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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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HomeME Savings Account: 5.65% p.a. Interest on up to $100,000 ($2,000 Monthly Deposit & Grow Balance Required) @ ME Go App
Go to Deal
Lthebigsleep on 27/06/2023 - 20:22 mebank.com.au (2929 clicks)
Last edited 27/06/2023 - 20:59 by 1 other user

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 (32)

$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

              • Yola on 01/08/2023 - 14:04

                @Chris T: I agree. ING states the same yet you also need to keep the interest in the account. Bendigo Bank is the only one I am not sure about but plan to leave the interest there just to be sure.

              • 26ers on 01/08/2023 - 23:01
                +1

                @Chris T: Yeah.. I think you're definitely right about this..
                Because what @Yola mentioned about ING is true..
                😂😂

            • souths123 on 02/08/2023 - 15:32

              @26ers: yes, I have been keeping the balance on the last day of the month just under $80k (the rest of the month I take to just under the 100K cap)…I transfer whatever I am able on the last day of the month to still grown the balance from the 1st of the month incl interest. So, each month it will be a little less I can transfer out to satisfy the criteria, but still gives me a lot of leeway with the grow criteria….is working so far.

  • Coco on 29/07/2023 - 12:53

    Did anyone receive a "Some bonus info for you" email yesterday that said "You opened a HomeME Account because you wanted to get serious about saving for a deposit (and access our bonus rate). But you're not quite there … yet." even after you've deposited $2000 into your SpendME account and have deposited something into the HomeME account (this is my 1st month, I only opened the account in mid-July).

    The email makes me worried that I haven't fulfilled the criteria for July, so won't get the bonus interest in August. Is there anywhere in the app that shows whether we met the criteria to get the bonus interest next month?

    I transferred $2000 from an external account into SpendME and then transferred it straight into the HomeME account 5 minutes later. Should I have left the $2000 in the SpendME overnight or something so it registers as a deposit. The transaction listing still shows $2000 went in. The lack of information about next month in the app is making me anxious.

    • goodfella on 29/07/2023 - 13:00

      Interest accumulates daily, check your HomeMe account details and see if the amount of interest adds up or not. I believe it's just a wrong/late email notification

    • Ave Maria on 29/07/2023 - 19:30

      You do qualify for the 1st month. For the home account you can confirm by checking what interest has been earned so far from the top corner (…) & view acccount details. You can check if the save account bonus rate is activated for the next month by clicking on the > (arrow) next to he account. You should get a message "Bonus Rate activated next month". It is not the most straight forward app to use (incosistent implementation for different accounts) & the UI can be a bit confusing until you get used to it.

    • Coco on 29/07/2023 - 20:04

      Thanks goodfella & Ave Maria - the app shows me that I am receiving the bonus interest rate for July (by checking the amount of interest earned in View Account Details), but I already knew that since new accounts automatically qualify for bonus interest for the first month.

      But I can't seem to find the spot in the app that will show me whether I have done everything that is required in July to accrue bonus interest in August. If I check View Account Details in August, it will already be too late because I had to complete the criteria in July.

      The ING app has a section that tells me I'm "On track" for receiving bonus interest in August once all the criteria has been accepted. I was just wondering whether the HomeME account has something like that. I don't have a SaveME account and I believe the interest rate on the SaveME is lower and has different conditions, so it's a bit different.

      • Ave Maria on 29/07/2023 - 20:13
        +1

        Yes, you are correct and we all share the same frustration. All you can do is to double-check that you did do the $2K deposit in the spend account in July & that on the 31st of July your balane has increased from what it was on the 1st (after interest payment). Hopefully that issue is resolved in a future MEB app update. They do it as expected for the Save account & so does BOQ on the almost identical base app.

  • shoppe on 30/07/2023 - 12:53

    Anybody receive the email "[name], activate your bonus rate today."?

    I just got the email recently and I met the criteria for next month on about the 3rd. And this month I am already receiving the bonus.

    • timhn on 30/07/2023 - 13:41

      It's a default email to new customers.

      • shoppe on 30/07/2023 - 14:55
        +1

        It's so deceiving. Makes you think you did something wrong, and aren't going to get the bonus rate.

