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ME Bank - Online Savings Account (with Ongoing Bonus) - 3.6% Interest

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ME Bank - Online Savings Account (with Ongoing Bonus) - 3.6% Interest
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moksha on 01/02/2016 - 10:57 mebank.com.au (1408 clicks)
Last edited 03/02/2016 - 13:15

MEBank have just raised their interest rates again, to 3.6% with the bonus rate. This is the highest interest rate available at the moment, according to http://www.infochoice.com.au/banking/savings-account/list.as…

Please read the comments in the previous deal to get an understanding of the requirements, which are a bit confusing! It would be best to call MEBank and make sure you get it from them to be sure. https://www.ozbargain.com.au/node/217725?page=1#comment

In general, to get the bonus interest, you need to use your card for paywave once a week, possibly no more than 7 days from the last time you used it.

EDIT - THE MEBank Rep posted the following: "ME defines a week as 7 days. Eligible accounts receive bonus interest if, within the calendar month, 7 days does not pass without using tap & go"

From MEBank website:

Looking to grow your savings, but still want access to your cash? This account gives you the goods: ongoing interest, without the commitment of a term deposit.

The drawback? There are no fees at all. (NB: Only a drawback if you love fees.)

get the interest you crave

With interest calculated daily and paid monthly, this account gives your savings room to spread its wings.

no fees

Get an ongoing interest rate and 24/7 access to your money with no account keeping fees!

flexible

Afraid to commit? This account keeps it casual. You don’t need to make a minimum deposit, and you can access your money 24/7 using our online banking services.

rates

Variable base rate 1.80% p.a.*

Variable bonus rate^ 1.80% p.a.*

Referral Links

Referral: random (33)

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

Financial Bank Account Savings Account

Related Stores

ME Bank
ME Bank

closed Comments

  • shortgum on 01/02/2016 - 17:52

    MEBank customer service is worst to none that run by idiots from their call centre. Hear the dice rolling to get decent helpful service.

    Happy to just stick with 3.5% with ING

  • Magic Mirror on 01/02/2016 - 18:23

    I guess too many people found ME Bank's requirements a bit too tedious to fulfill, and decided to stick with ING or Ubank. So ME Bank now raises their interest from 3.55% to 3.60% hoping to attract more customers.

  • grasstown on 01/02/2016 - 21:34

    Way too much effort

    In general, to get the bonus interest, you need to use your card for paywave once a week, possibly no more than 7 days from the last time you used it.

    ing 3.5 % is so easy, load 1000 a month, with no penalty for withdrawing

    • tyler.durden on 02/02/2016 - 07:21

      Don't forget with ING bonus

      you get

      • free ATMs and 2% cash back on Visa payWave purchases under $100 when you deposit your pay of $1,000 or more each month
  • DeafMutePretender on 02/02/2016 - 01:05
    +4

    When doing your calculations, don't forget that every time you paywave with a ME card, you forfeit ING's 2% cashback so the gap between ME's higher interest is just that little bit smaller than it may seem.

    Also, I think they need to update their website:

    "online savings account. interest 24/7, no strings attached."

    bold added by me.

    • tyler.durden on 02/02/2016 - 07:23

      yeah I think the 2% paywave might work out better than the extra 0.1% from ME Bank

      As long as you deposit $1000, u get
      -2% paywave
      -free atm access
      -3.5%

      So it would work out better than 3.6%, no paywave cashback and more hassle.

  • [Deactivated] on 02/02/2016 - 02:48

    If MEBank enforce both of their 'non written' rules regarding paywave timing, it might actually be impossible to get the bonus, I can't be bothered testing it extensively, but this is the problem:

    There are seven 31 day months ever year. So if the first time you paywave was say Dec 28th, and you adhere to maximum 7 days between paywaves, and the set dates rules they specified to others, the very next month will have to pay by Jan25th, then Feb 1st, then in Feb of a leap year you must make minimum of five paywave transactions, or in a non-leap-year you must make a minimum of five paywave transactions in March, YES I AM EVIL!, or lose bonus interest.

    So in just three (leap-year) or four (non-leap-year) months, Mebank customers can lose bonus interest while strictly following Mebanks weekly 1st - 7th … 22nd - 28th stated rules. The problem exists the other way around as well, as already explained by others.

    Conclusion, I call this an MEBank FAIL.

