This was posted 11 years 1 day ago, and might be an out-dated deal.

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$50 Cash Bonus for Opening a No Monthly Fee Transaction Account with ME Bank

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$50 Cash Bonus for Opening a No Monthly Fee Transaction Account with ME Bank
Go to Deal
spendinghacker on 04/05/2013 - 17:21 mebank.com.au (6375 clicks)

Similar to a promo they had in late 2012 as described here: http://www.ozbargain.com.au/node/81565

Open the account and make three credit purchases with the debit card within 30 days from that to receive $50 in cold hard cash deposited in your new transaction account to do as you please.

The transaction account itself has no monthly fees or electronic transaction fees.

Full T&Cs from the website:

Available to customers who open an EveryDay Transaction Account (ETA) between 24/04/13 and 30/06/13. Existing ME Bank customers who already hold an ETA on or prior to 23/04/13 are not eligible to participate.

To receive the $50 credit, eligible customers must make three (3) purchases of $10 or more using their Debit MasterCard within the first 30 days of the account being opened. Eligible purchases include any transaction where ‘Credit’ is selected. PayPass transactions are included. Entry will not apply to ATM transactions, EFTPOS payments pressing ‘Savings’ or ‘Cheque’, BPAY®, PayAnyone, Phone or Internet Banking, direct debits or credits, cheques or Bank@Post transactions.

Qualifying customers will receive the bonus credit in their ETA within 60 days of the account being opened. Only one $50 credit per customer and account regardless of the number of ETAs held.

Referral Links

Referral: random (32)

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

Financial Bank Account Debit Card Transaction Account

Related Stores

ME Bank
ME Bank

closed Comments

  • delfredo on 04/05/2013 - 17:24
    +6

    Sigh should have closed mine after getting the $50 bonus from the previous offer.

  • shmahoo on 04/05/2013 - 17:24
    +1

    I think I have three accounts from these types of promotions !!

    I think it's time to consolidate

  • spendinghacker on 04/05/2013 - 17:29
    +20

    I agree with you both.

    Any account you opened following a promotion which you have already received the benefit for and no longer use should be CLOSED! This is important so that when these offers come around again, you can try your luck at getting some more free cash a second and even a third time.

    Loyalty is great in your personal life but disastrous in your life as a consumer. No one ever gives any benefits to EXISTING customers. Hence, it definitely pays to be a 'promiscuous' consumer and being willing to jump into bed with anyone who's offering some sort of an incentive to get you to take up their product.

    Then, after you've extracted the full benefit from that mob, move on but don't forget to CLOSE the account!

    • qazwsx on 04/05/2013 - 18:25
      +3

      Couldnt close it - have to have it for the 5.1% interest in their savings account. Oh well…

      • spendinghacker on 04/05/2013 - 18:40
        +1

        I'm in the same boat as you mate.

        Will be closing it as soon as that special rate ends. I suggest you do the same unless you decided to make that your primary transaction account going forward.

    • arcticmonkey on 04/05/2013 - 18:26
      +4

      Agreed. Is why I barely use Menulog and Delivery Hero as I feel they don't value my loyalty with all these annoying first time customer offers.

      • spendinghacker on 04/05/2013 - 18:41
        +2

        Open an account with a different email address and you will have access to it all once again.

        Don't get mad mate, get even! (-;

  • morpheu on 04/05/2013 - 17:31

    i'm not sure closing your account and then re opening always works and makes you a "new" customer, keep in mind these companies love to keep your details on file, in my experience when you close the account they will call you up/email you/send letters etc to get your business back particularly if you have a good credit/savings history as i do

    • spendinghacker on 04/05/2013 - 17:34
      +4

      Based on my PERSONAL experience, it does work with some and does not work with others.

      All I can say is that by utilising this strategy, I was able to extract monetary benefits 5 or 6 times from a certain financial institution which I shall keep anonymous for now.

      Bottom line: they are not that smart and if you know how to 'game' the system, you can definitely beat them at their own game without much effort. I have made this a hobby of mine.