  • Hiphopopotamus on 03/08/2023 - 11:18
    +2

    Is the bonus interest stepped or will it drop to 3% for the full amount if I go over 100k?

    Edit: Just contacted chat in the app, they said it's 5.65% for the first 100k and 3% for anything over.

  • FrenchFrie on 08/08/2023 - 20:19

    Hi there, just joined MeBank and opened a SpendME and HomeME accounts.
    I'm new to those savings accounts kind of things… Don't want to blow this so I'm asking if I got this right…
    I want to put $20 000 on the HomeME account, that's pretty much all my savings… Every end of month I have to put $0.1 in this account to keep the balance growing yeah?
    I also have to deposit $2000 every month on the SpendME account. But can I withdraw this amount at anytime after transferring it and put it back onto my CBA everyday account? Not really planning to use the SpendME account tbh…

    Also alternatively, could I open another savings account with like ING and transfer my $20 000 there and back every month so I earn interest though ME Bank but also through ING?

    Your help is greatly appreciated

    • Yola on 09/08/2023 - 07:29
      +1

      You are correct on MeBank. Just remember to leave the interest in HomeMe regardless of what they say. See the discussion above.
      Not sure what you mean about ING. If you wish to alternate between both banks - there is no point. MeBank has a higher rate and fewer hoops. Also, you would increase your chances of making an error. I would stick to them.

      • FrenchFrie on 09/08/2023 - 11:12

        Thanks Yola!
        I've done the transfer from CBA to HomeME, just needs to be approved now.
        So I can send $2000 to SpendME and straight away send it back to CBA or do I have to wait one day or more?
        For ING I was thinking about earning interests on the same $ 20 000 but I think you need to grow your balance at the end of each months hand have the $20 000 sitting on the account on the last day of the month, so it won't be doable sadly

        • Yola on 09/08/2023 - 17:32

          and with ING you need to do 5 transactions.

          So I can send $2000 to SpendME and straight away send it back to CBA or do I have to wait one day or more?

          You can withdraw as soon as it hits your account.

          For ING I was thinking about earning interests on the same $ 20 000 but I think you need to grow your balance at the end of each months

          interest is calculated daily and paid monthly so if there is no money in the account there will be no interest.

          Once you understand these principles you can apply them to most of these accounts.

          • FrenchFrie on 09/08/2023 - 19:48

            @Yola: Thanks Yola!
            So if I were to switch funds between ING and HomeME everyday, would that work or do they calculate interest at the end of the day when the money sits in your account?

            • Yola on 10/08/2023 - 07:40

              @FrenchFrie: Banks calculate interest on daily closing balance. I guess it would be hard to have that for 2 accounts on the same day. Most people say it's around midnight but not sure.

  • SomeGuyOnOzB on 10/08/2023 - 18:12

    I just opened the HomeMe account a few minutes ago.
    I already Osko'd $2,000 to my HomeMe account, and it says Account Details; Bonus rate* 5.10%

    Do the Account Details for the HomeMe account say Bonus rate* 0% if you haven't satisfied criteria for the month?

    • Yola on 11/08/2023 - 03:55

      Read the OP. The first month you qualify automatically. The deposit is to qualify for next month. Read the comments and you will see that the only way to tell if you are getting the bonus is to calculate the actual interest it shows you are receiving. Specifically Ave Maria.

    • jwl81124 on 12/08/2023 - 23:22

      PLUS base rate 0.55%=5.65%

  • Feeblely on 12/08/2023 - 20:33
    +5

    Why is this marked as expired

  • capslock janitor on 13/08/2023 - 12:11

    me hiver ing boq

  • samehada on 13/08/2023 - 13:22

    How do I check what was the balance from previous month to make it higher this month? With ING I can see the amount I need to maintain but I can't find this info with MEBank Go app.

    • Ave Maria on 13/08/2023 - 17:29
      +4

      The MEB app will not help you in making that decision. It is badly designed & delivered. It does not meet any basic customer needs. Hope they will go back to providing online web access and stop experimenting at the savers expense.

      You need to know your balance after interest is paid for the previous month, on the 1st of each month & make it higher than that by the last day of the month.
      As the MEB App has no transacton listing that shows the balance after each debit or credit (how bad is that) - I rely on keeping my balance history for each month 1st in a spreadsheet. Primitive does not even begin to describe the MEB App.

