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HomeME Savings Account: 5.65% p.a. Interest on up to $100,000 ($2,000 Monthly Deposit & Grow Balance Required) @ ME Go App

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Earn up to 5.65% p.a. bonus interest on a HomeME Savings Account @ ME Go (exclusive from existing ME Bank app/Internet Banking).

Base-rate: 0.55%
Base + Bonus-rate on balances >$100,000: 3.00%
No bonus-rate on balances >$1,000,000

Criteria
A HomeME home deposit savings account comes bundled with a SpendME Transaction Account, which helps you earn bonus interest on your savings by:

  • Depositing at least $2000 into your SpendME Transaction Account every month and;
  • Growing your saved balance in your HomeME account (excluding interest) by making regular contributions.

Exclusive to the ME Go app and especially designed to help you save for a home deposit.

Things you should know
The HomeME account is only available on the ME Go app and can't be accessed via Internet Banking.

If you're already a ME account holder with accounts you access via Internet Banking, please note these accounts aren't accessible from the ME Go app.

To open a HomeME account, you’ll need to be:

  • over 14 years of age.
  • an Australian resident with an Australian residential address.

How ME Go calculates bonus criteria eligibility
Month 1 (e.g. January).
During the month, you deposit at least $2000 into your SpendME transaction account and grow the balance in your HomeME savings account (excluding interest). By doing this you’ve unlocked the bonus interest rate for next month.

Month 2 (e.g. February).
ME calculates interest daily based on the closing balance in your HomeME account each day.

Month 3 (e.g. 1st March).
ME pays your bonus interest into each HomeME savings account on the first day of the month.

Referral Links

Referral: random (30)

$150 Coles Group & Myer Gift Card for both referree and referrer when loans are settled.

Related Stores

ME Bank
ME Bank

closed Comments

  • +5

    It’s owned by Bank of Queensland(BOQ)

    • -1

      How many extra bananas if I fake my age below 35?

      • why do you need to fake your age? lol this one has no age restriction apart from being over 14

        • -1

          BOQ buys kids and baits much higher than rival Westpac.
          Time to re-invent the fountain of youth!

    • What's the difference between this and their own savings account then? Sorry I'm not the best informed on these things.

      • +2

        Save me saving account need to do minimum 4 card transaction,this one doesn’t need to

  • +4

    Always hoops with Boq & most banks now . Macquarie bank seems to be the only one I can find that doesn't or if someone can correct me .

    • +7

      ANZ plus doesn't have any hoops

    • +9

      Ubank only has the deposit $200 a month hoop and you can withdraw it straight away and still keep the bonus interest. One of the easier HSIA to maintain.

    • +2

      St George only requires growing balance by $50

      • Interest rate is very low though.

        • +4

          Not high but I wouldn't consider 5% is very low.

        • Find a better ongoing rate with limited hoops and no caps. I'll be waiting.

          • +1

            @devize: I think ubank is good.

            • @lily99: Ubank 5% rate is very low though.

              Actually it's not even 5% yet as they always delay their increases by a month.

              • -2

                @devize: Yeah but their call centrestaff is good.

                • +1

                  @lily99: If you need to call for a simple savings account then the product is probably not that good in the first place.

                  • +1

                    @devize: i tried calling :uBank the other week about my account and their phone wouldnt connect. @lily99
                    they are also VERY slow with emails, like taking an entire week+ at a time to reply.

                    would prefer livechat and/or internal secure email.

      • Love or hate their app and speed of updating.
        For my hyperactive brain they use snails in their IT dept.

  • +4

    So no interest in the first month?

    • +8

      Yeah, not really 5.65% pa is it when you only get interest for 11 months out of the first year. Ends up being closer to 5.1% in reality.

      Interesting/deceiving tactic, they should go all out and just say "8% bonus interest!!! … starts after 3 months"

      • +13

        U can just put bare minimum in first month though, then go ham in month 2

        • -1

          That's true, but some people will park their cash thinking they're gonna get 5.65% for say the next financial year.

          Just sneaky imo. If they advertised the true rate for the first 12 months it'd look less enticing.

          • +4

            @TonightAt11: It’s not really the “true rate”, maybe “absolute worst case” if you are naive enough. Sneaky is probably fair, but it also makes sense not to have retrospective impacts on accrued interest. Compared to products requiring a certain number of card transactions or similar, these conditions are towards the fairer end of the scale. Wouldn’t be surprised if future interest rates don’t get passed on in full on this account though.

      • +3

        Calendar month, so do it quick now and qualify for bonus interest for July

        • Yeah bummer, I missed that part and waited until today. I should've opened and put 1 cent in the saver just prior to end of month

          • @sghetti: Why worry? You’re still qualify bonus rate in first month.

            • @timhn: My bad, I looked through the other comments and realised and got the account going again.

    • +1

      I and a friend received the bonus interest for BOQ on day 1 when opening up an account.

      the next month onwards though it said no, until we met the criteria.

      So looks like they give everyone grace the month they join.