      • morpheu on 04/05/2013 - 17:38

        true dat! and you know what? when i open a new account the first question i usually get asked is something like "Have you had an account in the past with us"? this is to make their life easier, they just do a name or account number search and typically all the details are still there!

        • spendinghacker on 04/05/2013 - 17:41
          +8

          Haha…I always say: "No, I'm a new customer. Wanna try you guys out". (-;

          Nothing gives me more pleasure as a consumer then getting back at banks. Nothing

    • ZRXS12 on 04/05/2013 - 20:01

      A way that usually works is when they call tell them you got a special deal from work etc.

  • uccoffee on 04/05/2013 - 17:55
    +1

    i got my $50 last time, but my wife did not get hers in 2012…. :( we both did the same thing, still wonder why there was no $50 for her~ lazy to ring up Me bank~

    • c64 on 04/05/2013 - 18:03
      +1

      ring up and find out

    • spendinghacker on 04/05/2013 - 18:43

      Just get your wife to apply again with this promo.
      Maybe ME Bank will even pay her twice…you never know your luck.

  • PissLUR on 04/05/2013 - 17:58

    is it tax free?

    • T_double_U on 04/05/2013 - 18:04

      Nope,treated as income.

      • ilikebargains on 04/05/2013 - 18:59

        surely if you provide a TFN it won't be taxed, as per ING?

        • spendinghacker on 04/05/2013 - 19:40
          +4

          Correct. If you Quote your TFN, ME bank will not tax it.

          However, you DO need to declare it in your annual income tax return as interest income.

        • ilikebargains on 04/05/2013 - 20:21

          yeah we already do that

        • macfanboy on 05/05/2013 - 10:16
          +1

          If it is credited to your account and labeled as Interest, then yes you do need to declare it.
          If it is just a "credit', then no you do not.
          All banks etc report interest to the ATO, depends if they call this interest.
          Anybody who previously received this kind of bonus can check by using e-tax and importing data from the ATO, if the banks 'bonus' comes in as interest, then they have declared it as interest.

        • Tgb on 05/05/2013 - 14:07
          -1

          Even if it's a "credit", it's still income and should be declared as such on your tax return.

        • miq on 07/05/2013 - 19:33
          +1

          Why was this comment negged? It's true.

        • PissLUR on 07/05/2013 - 19:55
          +1

          @Tgb
          Are you implying that all the cashback credits we received from ING also need to be declared?

        • zoecot on 25/05/2013 - 20:48

          Agree…if it is called as "gift", I pretty sure you do not need to declare it as income

    • tomclancy on 04/05/2013 - 19:44
      +3

      Depends if you are a "professional" or not :)

    • tooblue on 05/05/2013 - 16:19
      +1

      Just read the Bank's end of year tax statement. Mostly it will be labelled as bonus which attracts no income tax.

  • c64 on 04/05/2013 - 18:03

    i had no troubles receiving the bonus last time

  • retiredfeline on 04/05/2013 - 18:04
    +2

    Thanks the debit MC will come in useful too.

  • T_double_U on 04/05/2013 - 18:05
    +1

    Thanks for posting OP!

  • rldowling03 on 04/05/2013 - 18:43
    +3

    Just signed up last night for the ING 5% cash back offer, now this comes up. I don't care about having different accounts with 3 different banks. As long as I'm not getting fee's I'm happy to receive free money.

    • spendinghacker on 04/05/2013 - 18:47
      +4

      Spoken like a true champ!

      If all aussies were like us, we could really teach the banks a lesson or two.

      History has proven many times that the BEST and most efficient way to hurt a system and potentially bring it down altogether is not to fight it but spend some time to learn it and identify its weaknesses (as ALL big systems have them).
      Then, use its own tools against it to exploit its weaknesses in the best way possible.

      Don't get mad, get even!!

      • rldowling03 on 04/05/2013 - 20:12

        Haha. Exactly my mindset :)

      • Cluster on 05/05/2013 - 11:44
        +3

        I'm all for exploiting every bonus thrown our way by the banks, but let's not pretend the banks haven't already factored in OzBargain people and our bonus chasing ways.