      • shoppe on 14/08/2023 - 13:55
        +2

        These apps without a running balance history sux. UBank's too, and this includes the web app.

  • capslock janitor on 16/08/2023 - 00:03

    Should I go for the minus18 card, or orange sky card?

    And can we change it/the donation later?

  • capslock janitor on 16/08/2023 - 00:17

    Any promo code?

  • FujiFruit on 16/08/2023 - 10:46

    All I did was did a chat online and they told me what my last month balance was and to grow it . So no need to figure it yourself if you are shopping a lot and loose track.

  • capslock janitor on 20/08/2023 - 09:46

    When's best time to move all from BOQ to MEBANK?

  • Ave Maria on 20/08/2023 - 18:56
    +2

    @samehada - You also need to increase your balance, on top of any interest received each 1st month, by the end of the month

    The way I do it, as I have the account topped up to $100K is as per below - I also do the 4 card transactions to keep the SaveMe rate at 4.25%

    end of 1st month move $10K from HomeMe to SaveMe
    on 1st of each month top back the account to $100K (and move excess interest to another savings account)
    on last day of each subsequent month move $10K - total interest received so far - ($1 x Repeat# e.g. 1, 2, 3 …) to the SaveMe
    repeat last 2 steps

    I used $10K as my starting amount - you can use whatever you feel comfortable with

    Note - I use a xls spreadsheet to calculate amounts automaticaly - I do not leave it to chance or last minute manual calculation.
    Every savings account requires its own unique trick to maintain the bonus + maximum flexibility be it ING, BOQ, UBANK, AMP or STG

    Some additional points:

    With ING, STG you can utilise multiple accounts (fliiping accounts each 1st of month) to allow you to withdwaw almost all your money (minus 1$ & $50 respectively) anytime, without loss of interest. No such issue with BOQ, AMP, UBANK once bonus conditions are met. With MEB you can only do so by moving all money out on the 1st of a month (that is a major drawback) as you can only have one HomeMe account. If I only had $100K of savings I would use ING & not bother with MEB (the extra .15% is not worth it).

  • capslock janitor on 21/08/2023 - 12:18

    ME Go CDR not live :\

  • freeman on 23/08/2023 - 10:27

    How many ID documents Me Bank needed? I have put my Medicare and driver license number, it’s keep asking more ID.

    • capslock janitor on 31/08/2023 - 13:49

      ye 3 so much i think
      i put licence,medicare,expired passport

  • apple0604 on 31/08/2023 - 10:30
    +1

    Their app was down since last night, but only put out notice this morning. At first they said they tried to get it fixed by 10am. Now they changed to asap. :(

    • Yola on 31/08/2023 - 11:24
      +1

      Virgin and BofQ are also down.

      • Hiphopopotamus on 31/08/2023 - 12:22
        +1

        Virgin Money works for me now, the other 2 should follow shortly (BOQ owns all of them I believe).

      • apple0604 on 31/08/2023 - 12:25

        Yes. I wonder once they are working if transactions will be delayed. Do you know?

    • hayfeverman on 31/08/2023 - 12:24

      Pretty bad to happen on the last day of month, especially since the closing balance is so crucial to the bonus interest criteria.

      • apple0604 on 31/08/2023 - 12:27

        Yes, I want to transfer money out to lower balance at the month end. Now I am not sure if I should do it as might risk loosing interest on large amount.

        • hayfeverman on 31/08/2023 - 12:31

          Exactly the same here. My balance is maxxed out so I have to do this, but it probably won't land in the other account today now… (but that's <$3 impact, so I'd rather do that than have an onerously or impossibly high closing balance)

          • apple0604 on 31/08/2023 - 12:34

            @hayfeverman: My thought too. So next month I will have look for alternative. I stayed up last night trying tk do the transfer. App didn't notify me any system problems they were having. I thought it was problems with my phone. They only put out notification this morning.

            • Hiphopopotamus on 31/08/2023 - 12:37

              @apple0604: Same! I did a phone data transfer last night and was freaking out a little, I thought that might have messed something up.

