Term Deposits.
Now available in the ME Go app and internet banking, our new term deposits give you the certainty of fixed interest and the flexibility to choose a term that suits goals.{sub-heading}
Our top term deposit rates
Make the most of your savings with our high interest term deposits if you deposit a minimum of $5,000.
Safe. Simple. Secure.
No fees. No fluff. Just guaranteed growth with ME Go Term Deposits, protected by smart security for your peace of mind.
Grow it your way.
Open, manage and update your term deposit anytime with ME, including your maturity instructions and nominated accounts.
Fixed returns.
With a term deposit from ME, you are in the driver's seat with balances from $5k to build your savings.
Safe and secure.
Your term deposit is protected by the government guarantee, with up to $250,000 per person covered. Plus, one-time PINs and biometric logins keep your savings safe with a swipe or a smile.
Open a Term Deposit
New to ME?
Open your first term deposit with us.
You'll need to have
- about 5 minutes
- at least one form of valid ID such as an Australian driver's licence.
- an Australian phone number.
You'll need to be
- at least 14 years old
- an Australian citizen or permanent resident
- opening an account for personal use
What happens next
If we can verify your identity online, we’ll open a SpendME account for you to transfer your investment amount into. Heads up! If you need to access your funds once your term starts, you'll need to give us 31 days' notice.
Our brand-new ME Go Term Deposit rates.
Minimum opening deposit of $5,000.
Top ME Go Term Deposit interest rates paid at maturity.{colspan-6}
Term deposit facts & fees.
Top facts{colspan-2}
Need to withdraw finds early?
Heads up, if you need to access your funds once your term starts, we’ll need 31 days’ notice.
We're here to help with any assistance needed if your facing financial difficulty. Please visit our financial difficulty page to learn more.
Early withdrawals{colspan-2}
Feel Safe with ME.
Not only does our system constantly monitor your card to help prevent fraudulent behaviour, we have security measures in place to protect you.
BOQ backed.
In 2021 ME became part of the Bank of Queensland Group (BOQ), with customer-first values.
Dedicated security hub.
We help keep your money and personal information safe with scam alerts, resources and tips.
Savings kept safe.
With one-time pins and biometric logins, your money stays protected by a swipe or a smile.
Term Deposits come with a linked SpendME Account
Your ME Go Term Deposit account comes with a SpendME everyday account. Because good saving and spending go hand-in-hand. Here are some of the perks of SpendME:
- No international transaction fees.19
- For every tap of your digital card, ME donates 1 cent to your card’s aligned charity.
Tools and Support
Need more help understanding term deposits? We got you.
Set up.
Opened your term deposit? Be sure to send your funds within five days.
Change up.
Set instructions for when your term deposit matures.
Break up.
Need to withdraw your funds early? You’ll need to give at least 31 days notice.
Term deposit FAQs.
What’s the difference between a term deposit via the ME Bank app and the new ME Go Term Deposit?
Our new ME Go Term Deposit will be available exclusively through the ME Go app and ME Go internet banking. It cannot be merged with classic accounts or used on the classic ME Bank app or ME classic internet banking.
How can existing customers open a term deposit?
Can I open multiple term deposits?
How do I fund my Term Deposit?
How can I access ME Go Internet Banking?
Can I change my nominated account?
How do I know when my term deposit is going to mature?
We will send you a notice approximately 10 business days prior to the maturity of your term deposit to confirm the maturity date, along with confirmation of your maturity instructions. You can also provide ME with specific instructions when applying for your term deposit.
For existing customers with term deposits managed in the ME Bank app:
1. If you have a Term Deposit with terms between 1 to 6 months with interest paid at maturity, and do not provide maturity instructions at least two business days prior to the maturity of your term deposit, we will reinvest your term deposit on the maturity date:
- For a new term of the same length as the term that has ended.
- At the interest rate applicable on the maturity date for a deposit of that term (and amount) with the same interest payment frequency.
- On the same terms and conditions except to the extent determined by us.
- These details will be confirmed in the confirmation letter we send you once your term deposit matures and is reinvested.
- The interest rate on reinvestment may be higher or lower than your current rate.
2. If you have a Term Deposit with terms greater than 6 months (between 7 to 60 months) or interest paid monthly, and do not provide maturity instructions at least two business days prior to the maturity of your term deposit:
- The account will be closed and the funds transferred to your nominated account.
- If maturity instructions are provided, you may reinvest your term deposit with a term of 6 months or less, with interest paid at maturity.
Can you break a term deposit?
How do I calculate term deposit interest?
Daily closing balance x {interest rate % / 365}
e.g. $5,000 x {4.9 / 365}
What happens at term deposit maturity? (Full withdraw, renewal etc.)
When your term deposit matures you can:
- Reinvest your term deposit for a new term (with or without interest).
- Repay all of your term deposit by transferring funds to your nominated account.
What are the maximum and minimum amounts I can deposit?
How can I adjust my term?
What are the benefits of a term deposit?
Investing in a term deposit has three main benefits:
- Guaranteed returns. Unlike any other investment, a term deposit not only guarantees a return on your investment, but also guarantees the amount you’ll make on your initial investment. If you’re interested in investing but want certainty, then term deposits are a great option to consider!
- Locked-in rates. Unlike savings accounts, a term deposit allows you to lock in an interest rate. This means if interest rates decline, your savings account interest rate could also decline but your term deposit rate will remain the same.
- Helps you save. If you find that you struggle to save, or you regularly dip into your savings, a term deposit is a great way to ensure you are saving. Investing in a term deposit will lock in the amount you choose to invest until the end of the term.