        Participating in the banking system in any way is supporting it. The only way to teach the banks a lesson or two is to take out no interest bearing loans. No home loans, no car loans, no interest paid on credit cards. Watch the banks squeal then and do anything for your business.

        The only money without counterparty risk and outside of the banking system is physical gold and silver.

  • ltwo on 04/05/2013 - 18:49
    +2

    Thanks. So I just need to deposit some cash into the account, use the credit function on the card 3 times for transactions >$10 (within 30 days) and wait for my $50 cashback. Sounds simple enough

    • spendinghacker on 04/05/2013 - 18:52

      You got it. The easiest $50 you can ever make

      • nicksnoobie on 04/05/2013 - 19:38
        +2

        I think ING promotion was easier. just deposit money and there $50.

        • spendinghacker on 04/05/2013 - 19:42
          +1

          Agreed. ME Bank makes you work a bit more for your money.
          Oh well, I'm sure people can handle that.

  • unitato on 04/05/2013 - 19:17
    +1

    Awesome, love these bonus $50 schemes. Open, cash-in and close!

    • tomclancy on 04/05/2013 - 19:50
      +3

      Agree. And $50 is nothing to sneeze at. The only offers bigger are bookmaker sign-up bonuses, but that's for another forum!

      • theophilusthistler on 05/05/2013 - 17:47

        Is there actually a forum for this? Keen to know.

  • povertytrap on 04/05/2013 - 19:20
    +1

    Did this last time, a good deal. Must get my wife to open one as well this time.

  • [Deactivated] on 04/05/2013 - 19:24
    +1

    Is it possible to buy something $33 and split them into 3 $11 transactions and count as 3 purchases?

    • spendinghacker on 04/05/2013 - 19:36
      +2

      Absolutely but then I suggest the best way to do it will be to go through the self-serve checkouts at Coles or Woolies. You don't wanna annoy the cashier but I'm sure the machine wouldn't mind (-;

      I've done it myself during their previous promotion last year.

  • DiscountDevil on 04/05/2013 - 19:35

    The fine print mentions this: "Only one $50 credit per customer and account regardless of the number of ETAs held. Fees and charges apply.". Does anyone have any idea what fees or charges they may be referring to?

      • rldowling03 on 04/05/2013 - 20:11

        Ouch. Large overdraft and dishonour fees. Be careful about that. Definitely not a replacement for ING due to those fees

        • spendinghacker on 04/05/2013 - 20:33
          +4

          Agreed! I would highly recommend AGAINST using this account as your primary transaction account. Open it, get your $50 and then withdraw it and CLOSE the account (important!).

          For my money, it is either ING Direct Orange Everyday or Citibank Plus. The transaction accounts that are number 2 and number 1 in Australia respectively as far as value.

        • oringal on 04/05/2013 - 21:44

          which transaction account would you have personally?

        • spendinghacker on 04/05/2013 - 23:35
          +5

          Personally, I would use the Citibank Plus product as my primary transaction account as I believe it is currently the best transaction account available in this country.

          It has no fees on ANYTHING (including bank cheques and international money transfers) and no catches. No minimum balance requirements. Nothing!

          After NAB have pulled down their Gold Banking account, this is the ONLY transaction account that doesn't charge currency conversion fees or cash withdrawals fees when withdrawing money at ATMs overseas. That's enough for me.

          At least for now, they have the BEST product for an everyday transaction account. As I am a promiscuous consumer and have ZERO loyalty to any organisation or company, I will go with them until (and if) a better offer comes along, but that's just me.

          Saying that, you might wanna get an ING Direct Orange Everyday account and take advantage of their very generous 5% cash rebate on any Visa Paywave purchase. The promotion goes for 6 months from account opening date and once it's over and if they don't extend it, dump them and go to Citibank, assuming nothing better comes along during this time. Just don't forget to CLOSE the ING Direct account! Don't make the mistake of leaving it open.

          This is what I'm doing and how I operate personally. In my opinion, this is the ONLY way you play this game.