  • [Deactivated] on 02/02/2016 - 03:18

    From: http://mebank.com.au/factsheets/online-savings-account/
    …and during that month make a weekly purchase with your ETA Debit MasterCardTM using tap & go.

    Mebank Paywave requirements should probably state:

    "Make a Paywave purchase every week of every month." So customers must in fact make a minimum of 59 or 60(leap-year) Paywave transactions p/annum to obtain the stated bonus interest. Of course only their bean counter accountant will realise this fact.

  • [Deactivated] on 02/02/2016 - 04:20
    +1

    One last thing, don't make your weekly Paywave purchase on the same day of each week for convenience, or you probably won't get bonus interest for that month.

    Unless you maintain timing under 604800 seconds between Paywaves, allowing for banking timestamps, this scheme may fail.

    So the Mebank Paywave requirements should probably be updated to state:

    "Make regular Paywave purchases well under 604800 seconds apart allowing for timezones, computer lag and accountant smartassedness." This is becoming a very attractive deal now.

    • bluesky on 02/02/2016 - 14:14

      Hey, this is back to the 2nd definition I was told:
      "a period of more than 7 days cannot pass without a tap and go being made".

      And just yesterday, I was commenting that since no one has corroborated receiving this definition, that perhaps it can be discounted.

      Just saw ME Bank rep responding to some users including yourself here.
      Perhaps we can get rep to confirm.

  • bmett on 02/02/2016 - 09:22

    Just called them to get the new bonus interest. I'm with ME Bank for longer than 6 Months. Was no problem, very lovely staff. First month (Feb) I'll get the bonus interest regardless of payway transactions, after that the weekly payway requirement applies.
    Can't complain about ME Bank so far. Always got my Cashback on time etc.
    Thanks OP for posting

    • c64 on 02/02/2016 - 10:48

      thanks!

  • Donaldhump on 02/02/2016 - 09:50

    just buy an apple every day from woolies, problem solved.

    • devilbabies on 02/02/2016 - 11:09

      not if you're overseas.

      miss a single 7 day period and it will take about 1.5 years before you catch up with ING.

      also, no good for forgetful, non tech-savvy grannies.

      with ING, you can schedule granny's transfers or give her a call 12 times a year to say hi and remind her.
      (i aint calling 52 times per year to tell her to go out in the rain .. that's just nuts)

      gotta look after granny. ME bank doesn't care about grannies (or farmers, drovers, miners, jetsetters, people trapped in a 7 day snowstorm/bushfire/flood, people who lose their card)

      • Donaldhump on 02/02/2016 - 11:13

        fair enuf, its a ridiculous condition, hence why i never even bothered

    • [Deactivated] on 02/02/2016 - 11:14

      That's 3kms for me.

      • Donaldhump on 02/02/2016 - 11:16
        +1

        everyone has probly spent more on electricity discussing this than what they would have earned.

        for .1% extra even 500k in the bank is only 9.60 a week extra, so not exactly worth it

  • Donaldhump on 02/02/2016 - 11:17

    anyone can give me there money and i will return 4%, condition is must bring me a zinger every tuesday lunch

  • DeafMutePretender on 04/02/2016 - 23:48
    +2

    I'm taking the plunge. Wish me luck (and here's hoping I don't forget my weekly buys).

  • Donaldhump on 05/02/2016 - 19:12

    whats the fool proof algorithm to make sure this pays out

    i was thinking of getting this, and just using on tuesday and friday every week to buy um milk or bread?

    if you use the transaction account, does this automatically grab money from the online savings account?

    or do you need to move a minimal amount manually prior to use?

    • bluesky on 05/02/2016 - 22:52

      i was thinking of getting this, and just using on tuesday and friday every week to buy um milk or bread?

      That should work.

      if you use the transaction account, does this automatically grab money from the online savings account?

      No, it won't.

      or do you need to move a minimal amount manually prior to use?

      Yes.

  • DeafMutePretender on 28/02/2016 - 14:27
    +3

    Email received from ME Bank. I assume this was sent to everyone.

    We've been getting some questions about the bonus interest deal on our Online Savings Account, so we thought it was worth letting you know exactly how it works.

    How can I get the Online Savings Account bonus interest rate?

