ME Bank is an online-only bank with no bank branches and no ATMs in Australia, but it does offer a few different ways to do your banking.
Bank@Post
If you need to deposit cash into your ME Bank account you can do this at a participating Australia Post shop using Bank@Post. It's free to deposit cash into your account this way.
ME Bank Internet and mobile banking
You can use ME Bank's Internet banking platform or mobile app 24/7 to do all your day-to-day banking. You can track account balances, pay bills and other direct debits, make BPAY payments, transfer funds between accounts, activate new cards or place existing ones on hold and to schedule payments. You can use the Internet Banking platform to increase your daily transfer limit to a maximum of $20,000 if needed for one-off large purchases.
The ME Bank app allows you to do most of the same things as the Internet Banking platform, but with the added convenience of being able to access the app anywhere you are. ME Bank mobile app has a 2.3-star rating on the App Store and a 1.5-star rating on Google Play, which is lower than other major banking apps.
ME Bank contactless payment options
ME Bank offers Apple Pay, Google Pay, Samsung Pay, Fitbit Pay and Garmin Pay to customers with a ME Bank debit card. This means you can use your phone (or any compatible device) to make contactless payments for everyday items, instead of using your physical debit card.
Pros and cons of banking with ME Bank
Pros
No Australian ATM fees. ME will refund you any ATM withdrawal fees you pay in Australia.
Cons
No branches. ME Bank does not have branch banking, although it does have sales offices in Victoria, Queensland and South Australia.
Mobile app has low star ratings. The Me Bank app has a lower star rating in both the App Store and Google Play compared to many other banking apps.
How to apply for a ME Bank account online
You can apply for a new ME Bank account online in less than 10 minutes. Just make sure you meet the eligibility criteria and have the necessary documents handy before you start your application.
Eligibility
You're over 18 years old
You're an Australian resident for tax purposes
You have an Australian phone number and residential address
Documentation
Personal details like your name, date of birth, residential address, phone number and email address
ID documents such as your driver's licence, Medicare card, passport or proof-of-age card
Are you looking for another ME Bank product instead?
If you haven't found what you're looking for yet, you can compare a wide range of additional savings accounts and bank accounts from other providers with Finder.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full bio
Alison's expertise
Alison has written 651 Finder guides across topics including:
Saving Account of %5.65 couldnt find it after I downloaded the app
Finder
AlisonSeptember 21, 2023Finder
Hi, this rate is available with the ME HomeME savings account which is exclusively available via the ME Go app (not the regular ME Bank app).
CaroleOctober 17, 2017
Is there a high interest savings account that can be used when share trading please?
ArnoldOctober 17, 2017
Hi Carole,
Thanks for your inquiry.
Some trading services let you transfer money easily from your trading account to a high-interest savings account. Others offer linked to debit cards to use with your accounts. You can check our list of high-interest savings accounts and debit cards to compare your options. Both pages have a comparison table you can use to see which account suits you. Once you have chosen a particular account, you may then click the “Go to site” button to be redirected to the bank’s website where you can proceed with your application or get in touch with their representatives for further assistance.
Before applying, please ensure you review the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
Hope this information helps
Cheers,
Arnold
carolineJanuary 31, 2017
do i have to have an initial account to open a term deposit account, did phone but would take 10mins to answer….only downfall….
Finder
ClarizzaJanuary 31, 2017Finder
Hi Caroline,
Thanks for your question.
Depending on the bank and the term (or how long you want to keep your money locked away in a term deposit), there is only a minimum deposit amount required. You can make your initial deposit from any bank account. You can also open a term deposit online, provided you satisfy the eligibility requirements.
Our term deposit comparison page also features some term deposits. Select the “Go to site” button to be taken directly to the bank’s website to start your online application.
Regards,
Clarizza
carolineJanuary 31, 2017
with the term deposits, can you access your funds in an emergency….and how do you deposit funds?
Finder
ClarizzaJanuary 31, 2017Finder
Hi Caroline,
Thanks for your question.
Typically, term deposits keep your money locked away – you cannot access your money or withdraw it before maturity (when the term ends). If you do, penalty fees apply.
If you’re looking for a way to save where you can access your savings should you need it, an online savings account could be a good option. You can link it to a transaction account to conveniently deposit and transfer money between accounts.