        • c64 on 05/05/2013 - 12:56
          +2

          nah, citibank's online banking sucks big time. i've also seen lots of people complaining about poor customer service sorting out issues with their indian call centre.

        • oringal on 05/05/2013 - 15:19
          +1

          thanks for your comment, i am with ing currently so might switch over to citi bank after the 5% cash back ends in june. Need the fee free international transactions :), shouldve found this earlier!

        • red-hot on 05/05/2013 - 18:05
          +2

          Thank you so much for passing on all your research! Saves me having to go to the trouble!

        • spendinghacker on 06/05/2013 - 08:53

          I agree. Citibank's customer service is not the best but is also not much worse than the rest of the banking mob.

          And FYI, their call centre is not in India. It is in Manila.
          This means all their reps speak excellent English with an American accent and are easy to understand, unlike their Indian counterparts.

          Bottom line, if you are Internet savy and happy to conduct your banking purely online with no need for customer support or physical branches than the Citibank offer is unbeatable.

        • spendinghacker on 06/05/2013 - 09:15
          +1

          Happy to help.

          Just don't forget to CLOSE the ING Direct account when you dump them. You never know when they might wanna 'bribe' you again for being a 'new customer. (-;

        • Windows7forever on 23/05/2013 - 11:10

          Sounds like you have alot of time your hands to be scheming all of this to save a few dollars.

  • nahi11 on 04/05/2013 - 20:15

    Read through it all. Looks like no catches. Is there a promotional code I need to enter on the sign page?

    • spendinghacker on 04/05/2013 - 20:33
      +1

      No code. Just follow the links to sign up online.

  • ptsordos on 04/05/2013 - 21:58
    +1

    So weird their id verification doesn't accept nsw driver's licence…

    • Bang1 on 04/05/2013 - 23:23
      +1

      I had the same problem, so had to upload the scanned NSW driver license. The requirement which needs front and back. I attached the front of the scanned driver license and then it wouldn't allow me to attach the back because you can only attach one copy at a time. Painful id verification process :(

      • Geewhizz on 05/05/2013 - 06:38

        You can't scan both sides then paste them into the one image file?

        • Bang1 on 05/05/2013 - 10:47

          I know that. But I thought you can attach one then submit it and the other image after. But it won't allow you to do that and have to wait for them to assess it before I can send the image of the back.

  • spendinghacker on 04/05/2013 - 23:43
    +1

    Their ID verification process SUCK! I agree.

    IMHO, easiest would be to just go to the Post Office and get it done there.

    Sure, it is a bit of a hassle but 50 bucks is 50 bucks (-;

    • epyx on 07/05/2013 - 21:55
      +3

      Are you kidding??? ME Bank has the best online ID system bar none. It's an absolute pleasure signing up for their accounts.

      • nadan on 08/05/2013 - 15:16
        +1

        How is that so? I signed up and my ID verification is still pending, I uploaded a copy of my license.

        • epyx on 08/05/2013 - 17:28

          This is the second time I have signed up for an account with ME Bank. This time, I didn't even have to go looking for ID in my wallet! I just asked it verify my family member against the Federal and Victorian Election Rolls. If they didn't work, it would have permitted many other choices. I get the impression that many of the problems people are having are something to do with manual processing of NSW Drivers Licenses?

    • c64 on 08/05/2013 - 20:06

      i used my drivers license details + electoral roll and the account was instantly created. too easy.

  • sraymond on 04/05/2013 - 23:44

    I just picked other options and when l clicked on Electoral Roll that took me up to 100%.

  • abc on 05/05/2013 - 00:24
    -1

    How do you close an account? Can it be done online?

  • nadan on 05/05/2013 - 00:35

    Will using paypass to pay for Petrol count as eligible purchase?

  • sraymond on 05/05/2013 - 00:40

    Yes pay pass counts. As long as its more than $10.

  • ethereal88 on 05/05/2013 - 06:56
    +1

    Citibank Plus, no fees period. No 3% buying crap overseas fee, no $4 a month crap, and they have a fat ATM network with Westpac and St George and one smaller one fee free ATM withdrawals, none of that retarded $200 minimum withdrawal from ING. Fee free international ATM's too and they use Visa's exchange rate. Downsides? They are slower than the major banks - if I get paid on Tuesday, they'll have it Wednesday, NAB would have it Tuesday. Otherwise, they are the best currently. And their apps are pretty good.