              • apple0604 on 31/08/2023 - 12:45

                @Hiphopopotamus: Hahaha, I know it very well it could be their app not working. But I still tried turning off phone, switching from wifi to 5g, updating the app, uninstalling then reinstalling app, etc plus trying many times. Stayed up till 2:30am and got earlier than usual this morning. I am giving up now.

                • Hiphopopotamus on 31/08/2023 - 12:55

                  @apple0604: It was a time alright. I uninstalled and reinstalled on the old phone and new, I even tried installing on a 3rd phone. It was weird because I could kind of actually log in, see the balance sometimes, but it would always time out.

                  VM is working for me now, even though I still get the maintenance pop up, ME is still not working.

                  • apple0604 on 31/08/2023 - 12:57

                    @Hiphopopotamus: Early this morning I also could see balances sometimes then time out. BOQ and ME are still not working for me.

                    • hayfeverman on 31/08/2023 - 13:42

                      @apple0604: It's pretty ludicrous that it hasn't been working for almost an entire business day now…

                      • apple0604 on 31/08/2023 - 14:56

                        @hayfeverman: Totally agree. BOQ is working now. Apparently ME is the last one to be fixed.

                        • Hiphopopotamus on 31/08/2023 - 16:03

                          @apple0604: ME is working for me now, still laggy though.

                          • apple0604 on 31/08/2023 - 16:04

                            @Hiphopopotamus: But it is very slow for me. Internal transfer takes a good minute. Now trying to transfer out some funds.

                          • apple0604 on 31/08/2023 - 16:06

                            @Hiphopopotamus: Are you able to transfer funds out? I can't.

                            Edit: now getting the same error message again.

                            • Hiphopopotamus on 31/08/2023 - 16:15

                              @apple0604: Not really, I did a $1 transfer to my VM account, it's pending (taken from my ME account, not deposited in my VM account yet) and it took ages.

                              The app is very laggy still, give it some time and it should get better.

  • capslock janitor on 31/08/2023 - 13:49
    +1

    payout tomorrow?

  • jwl81124 on 01/09/2023 - 11:10

    I didn't receive August interest, anyone else?

    • Hiphopopotamus on 01/09/2023 - 11:18

      You can log in? The app is having issues and they keep extending the maintenance time, it should be fine.

      I periodically checked the accumulated interest and it went up daily.

      • Yola on 01/09/2023 - 11:34

        Also, I cannot log in and Virgin and BOQ say interest payments are delayed

        • Hiphopopotamus on 01/09/2023 - 11:44

          I got my VM interest already. ME is still under maintenance, I managed to log in but it's still very laggy and I couldn't get to my accounts balance.

  • jwl81124 on 01/09/2023 - 11:52

    I can log in mego, but balance was stay for yesterday.

  • hayfeverman on 01/09/2023 - 12:10

    This is embarassingly bad. I'm taking all of my money out (when I can). It's not worth an extra $12.50 of interest a month (5.65% - 5.50%)/12*100,000 max balance

    If this weren't regulated under APRA I'd assume this is some kind of exit scam, but never attribute to malice what could simply be incompetence…

    • Hiphopopotamus on 01/09/2023 - 12:54

      It's incompetence, BOQ and VM (all 3 are owned by BOQ) had similar issues.

      It's entirely up to you to leave. You're comparing to ING correct? If you have more than 100k though you need to start comparing to other banks, like ubank which is 5%, for 100k that's $54/month.

      • hayfeverman on 01/09/2023 - 14:30

        Funny, just as I see this, I'm now having some (idiosyncratic) account issues with ING, and now everything with ME is working so perhaps I will just stay there for now, and hope this doesn't happen again.

      • capslock janitor on 02/09/2023 - 21:10

        ihope to be in the 100K club some day

    • toniyellow on 01/09/2023 - 13:33
      +2

      Their comms have been really terrible, but the main issue wasn't them, it's a power surge in a Microsoft data centre.

      https://www.itnews.com.au/news/bank-of-queensland-jetstar-am…

  • capslock janitor on 01/09/2023 - 13:56
    +1

    Just received $5.58 interest for $3,003 saving

    • Hiphopopotamus on 01/09/2023 - 14:22

      Same.

