Term deposit calculator.
See how much interest you could earn on your term deposit with ME.{sub-heading}
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Our term deposit rates.
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.
ME Go term deposit interest rates paid at maturity.
Minimum opening deposit of $5,000.
Minimum opening deposit of $5,000.
Term
Interest rate
3 month
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4 month
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6 month
{term-deposit-rates||MEGOTD6||rate}% p.a.
7 month
{term-deposit-rates||MEGOTD7||rate}% p.a.
9 month
{term-deposit-rates||MEGOTD9||rate}% p.a.
12 month
{term-deposit-rates||MEGOTD12||rate}% p.a.
From 1 December 2025 ME will no longer offer new term deposits through the ME Bank app or internet banking.
Customers who currently hold a term deposit managed in the ME Bank app will still be able to reinvest for a term between 1 and 6 months with Interest Paid at Maturity.
Learn more
Customers who currently hold a term deposit managed in the ME Bank app will still be able to reinvest for a term between 1 and 6 months with Interest Paid at Maturity.
Learn more
Make a deposit in 5 minutes.
You’ll need to have
- about 5 minutes
- at least one form of valid ID such as an Australian driver's licence.
You’ll need to be
- at least 14 years old
- an Australian citizen or permanent resident
- opening an account for personal use
- have an Australian mobile number
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.
Learn more about our term deposits.
With fixed returns, rock-solid term deposit interest rates and no account-keeping fees, our term deposits work harder for you.
See our term deposits
FAQs.
How do I calculate interest on a term deposit?
You can calculate the interest on a term deposit by multiplying the deposit amount by the interest rate earned. Then, multiply this result by the number of years or months to find the total amount of interest earned.
So to recap, it’s Deposit Amount x Interest Rate x Number of Years = Total Interest Earned
So to recap, it’s Deposit Amount x Interest Rate x Number of Years = Total Interest Earned
Is a term deposit better than a savings account?
A term deposit has its advantages and disadvantages over a savings account. Understanding these will help you decide whether a term deposit or savings account is better suited to you.
The primary benefit of a term deposit is the fixed returns. By locking in a rate and principal, you know exactly how much you will earn and when you will earn that interest. A savings account does not have this stability.
Generally a term deposit also means the principal invested cannot be withdrawn until the term is over. On the other hand, a savings account generally has the flexibility of allowing you to withdraw and deposit any amount at any time you wish.
The primary benefit of a term deposit is the fixed returns. By locking in a rate and principal, you know exactly how much you will earn and when you will earn that interest. A savings account does not have this stability.
Generally a term deposit also means the principal invested cannot be withdrawn until the term is over. On the other hand, a savings account generally has the flexibility of allowing you to withdraw and deposit any amount at any time you wish.
Can you keep adding money to a term deposit?
No. Once you have applied for a term deposit and have deposited your principal amount, you cannot deposit more funds from that term deposit.
How long can you have a term deposit?
The maximum length that you can hold a term deposit will depend on the provider. However, with ME Bank, you can hold a term deposit with terms ranging from between one month to 6 months.