• expired

ME Bank: 3.85% Interest on Savings for 4 Months + 5% Cash Back for 6 Months (New Customers)

500

extended to May 24, though now 2.25+1.60%

Terms and Conditions of Savings Plus Bundle Offer.
You will receive our variable interest rate plus a fixed bonus interest rate of 1.35% p.a. if you open your first Online Savings Account between 8/12/14 and 28/02/15, AND within the first 14 days, link it to an ME Bank EveryDay Transaction Account (ETA) by making your ETA your nominated account. Bonus interest is payable on your first account only, on balances up to $250,000 for four months from the date your account is opened.

PLUS, if you open your first EveryDay Transaction Account by 28 February 2015,
you’ll get 5% cash back when you use PayPass(TM) for the first 6 months.

Terms and Conditions of Cash Back Offer.
Available to customers who open their first ETA between 3/03/14 and 28/02/15. Receive 5% cash back on all contactless purchases made within Australia using PayPass Tap & GoTM for amounts of $100.00 or less for 6 months from the date your account is opened.
The 5% cash back offer will not apply to contactless purchases which;
(1) are non-personal including transactions for business purposes;
(2) exceed the fair use we expect by an individual using an ETA for personal use.
We may at our discretion cancel the cash back offer on any or all contactless purchases and/or close the account.
If eligible, the 5% cash back will be paid into your account within 30 days after the date the transaction is debited to your account. Only one cash back offer per customer and account.

Update: extended to 1st May

Referral Links

Referral: random (35)

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

Related Stores

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closed Comments

  • +2

    Better of with Ubank or ING- at least no 4 month restriction for the sake of 0.1%.

    • +1

      Agree on Ubank. However ING pays 2% cash back. This deal is 5%.

      • wasnt ing 5%?

        • It was a while ago. Unfortunately not any longer

    • Ubank don't have the cashback offer, do they?

      • Nope, Ubank doesn't have cash back. It's good for interest on savings only

    • +2

      Quite tempted to open an account just for the 5% cash back. I wonder if I technically qualify if I previously have an account with them but closed it earlier this year.

      I used to keep my saving in UBank (when they were offering 4.67%) and do transactions with ING Direct (transfers do appear on the same day but you need to do before 3pm I think). I've moved everything to ING when UBank dropped their rates down to 4.02% and ING raised theirs to 4%.

      • if you have previously had an eta account then you can't get the 5% rebate.

    • +7

      Seriously! I am upset that I have banked with them for years and cant take it up.

  • +2

    Just to tag a little extra info on here - it is only a requirement that you are opening your first Online Saver account, not that you are opening both accounts together via this bundle offer. (I opened an everyday account last week, and by linking a new savings account to it I am still eligible).

  • 5% cashback sounds interesting

    • +2

      5% cashback is a seperate deal and has been on for ages.dont need the savings account for it.
      https://www.ozbargain.com.au/node/159659
      great for people whos ing 5% deal is coming to an end, like me. currently the deal ends at the end of this month.

  • +1

    You are better off with UBank at 4.02% on going not 4 months. Assuming $100,000 deposit for 1 full year, you will be $820 worst off. UBank's bonus rate is ongoing if you deposit at least $200 a month.

    • +1

      UBank doesnt have 5% cashback. also you can just move it back after the bonus periods.

      • +2

        the 5% cashback is a separate deal.

        Its better to have both ubank and mebank.

  • Do you get the 5% if you do a "cash out" at Coles with another purchase?

    • +1

      no, only paypass transactions. you cant get cash out using paypass.

      • thanks!

  • +10

    My neg was removed.

    Why is this even a deal? The cashback is a separate offer.

    The interest rate is .08% better than UBank for 4 months, then it drops to 1.27% worse.

    Lets splash some numbers here. If my calcs are correct.

    On $100,000 you are $26.67 better off with ME Bank over UBank over those four months.

    $26.67 on $100,000

    Every day it takes you to move money out of UBank into ME Bank AND BACK costs you $11.23. You better hope it does not happen over a weekend.

    You cannot make more than $4 on this deal under ideal conditions by investing $100,000

    • +1

      I agree with you. Add to that the likelihood that Ubank will match or beat that rate - they have done so in the past…

      • there have been lots of times when the ubank rate was lower than competitors. i distinctly recall mebank's introductory rate was higher than ubank's a short while back. the bottom line is: who knows what will happen in the future.

      • They were offering 4.6% about a year ago. ubank don't match limited offers.

    • Don't forget that interest is calculated daily; compounded, with interest added to the principal monthly. While I can't be bothered working it out, but it would be more than $26.67 extra for 4 months on $100k deposit.
      Minus tax. Boo!

      • The compound interest we'd be talking about here is cents, negligible.

        • +11

          That makes cents

          (o_o)
          ( o_o) > ⌐■-■
          (⌐■_■)

      • No, it does not.