      • +6

        This is often the case for new accounts that require 5 purchases because these cannot be done until the card arrives.

        • dont many go for enabled instant digital wallet/card thho?

    • +5

      yes, bonus is from the day you open it, you just have to deposit at least $2000 into the transaction account from an external source before the end of this month to go towards the qualifying for next month, and make sure your balance is at least 1c more than $0.00 this month to qualify for bonus next month, then follow their instructions from now on for bonus each month

    • +2

      Everyone DOES get bonus interest in the first month. No qualification requirements.
      I just opened an account and rate is showing as 5.65%.

      Should have waited till the weekend to open an account so that I get the bonus rate for all of July instead of just what is left of June.

      Learn from my mistake and wait till Saturday…

      • +6

        That's good to know about getting the bonus rate in the first month, but I don't understand what your regret is. You can deposit $2K and grow your balance by the end of June, and then you will get get the bonus rate for both June and July.

        • Yea. You are right.
          I guess what I meant to say was that if I waited till Saturday, I would have had a full month on the highest interest rate without having to do a thing.

          Sorry for any misunderstanding

      • Any chance you got mixed up thinking it's a short term introductory rate? I read this and ended up getting mixed up myself

      • +1

        Hi, just to confirm if you do got full interest for June?

        • Yes. The interest payment I got today is exactly what I expected at the 5.65% rate.

    • we can save $2000 in the last day of the first month

  • +1

    I assume the 'home' name is b.s. and this is just a normal savings account? or;

    Is there government restrictions on accessing the money only when buying a home?

  • +2

    So many hoops to jump through…

    • As far as I can see, it is the same conditions as ING's maximiser, and that account is very popular.

      • +7

        Actually less because there isn't any card transactions required.

        Just deposit $2,000 per month and ensure balance grows (which I assume you can do the same trick as ING and transfer the minimum balance out on the last day of the month and transfer it back the next day)

        EDIT: Confirming my hack above T&C

        The closing balance of your HomeME account on the last day of the previous calendar month was higher than the closing balance of your HomeME account on the last day of the calendar month before that (excluding interest paid by ME or any adjustments processed by ME) to the balance of your HomeME account up to $1,000,000.

        • +2

          So only need to increase HomeMe account not spendme account right? The $2000 can put 0.01 in to HomeMe and then 1999.99 move out to other account.

        • When is interest paid? on the last day of the month or the first day of the following month?

          I only ask this because if you want to keep close to 100k the balance will keep increasing.

      • +8

        This one is better, ING require 5 card transactions and slightly lower rate.

        • +4

          Let's hope they stay competitive with ING as the RBA keeps ramping up.

          • -1

            @tof: but ING $1K and twice more ME $2K dep., which may factor into people's monthly budgeting!

            (i already fulfill ING x5 txns easily from my sofa anyway)

  • +1

    Take a look at Productreview for ME (Members Equity) Bank. Abysmal.

    • +3

      I've been a customer for almost two years and they've actually been a decent bank to deal with. The contact centre staff are quite good and every time I wanted an interest rate reduction, they've been forthcoming.

  • Oof… 2000 a month. I can barely save up 100-200 a month. This deal is for riches.

    • +5

      You don't have to save $2000 a month, you have to put $2000 a month into your transaction account (e.g. your salary). Not too difficult, even if you're working part-time / casual.

  • If i open an account now and deposit $2000 in June, can I get bonus interest for July?

    • +3

      Also need to grow your saved balance in your HomeME account, the $2000 needs to go into your SpendME.

      • -1

        since we do not get bonus in the first month, is June counted as first month if I deposit $2000 and grow?

        • +1

          Yes

      • +2

        Deposit $2K in SpendME, then move it to HomeMe or alternatively put a small amount in HomeMe and do whatever you want with the rest

  • +2

    Does ME have osko?
    Edit: seems they do so confusing they have so many account types… Is it more than 1k which I believe ve is the case for ing.

    • +5

      It's only 1k via osko, which is the same for the Boq and Virgin Apps. (All are using the same basic app)

      • Thanks

  • Bendigo have av similar account but only require the balance increases every month. $5 monthly payment will do. $100,000 max. Not sure how they handle interest payments that might take you over $100000.

    • You'll receive the base interest rate of 0.30% on balances over $100,000.

      Also you'll receive the base interest rate of 0.30% if you don't hold an eligible transaction account which has no monthly service fee if you deposit $2,000 each month, or have a home loan with Bendigo (otherwise $6 per month).

      Also if you are a new customer you can apply at your preferred branch, if you are an existing customer you can apply online.

  • +3

    A true copy of the myBOQ app and Virgin Money.
    They share the same government guarantee between those 3 entities.

    • +1

      good find, this one is attempting, but I have boq already so it is a pass

  • Do joint accounts share the 100k cap or separate?

    • share, might be better off getting two separate accounts in that case

      • Thx did you check from T&C somewhere? I could find relevant items, in BOQ they're separate.