    • Feeblely on 02/09/2023 - 14:29

      Thats really good. Arent you meant to get only $1.40~?

      • capslock janitor on 02/09/2023 - 21:10

        $5.54* idk is it?..
        it's only ≈ 0.1847% of 3003

        i deposited the savings on 20th august

  • addz2109 on 02/09/2023 - 12:03

    Just an update for those who have opened an account as of September and think that the grace period still exists for new accounts with the bonus 5.65% applied in the first month - it has changed.

    I had a look at my accrued interest YTD and it has only the base rate applied. I followed the correct procedure and ensured the spendme account has 2K and added significant funds to the MEHome account but as of today(2nd day), the interest accrued is just with the base rate applied.

    I will need to wait until October to put all of my funds into HOMEme and will keep my funds in the Macquarie account until the end of the month. Can't risk losing 5% of monthly interest.

    • Hiphopopotamus on 02/09/2023 - 12:24

      Are you sure?

      First Month.
      To help you get started on reaching your savings goals, you'll start earning Bonus Interest straight away after opening your HomeME account (for new customers only). To continue to earn Bonus Interest each month, you'll need to meet the above Bonus Criteria.

      This is still on their website, are you a new customer? I opened my account on the 2nd of August and got the bonus right away.

      • pandadude on 02/09/2023 - 14:29

        Mebank been having outage for the past few days.

        • Hiphopopotamus on 02/09/2023 - 14:49

          That's been fixed, bonus interest should have come through by now. Some other transactions may still be slightly delayed.

      • Yola on 02/09/2023 - 14:31

        I also opened my account in August and have received the bonus interest.

      • addz2109 on 02/09/2023 - 22:43

        Yes, opened it on 25th Aug but deposited my funds on 1st Sep and today I saw $1.22 as. YTD interest earned which is a day's worth of interest on 80k with the base rate applied. I definitely deposited 2k into that spend me account too.

        • Hiphopopotamus on 02/09/2023 - 22:50

          Did you make any deposits at all into the Savings account in August? Because if you didn't then a $0 to $0 balance is not an increase, maybe that's the issue?

          • addz2109 on 03/09/2023 - 07:10

            @Hiphopopotamus: Yeah, this makes sense actually. I wish I had come to these forums sooner.

  • eriktufa on 02/09/2023 - 21:20

    Just wondering, when you guys have reached $100,000 what will happen? if you add more you don't get bonus interest and if you don't add you lose your interest. Switch to another bank?

    • Hiphopopotamus on 02/09/2023 - 21:44
      +2

      Closing balance is based on the last day of the month so people usually work around that. Either by keeping 100k in there and taking out a calculated amount on the last day of the month, or taking out the excess over 100k on the first and putting it back in on the last day of the month (losing one day of interest on the excess).

      Personally I like putting 95k in and not worrying about it for a year or so, or 90k for 2 years. I also use ubank (no balance requirements), they're 5% so the difference is a little less than $3/month for 5k. When the times comes I'll do the balance dance or just move everything for a month and start the cycle again.

  • jwl81124 on 03/09/2023 - 13:21

    can't login again, unbelievable

  • capslock janitor on 01/10/2023 - 10:18

    Why did I only get$2.80?

    • timhn on 01/10/2023 - 12:59

      For what?

    • Yola on 01/10/2023 - 13:11
      +1

      I also did not get the bonus interest. The app advised that I had met the criteria. Maybe they are running late.

      • timhn on 01/10/2023 - 13:19

        I saw my bonus interest when checked the account this morning.

      • capslock janitor on 01/10/2023 - 15:38

        it's possible I didn't do the august SpendME deposit//grow and got mixed up with the grace.

        should've taken a screenshot of the Bonus rate page, but it doesnt seem like if it actually tells you if been fulfilled?

        • Yola on 01/10/2023 - 16:11

          You can see in the transactions if you did or not.

  • shoppe on 03/10/2023 - 16:17

    My bonus interest went through fine. You should have two interest payments - base interest, and bonus interest. But both just say interest. (Are you sure you met the requirements, deposit $2000 in spendMe, and grow balance of HomeMe.)

  • parisian on 23/10/2023 - 12:43

    Now showing 5.55% in my app albeit website still showing 5.65%.

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