    Oh, if you care, their debit cards are not chipped and no fancy paywave shit either.

    • spendinghacker on 05/05/2013 - 10:02
      +2

      "their debit cards are not chipped and no fancy paywave shit either."

      This could actually be a disadvantage in some countries which require all credit and debit cards to be chipped for security purposes.

      Other then that, I agree with you 100%. Citibank Plus is currently the BEST personal transaction account in Australia. Full stop!

  • Candour on 05/05/2013 - 07:32

    me bank is a bank set up by the industry super industry for citizens.
    not set up by big banks for their profit.
    the history of financial industry abuse is that even government banks [commonwealth] were shamefully sold off while they were created to keep the others honest.
    industry funds have given more honesty against the retail super funds.
    pl consider this when you wish to play the system.
    am making 3 posts on different aspects
    I think they might be more readable this way.

    • spendinghacker on 05/05/2013 - 10:13

      I agree with your comments.

      ME Bank was indeed set-up by the industry super funds governing body and they made a big difference in the super scene with their lower fees and no commissions to the leaches known as financial advisers.

      HOWEVER, things have changed as they always do.

      I agree that ME Bank is probably better in their dealings with the public than the greedy big banks however make no mistake: they are now a commercial for-profit business and therefore should be compared against their peers on the most important aspect of all to consumers: $$$$!

      Their transaction account is ok but is not the BEST and does not offer the BEST value for money. Until they do, I have no problem whatsoever walking down the road to their competition.

      With regards to the industry super funds, both their performance and their fees have gone downhill over the last few years and as more and more people want to have more control and pay less fees when it comes to their super money, better choices have emerged.

      ING Direct now offers, what I personally believe is the BEST managed superannuation product in Australia at the moment. They are also currently running a 'bribe' promo which I have covered in a separate thread here: http://www.ozbargain.com.au/node/98704

      Bottom line, NONE of these organisations really care about us as consumers so we should really start returning them the 'favour'. Instead of whinging I say: Don't get mad, get even! Use the capitalist system and free market competition against them and to your advantage.

  • Candour on 05/05/2013 - 07:38

    http://www.bfcsa.com.au/images/pdfs/SixLinksInSecuritisation…
    a lady is a lone voice against bank corruption
    she has set up a party to attack financial industry abuses
    http://www.bfcsa.com.au/index.php/entry/bfcsa-australian-voi…
    having been cheated by financial industry players who have deep legal pockets and a financial ombudsman service in bed with them, I think this might be more constructive than just playing off a people's bank and people's industry super created so that retail funds could not fleece citizens and make themselves rich.
    this industry fund bank may be the last viable business in spite of years of business efforts to destroy them.
    ozbargainers should consider the bank before trying to sabotage their good efforts.
    better to consider the links I provide and conisder joining the party.
    I feel we really need a bigger focus than a 1 trick pony - bank bashing.
    but this is worthy of support
    quixotic
    beyond the apathy, political ducking, and business unethical belligerance.

  • Candour on 05/05/2013 - 07:40

    I read earlier [on OB?] that opening many accounts may be bad for your financial health [credit rating]
    could someone find the link?
    so for $50 you may damage your rating.
    if you really milk the system, maybe worse
    do consider the implications of your actions.
    small acts of urban subversion may rebound against your credit rating and affect your life in other unknown ways.

    • eleana on 05/05/2013 - 09:55
      +1

      What you're talking is credit cards, not transaction accounts.
      There is no credit check for opening a bank account (transaction or saving account) when you use your own money. The things they ask you do before opening an account for you is the identity check, to show you are you, not anyone else.

      Edit -add : there's no credit check for opening a bank account.

      • Candour on 06/05/2013 - 09:53
        +1

        ty for the info.
        ed may remove if not accurate.
        gave + for the 2 posters. ty

    • spendinghacker on 05/05/2013 - 09:59
      +3

      Sorry but that is simply incorrect.