    The simple answer is just use tap & go at least once every Monday to Sunday and you'll get the bonus interest.
    The more comprehensive answer is that you'll get the bonus rate if you make one tap & go purchase:

    • every successive 7 day period (1st day of the month to the 7th, 8th to the 14th, 15th to the 21st and 22nd to the end of the month), OR
    • every calendar week (e.g. Monday to Sunday) ending within the month.

    I've been making my tap & go purchases so why can't I see the bonus interest rate?

    The bonus rate won't show up on internet banking until the last few days of the month; and it'll only show up then if you've actually qualified for the rate.

    How can I tell if I got paid the bonus interest rate?

    At the end of the month, if you qualified for the bonus you'll see two interest payments: one for the base interest rate, and one for the bonus.

    Still have questions? Check out the Online Savings Account FAQ page on our website or call us on 13 15 63.

    • bluesky on 29/02/2016 - 18:23

      Thanks for heads-up. Logged into account and saw the message.
      Can see the 3.6% now since its end of month.

  • freemoneyhunter on 06/03/2016 - 17:14

    Hi I have an everyday account but thinking of the savings maximiser, is the $1,000 you need to deposit each month for the bonus interest the same as an paycheck which is used for the everyday to get the free ATM withdrawls. Thinking of closing my Ubank account.

    I don't know about ME Bank, they make you remember too many codes and if you forget one, you can't click reset username/password.

    • boccos on 07/03/2016 - 07:57

      (UBank) Good luck with that too. I tried to cancel an expiring Term Deposit at Ubank by using the secure email within my logged-in online account two weeks before expiry. I specifically stated the the cancellation with the proceed to go to the nominated other Bank account which has been receiving monthly interest payments for the last 24 months.
      Then I went on holiday.
      I returned to find the term deposit renewed and an online message saying they were not able to cancel. Usually they send and email to notify that a message has been sent. This did not happen.*
      When phoned 8 days after renewal date, they stated that they renewed it but also that the 7 day grace period had expired. My only option was to formally cancel the Term Deposit with 30 days notice and that the penalty would be any interest earned for that period. Then also I had to open a new account with them for the funds to go into at the end of the months wait.
      I said why did they not just post me out a cheque. The reply was to say they no longer use any paper or cheques, as everything is now done electronically. And even electronically, the maximum they could release to an other bank is a maximum of $20,000 per day.
      For me, Ubank is now permanently off the list of useable Banks. Too many quirks. *Maybe even deliberate manipulation of the system.

  • DeafMutePretender on 25/03/2016 - 06:19

    My 3.60% showed up for this month. I was afraid it wouldn't because I did this week's paywave purchase on the day before Easter weekend and the transaction hasn't showed up on the account yet and it might not show up until next week (assuming that banks won't process it during the public holidays). Losing the bonus interest due to this would be a downer.

    • bluesky on 25/03/2016 - 17:33

      Although it takes a couple days to make it to the translist, but when it does, it is always dated the day of the paypass. So you probably have nothing to worry about, in terms of not meeting the conditions.

      I checked and mine also shows 3.6% now. Did not expect it showing so early; thought the system would just examine all customers' paypass activity in one go, at end month to determine bonus.

      Also, perhaps once a customer has done the last paypass to qualify, the 3.6% will show for that customer. Have to check this next month.

      Was going to do another paypass next week (near endmonth), just to be sure, but I guess since it shows as 3.6%, I am safe :-)

  • DeafMutePretender on 28/04/2016 - 22:46

    Another month, another 3.6%…maybe. Still showing 1.8% though, hopefully it changes soon, I'm pretty sure I met the criteria. Also, at this very moment, all of the transactions have disappeared. Website under maintenance?

    Have people been consistently jumping through the paywave loops? Or did you all forget to paywave for that single week thus forfeiting the bonus interest?

    • 17833 on 29/04/2016 - 15:45

      I have met the criteria and mine is still showing 1.8% as well. Only 1 week I almost forgot, otherwise pretty easy to do the odd transaction here and there.

    • squeeb on 29/04/2016 - 18:13
      +1

      My interest rate has just been updated to 3.6% now - Friday evening. I don't like waiting to see what happens each month.

      I must admit that I have to set myself reminders to make sure that I tap but have been managing so far.

    • DeafMutePretender on 30/04/2016 - 00:36
      +1

      3.6% popped up here too. All is right with the world. See you again next month.