        The interest is calculated daily but compounded MONTHLY when they pay you the money.

        A couple of cents in this example, maybe.

        • -4

          No its compounded daily PAID monthly look at the t&c or the FAQ… clealry stated there

        • @nerobass:

          Not true, I double checked.

          Interest in calculated daily on account balance but paid monthly.

          No bank I know or ever heard of does what you say, none. Interest is calculated on your available balance.

  • I'm in between ING and ubank now.

    Tempted for this offer but the temporary period…

    • +1

      If I were you, I would apply for the ME Bank debit card after the ING 6-months period is over, so that I continue to get 5% cashback.

      I would not apply for the ME Bank transaction account as it's only for 4-months.

      • Thanks for the advice! I'm pretty tempted by the 5% especially since Xmas and boxing day sales

        Although, the difference between this cash back and ING is that cash backs from MEbank are credited the next month.

        • +3

          Once a week:
          05/12/2014
          28/11/2014
          21/11/2014
          14/11/2014
          etc.

        • @aft:

          Sweet! Thought I read month after lol

  • ugh i just opened up a Citibank Online Saver too with its 4% for the first 4 months….

  • Apart from Ubank, is there any other account with interest rate close to 4% permanently? (with ASP of course)

    • rabodirect 90 day notice saver.
      You basically have to tell them 90 days before you want to take your money out.

      • For a bank their size, this is such a BS requirement, it must be tailored for gazillionaires who can break the bank when they take out ALL of their savings with RAbo.

    • +1

      ING is 4% on going.

      • I just read the condition, it says You can get this rate on one account, for balances up to $100,000. And the rate doesn’t change if you need to dip into your savings, no matter how many times you withdraw.

        Does it mean u can just transfer $1k into your account and then take it out and still get the 4%?

        • I used to do that when I kept my savings with UBank. Salary comes in to ING, then I transfer it over. It worked, but I no longer do that since I moved my savings across to ING because 4.02% and 4.00% is practically the same and + I like ING more than UBank now because of the convenience of having both savings and transaction accounts together, free ATM withdrawals and 2% cashback.

        • @iSamurai: Just want to make sure, so are you saying yes to i will still get 4% even if i move the $1k i deposit this month out. Eg, i have $5000 balance at the start of the month, and during this month i deposited $1000 then i took $1000 out. Then do I get the 4% on $5000 for the whole month?

        • @Cataclysm: I never really checked (Calculating the interest earned manually) but the bonus interest is paid as a transaction in the savings account. It also says you're receiving the 4% interest in the account info. Interest is calculated daily so I would assume you'd be getting the 4% on the $5k for each day it sits in there.

    • Bankwest hero saver ongoing 4.00% with $200 per month deposit and no withdrawals.
      Bonus is they have stores and you can open an everyday account with free ATM withdrawals from thier own ATMs and Commonwealth banks.
      Good phone App to.

      • Similar to RAMS- only good if you can leave the money untouched.

  • I like the idea of the 5% cash back but really don't want to open an everyday account.

  • +3

    I'm with ME Bank now. Their online banking and app sucks.

    Stay with ING for the sake of having a pretty app/website.

  • +2

    The endless downtime and shitty 1995 banking is free too! They are not even a bank anyway just a bunch of super companies.

  • +3

    Easily the worst bank from a customer service point of view. If this was something where you put your money in for a long time and could forget about it, never needing to deal with ME, you could consider it.

    • Couldn't agree more :)

  • Doesn't say anything about existing or previous customers. Are we eligible?

    • So long as your existing account is/was not an online savings account you should be eligible. T&C: "if you open your first Online Savings Account"

  • This is a good deal as customers who have the 5% paywave offer need to keep money in ME Bank to use on the debit card. The normal transaction account pays 0%, so keep money in the 4.1% account and move it over when you need to spend.

  • +3

    UBank should come out with a paywave offer to corner the market. lol.

    • +1

      Totally agree.

  • What's the best interest on a savings account that doesn't have any special conditions (like depositing a certain amount every month)?

    • well ubank is great. highest interest rate at 4.02%. you do need to put in 200 per month, but its not a big deal for most people, as you can make unlimited withdrawls per month and still get the full interest rate. other higher interest rate deals limit you on withdrawls if you can even make any.

    • citibank online saver is 4% no deposit and you can withdraw any time.. but only for the first 4 months.. after that it reverts to 2.90% which is when you move it :P

  • If you're an Australian Super member you will get Free Access to ANY ATM Australia wide.

    http://mebank.com.au/lps/member-benefits/australiansuper-fre…

  • Does anyone know where the branches are located in Melbourne South East.

  • They opened my transaction account on the 19th Dec and this is the date they will start the 6 month 5% cashback from. But I only have activated the card today (the others were lost in the mail supposedly). My additional card for my partner still hasn't arrived. So I have lost a month. They said they can't change the start of the cashback date. Not sure if I can pursue it further?

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