Notice savers might also be another alternative. They work similar to a term deposit, however, instead of ‘terms’ you provide the bank a notice period. To find out more, please take a look at our guide discussing Notice Savers.
Regards,
Clarizza
Finder
DeeJanuary 31, 2017Finder
Hi Caroline,
Thanks for your question.
Generally, you need to notify the bank 31 days in advance before you can withdraw the money. In cases of extreme financial hardship this rule can be waived. Please do note that penalties may apply.
You can make a deposit by visiting a local branch or by linking your term deposit account to another where the source of fund is.
Cheers,
Anndy
RussellOctober 25, 2016
I have $25,000 to put in my savings account… What interest will I get paid. I currently maintain about $3000 to $6000 in my savings account.
Finder
ClarizzaOctober 26, 2016Finder
Hi Russell
Thanks for your question.
If you deposit the whole amount ($25,000) and keep it in your account and make no other deposit for 12 months, you will earn $786.11 in interest (with the current 3.05% p.a rate). Please note there are certain conditions required to earn the max variable rate of 3.05%. To receive bonus interest for any calendar month you must have a ME Everyday Transaction Account and during that month make a weekly purchase with your Debit MasterCard using tap & go.
You can also use the savings calculator above the tables and input your opening deposit, monthly deposit and period to compare interest earned.
Regards
Clarizza
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Saving Account of %5.65 couldnt find it after I downloaded the app
Hi, this rate is available with the ME HomeME savings account which is exclusively available via the ME Go app (not the regular ME Bank app).
Is there a high interest savings account that can be used when share trading please?
Hi Carole,
Thanks for your inquiry.
Some trading services let you transfer money easily from your trading account to a high-interest savings account. Others offer linked to debit cards to use with your accounts. You can check our list of high-interest savings accounts and debit cards to compare your options. Both pages have a comparison table you can use to see which account suits you. Once you have chosen a particular account, you may then click the “Go to site” button to be redirected to the bank’s website where you can proceed with your application or get in touch with their representatives for further assistance.
Before applying, please ensure you review the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
Hope this information helps
Cheers,
Arnold
do i have to have an initial account to open a term deposit account, did phone but would take 10mins to answer….only downfall….
Hi Caroline,
Thanks for your question.
Depending on the bank and the term (or how long you want to keep your money locked away in a term deposit), there is only a minimum deposit amount required. You can make your initial deposit from any bank account. You can also open a term deposit online, provided you satisfy the eligibility requirements.
Our term deposit comparison page also features some term deposits. Select the “Go to site” button to be taken directly to the bank’s website to start your online application.
Regards,
Clarizza
with the term deposits, can you access your funds in an emergency….and how do you deposit funds?
Hi Caroline,
Thanks for your question.
Typically, term deposits keep your money locked away – you cannot access your money or withdraw it before maturity (when the term ends). If you do, penalty fees apply.
If you’re looking for a way to save where you can access your savings should you need it, an online savings account could be a good option. You can link it to a transaction account to conveniently deposit and transfer money between accounts.
Notice savers might also be another alternative. They work similar to a term deposit, however, instead of ‘terms’ you provide the bank a notice period. To find out more, please take a look at our guide discussing Notice Savers.
Regards,
Clarizza
Hi Caroline,
Thanks for your question.
Generally, you need to notify the bank 31 days in advance before you can withdraw the money. In cases of extreme financial hardship this rule can be waived. Please do note that penalties may apply.
You can compare term deposit accounts featured on our website.
You can make a deposit by visiting a local branch or by linking your term deposit account to another where the source of fund is.
Cheers,
Anndy
I have $25,000 to put in my savings account… What interest will I get paid. I currently maintain about $3000 to $6000 in my savings account.
Hi Russell
Thanks for your question.
If you deposit the whole amount ($25,000) and keep it in your account and make no other deposit for 12 months, you will earn $786.11 in interest (with the current 3.05% p.a rate). Please note there are certain conditions required to earn the max variable rate of 3.05%. To receive bonus interest for any calendar month you must have a ME Everyday Transaction Account and during that month make a weekly purchase with your Debit MasterCard using tap & go.
You can also use the savings calculator above the tables and input your opening deposit, monthly deposit and period to compare interest earned.
Regards
Clarizza