Qualifying for bonus interest.
How do I qualify for bonus interest?
To qualify for bonus interest, you must meet the monthly criteria. Here’s how it works for your account.
For SaveME Accounts, you’ll need to:
- Have a SpendME account with ME in the same name(s) as your SaveME account(s).
- Make 4 or more settled card transactions in a single month to earn bonus interest on your balance in the next calendar month. (Transactions that are pending do not count as a transaction for the previous calendar month, and will be counted in the following calendar month.)
For HomeME Accounts, you’ll need to:
- Have a SpendME account with ME in the same name(s) as your HomeME account(s).
- Deposit $2000+ every month into your SpendME account – it can be your pay or salary, or just money deposited from an external bank account.
For example:
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SpendME
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SaveME / HomeME
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Dr Smith
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+
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Dr Smith
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Dr & Dr Smith
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+
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Dr & Dr Smith
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Dr Smith
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+
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Dr & Dr Smith
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Dr & Dr Smith
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+
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Dr Smith
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To help kickstart your savings, you will earn bonus interest in your first month with ME. Just make sure you meet the bonus interest criteria before the end of the month to continue earning it in the following month.
When is interest calculated and paid for SaveME or HomeME accounts?
You’ll need to meet the bonus interest criteria in month 1. Interest is calculated on the balance of your SaveME or HomeME account in month 2. And interest is paid on first day of month 3.
For example:
January – Meet the month criteria
February – Bonus interest is calculated
March – Interest is paid on the 1st of March
How do you define a ‘month’ to qualify for bonus interest?
The month refers to a calendar month, such as 1–30 April.