        • nowhere does it say that it is each person in a joint account get the $100k limit. (i.e. 200k) It just says that up to $100k you get the max bonus and over that you get the reduced amount. If in doubt, ring them or contact them through facebook messenger etc to be sure.

          • @souths123: I didn't meant each name on a joint account has its own $100k limit, I meant if you have both personal and joint accounts, they each have their own $100k limit since they're different entities.
            In MeBank FAQ

            How many HomeME accounts can I have?
            HomeME accounts are restricted to one per entity e.g. individual or joint.

            I tend to think the limit is separate like for BOQ but will confirm.

            • @Meovel: you both have to have the spendme transaction account in your own name as well to be able to qualify for the bonus, as a joint account alone won't active it

              • @souths123: Joint HomeMe comes with a corresponding joint SpendMe

                • @Meovel: I'm saying you both would have to get a single spendme and homeme to get the limit of $100 for both of you, but it might mean that if you already have a joint homeme then you can't have a single one as well anyway. Might have to close the joint account and open each in your own names.

                  • @souths123: I'm fairly sure you can have both personal and joints at the same time, such is the case for BOQ, Virgin Money, ING, uBank etc.

  • -2

    To get the bonus interest You also need to stand on one foot while facing south by south east and eating a salami and salad sandwich in your right hand.

  • +4

    ok, set up and all ready to go. Bonus is available from the day you open the account. Just transfer the $2000 from an external source to the transaction account before the end of this month to go towards the criteria for next month (which I have already done) Interest is credited on the 1st of the month, so keep this in mind for the growth of the account….has to be at least $0.01 more than the balance on the 1st of the month (incl interest credited on the 1st of the month)

    • so first month is already given applied bonus?

      • yes, you just have to do the $2000 deposit to the transaction account to go towards activating for next month.

  • What are the daily withdrawal limits?

  • +3

    If you make your deposits from the myBoq (or I assume VirginMoney) app, they'll go through straight away. So you can move the $2000 back out too, if you want.

  • +7

    So it looks like you need a SpendMe and a HomeMe account.

    So every month you need to do:
    1) Deposit minimum $2000 into SpendMe - satisfies the deposit
    2) Transfer minimum $0.01 into HomeMe account - satisfies the grow
    3) Withdraw $1999.99 from SpendMe

  • +4

    I'm slightly sceptical of ME Bank.

    Correct me if I'm wrong, but aren't they known for having attractive rates initially, and then not keeping up with cash rate rises?

    For instance, their rates over the last year have not kept up with the top savings accounts (they have been consciously absent from the top 20 banks here for a long time).

    They might be factoring in another 1-2 cash rate increases into this interest rate, and just hold the same rate through July/August/September while other banks continue to follow the cash rate.

    • +2

      In which case, you vote with your feet (or your money in this case)

  • +2

    Hi everyone, I have opened this SpendME and HomeMe savings account, I have been told the bonus interest rate automatically applied for JUNE and added digital visa card in my apple wallet already in a minute.

    • +2

      Do you reckon that means we’ve sacrificed month 1 just down to a couple of days?

      • only need to deposit $2000 into Spendme then transfer into homeme, will get interest pay on the 1 July. Deposit $2000 into SpendMe during July, make sure by the end of July the balance needs to be higher than the 1July+interest+1c, that's your call,I have transfered all my idle funds into homeme.

        • @jwl81124 - HomeME must grow BUT is excluding interest - so you have to add some money, eg $0.01

        • -1

          I’m not sure my point has been made clear, does June count as Month 1 and July Month 2 so got hardly anything for the first month of interest?

          It’s only a bonus rate for 4 months

          • +2

            @NotBritishorUK: no it's not only for 4 months, it's not 4 month introductory variable rate for new personal customers

            • @jwl81124: Oh thanks! I was getting mixed up with the Macquarie one, confused myself completely there, thanks mate!

        • opened account on the 28/6 10am, received physical card 29/6 12:45pm, that's super quick.

  • +2

    Another reskin of the banking platform BOQ loves at the moment! I'd expect the service to be identical to Virgin Money and myBOQ accounts.

  • +5

    Out of all the three BoQ 'variants', this product is the only one that doesn't have currency conversion fees and overseas ATM withdrawal fees (ATM operator fees still apply).

    With a rate such as this, ING should be worried. Especially if the rate keeps increasing inline with RBA moves.

    • Good to see BOQ rationalizing its assets and bringing them to the 2023 speed.
      myBOQ has been great to use after a few updates and the Me App is super quick (quicker than myBOQ and Westpac!).

  • this is better than ing, just deposit $2k monthly, auto transfer $0.01 by end every month, higher interest than ING's, no more hoops 5X transactions

    • but this twice the deposit amt., which may factor into people's monthly budgeting!

      (i already fulfill ING x5 txns easily from my sofa anyway)

      • you can do 2 x $1k transfer, you don't have to keep the $1k in Me bank acc, easier than 5x transactions. I know you' say it's easy but for some who use credit card for everyday expenses it's not that easy.

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