed term. Interest rates differ as they depend on the term, the amount of the deposit and the interest payment frequency. For details, please see the Term Deposit.
To open an account, you must be the individual(s) opening and using the account for personal use. To open a business or SMSF account please click here.
Simply apply online or print out, complete and post an application form back to us. If you are an existing ME customer, you can apply for a term deposit over the phone - just call 13 15 63.
Your account can be opened in a single name or joint name(s). Your opening deposit can be made via direct debit. or a BPay or PayAnyone transfer.
Unlike many other banks, ME 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 on 13 15 63 to find out what interest rates will apply.
You can choose your own term between 1 month and 60 months (5 years). 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 can be opened straight away online provided we can successfully identify you. If you are an existing ME customer, you can open a term deposit straight away over the phone - just call 13 15 63.
If you open your term deposit by paper application your term deposit will be opened 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, you can transfer funds into a new term deposit via BPay or PayAnyone transfer or we can accept a cheque (cheque deposits are only available for paper applications).
Currently, you can sit back and enjoy zero bank fees on your term deposit.
Yes, once you have registered for our internet banking services.
You will receive the interest rate applicable on the day we receive your application (with supporting documentation) required to open your account. If you choose to deposit money into your Term Deposit by BPay or PayAnyone transfer, you should complete the transfer on the same day your application is made. ME must receive the funds within 3 business days of your application, otherwise, a different interest rate may apply to your account.
You will receive the interest rate applicable on the day your existing term deposit account matures. Your term deposit will roll with the same term and interest payment frequency.
You will earn interest from the day your term deposit is opened and an initial deposit is made.
You choose! Interest is calculated daily and paid either:
with a final interest payment at maturity (if required).
Not during the term of your term deposit. You can change this by contacting us before your term deposit rolls.
If you choose to have your interest paid at maturity (for terms of one year or less), you can choose to have the interest invested into your new term deposit or have it paid into your nominated account.
If you choose to have your interest paid more frequently, interest will be 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, interest payment instructions and the maturity date.
Yes. We will send you a maturity advice letter approximately 10 business days before your account matures. You can advise us at any time if you would like to change your maturity instructions, for example rollover your term deposit or have your money paid into your nominated account.
The default option is that your term deposit will automatically be invested into a new term deposit (of the same term and interest payment frequency, 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 call us 13 15 63 or complete a Change of Term Deposit Details Form prior to maturity.
Yes. You can withdraw your term deposit before it is due to mature, but you will be subject to an early withdrawal interest adjustment. The interest you earn on your account is reduced by the amount we calculate. Depending on the amount of interest already paid to you, you may be required to repay some of that interest. The adjustment will be made by a deduction to any unpaid interest otherwise due to you or, if that is not sufficient to cover the adjustment, by a deduction from the amount of your deposit. The balance will be transferred to your nominated account. Please see fees and charges for the amount of the early withdrawal adjustment. Any early withdrawal interest adjustment is waived if you request an early withdrawal within 5 days of your term deposit rollover.
Note: A partial withdrawal is not possible.