There are two things you need to do to qualify for the Online Savings Account bonus interest rate each month:

  1. Have an Everyday Transaction Account with ME in the same name(s) as your Online Savings Account (s).
  2. Make a minimum of four tap & goTM purchases each month with your Everyday Transaction Account debit Mastercard® (the transactions need to have settled on your account by the end of the month and not be in ‘pending’ status to qualify).

Changes effective 1 October 2019

From 1 October 2019, there are some changes to how you can earn bonus interest on your Online Savings Account:

  • Instead of tapping once a week, you’ll only need make a tap & go purchase a minimum of four times per month – giving you more freedom to tap when you can – as long as your transactions have been settled on your Everyday Transaction Account by the end of the month.
  • You can now also earn bonus interest on multiple Online Savings Accounts – as long as they are in the same name(s) as your Everyday Transaction Account.
  • To receive the bonus interest, your Everyday Transaction Account and Online Savings Account will need to be in the same name (for accounts in one name) or same names (for accounts in joint names). For example:

Everyday Transaction Account

 

Online Savings Account

 

Mr Smith

+

Mr Smith

Mr & Mrs Smith

+

Mr & Mrs Smith

Mr Smith

+

Mr & Mrs Smith

Mr & Mrs Smith

+

Mr Smith

 

 

How do I know I've qualified?

If you qualify for the bonus, you’ll be able to see it in the transaction listing of your mobile app and internet banking. It will say: ‘Congratulations - you’ve tapped your way to bonus interest’

If you qualify, at the end of the month there will be two interest payments for your Online Savings Account: one for variable base interest and one for variable bonus interest.

How do you define a month to qualify for bonus interest?

The month refers to a calendar month, such as 1 – 30 April.

I have multiple Everyday Transaction Accounts; how do I qualify for bonus interest on my Online Savings Accounts?

In order to qualify, a minimum of four tap & go purchase transactions need to be completed on the same Everyday Transaction Account. If you have a joint account with two debit Mastercards, then either of the cards can make tap & go purchases to contribute towards the four taps. Just make sure the Everyday Transaction Account is in the same name(s) as your Online Savings Accounts.

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