      What you're referring to is applying for multiple LENDING products such as credit cards, home loans, personal loans Etc.
      Transaction and saving accounts do NOT impact your credit in any way shape or form and as a matter of fact, are not even recorded anywhere on your credit file.

      I know this for a fact so let's bust this myth once and for all.

      Personally, I have probably opened and closed 15 to 20 different transaction and savings account in the last 6 years alone and can tell you with 100% certainty that it had ZERO impact on my credit file.

    • c64 on 05/05/2013 - 12:50

      they issue a mastercard debit card, not a credit card. no credit is provided.

      i've opened numerous bank accounts and i checked my credit history at the beginning of the year and there were no records.

  • ycon on 05/05/2013 - 07:44

    They've got 5.1% interest too.

    I would def recommend these guys. They online system is a bit clunky, but no where near as bad as CitiBank.

    I think you can withdraw from St George, Westpac and a couple other ATMs free.

    • retiredfeline on 05/05/2013 - 08:06

      They've got 5.1% interest too.

      I think that offer is over? Can't find it at the site.

      • eleana on 05/05/2013 - 09:58

        Yes. It's over for applying, but for the people who already applied, the bonus interest rate will last until close to end of the year.

        • spendinghacker on 05/05/2013 - 10:27
          +1

          Yep. Correct.

          If you managed to secure this promotional rate (which both you and I did) than you now have an online savings account with the BEST rate currently available in Australia!

          It is the BEST, so I keep my money with them until it's over and done with. Then, I take my money, close all accounts and walk to the competition that will offer the highest rate at that time.

          That's how I roll and I humbly suggest that everyone starts doing the same.

        • gimme on 05/05/2013 - 13:49

          Just out of interest, I've always been hesitant to move around too much to avoid possibly losing out on the bonus interest for the month if I get my timing wrong. Do you have any tips about when's the best day to make the xfer?

        • spendinghacker on 05/05/2013 - 15:47

          Never had any issues and the most I have lost was maybe one day of interest.

          Just make sure the money never hits a non interest bearing account (such as a transaction account) on a weekend or public holiday and you should be good.

          Also, keep in mind that the vast majority of online savings accounts support direct credit so you can an EFT transfer DIRECTLY to the online saving account without having to go through the linked transaction account first.

          Super easy. Was never a problem for me personally.

  • frewer on 05/05/2013 - 13:33

    Any limited on the number of account per household ?

    • gimme on 05/05/2013 - 13:49

      I wouldn't think so. I'd assume it's one account per person.

  • ZRXS12 on 05/05/2013 - 14:44

    Done :)

  • vipulrm on 05/05/2013 - 15:06

    BTW, I application was accepted without prompts for entering identity documents. Is this normal?

    • ZRXS12 on 05/05/2013 - 15:18

      I used TFN and Electoral Roll for ID.

    • c64 on 05/05/2013 - 18:25

      all my details were verified online. the only thing i had to do was ring up once my card arrived to activate it.

    • vipulrm on 05/05/2013 - 18:49

      That's strange. I wasn't asked to enter any details. No Driving Licence, no TFN, no nothing. Straight accepted…

      • PissLUR on 05/05/2013 - 19:06
        +1

        do you have another account with them? superannuation? union group?

        • vipulrm on 05/05/2013 - 19:59

          Oh, yes! I did say I had an account with Australian Super. I think that's how they ID'd me. Good thinking, PissLUR!

    • ElectrkJonesy777 on 05/05/2013 - 19:39

      Same with mine. I Just went through and filled out the application form and received an email saying I would receive my welcome letter within 7 business days.

      Never been a previous customer and no super or union connections.

      • BrisbaneBargainer on 08/05/2013 - 23:43

        Me too. I didn't enter a single form of identification and am sure i don't have one of their Super accounts. I never had an account with them and never signed up before. So not sure what happened there. Hope everything went all right.

  • sraymond on 05/05/2013 - 18:57

    Maybe you signed up last time.

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