  • jackofspade on 29/04/2016 - 18:41
    +1

    Apparently ING Direct will lower their rate to 3.25% from 1st May so I think me bank will probably lower their rate as well.

    • DeafMutePretender on 30/04/2016 - 00:37
      +1

      First of May? That's tomorrow. Does ING usually send emails notifying of interest rate decreases? Because I didn't get any.

    • squeeb on 08/05/2016 - 12:24
      +1

      Actually it is worse. ING now 3%.

  • squeeb on 29/04/2016 - 19:08
    +1

    Oh no. That is not good. It is kind of unexpected as the last time that the RBA changed interest rates was May 2015.

    Did you get an email to that effect?

  • squeeb on 08/05/2016 - 12:16
    +1

    Does anyone else have a entry like this showing on their online savings account?

    29/04/2016 Variable bonus interest rate 0.00%p.a. effective 01 MAY 2016

    • bluesky on 08/05/2016 - 17:10

      Hi squeeb, are you refering to ING or MEBank? A few comments above this was about ING, so a little scope for confusion :-)
      If you mean ING, there is no such entry. As for MEBank, I believe they haven't lowered interest rates yet.

      • squeeb on 08/05/2016 - 17:39

        Hi Bluesky,

        Sorry, I am back to the OP now. Just noticed in the transaction listing online on my MEBank online savings account that the variable bonus interest rate is showing as 0% effective 1 May. I hadn't noticed that before. I am sure that I have been fulfilling my tap and go requirements.

        • bluesky on 08/05/2016 - 17:44
          +1

          Just went and checked. Indeed, it has this line.
          Must be a new "feature".

          I am guessing they are trying to say that one is not qualified for the bonus, until such time you are qualified, at the end of the month(?)

        • squeeb on 08/05/2016 - 17:53
          +1

          @bluesky: I find it a bit alarming. Why are they implementing this now? And without any explanation. Thank you for confirming that you have the same line in your transaction listing.

        • bluesky on 08/05/2016 - 17:58
          +1

          @squeeb: I suspect they want to tweak the bonus and the base rate later. By saying it is zero, they can make it anything. I recall the combination base/bonus did change a few months ago. Once again, just guessing.

          Well, at least, we both have the same entry! More worrisome if I am the only one having the entry :-)

        • squeeb on 08/05/2016 - 18:03
          +1

          @bluesky: I suspect that you are on the money (pardon the pun), there is more than likely an impending interest rate cut coming.

          You are correct they did keep the total interest rate the same but lowered the base and increased the bonus a few months ago.

          Much easier to confirm things on here than calling them up.

      • squeeb on 08/05/2016 - 18:46
        +1

        Thanks. Why do they have to make it so difficult? Wouldn't it be easier to put a line in the transaction list that says, bonus interest will be determined at the end of the month if you meet the tap and go requirements. Or something else that is not confusing.

        Variable bonus interest rate 0.00%p.a. effective 01 MAY 2016 is not entirely correct then.

        Maybe Variable bonus interest rate 0.00%p.a. (or 1.8%p.a if requirements are meet), effective 01 MAY 2016 would be more suitable.

  • bluesky on 09/05/2016 - 14:14

    ME Bank has adjusted its rates, to 3.35%

    Variable base rate 1.55% p.a.*
    Variable bonus rate^ 1.80% p.a.*

    • moksha on 09/05/2016 - 15:10

      Should I edit the OP or just mark it as expired?

      • bluesky on 09/05/2016 - 15:12

        Just edit it, so that all the comments are retained(?)
        Still same deal essentially, very small changes.
        Just my thoughts (although I am no expert about OZB posting).

        • moksha on 09/05/2016 - 15:23
          +1

          It wont let me edit - maybe it is too old?

          So… I'll expire it and maybe post again in a few days when the interest rate changes have all been done at other banks.

        • bluesky on 09/05/2016 - 15:26

          @moksha: Makes sense.
          One suggestion when you create the new post, that would be really useful. Please include this thread in your post, so we can easily refer to it. Thanks.

        • moksha on 09/05/2016 - 16:42

          @bluesky: yep sure

        • moksha on 11/05/2016 - 10:10
          +2

          @bluesky: New deal here https://www.ozbargain.com.au/node/247315

    • DeafMutePretender on 09/05/2016 - 16:58

      MEWank.

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