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HomeME Savings Account: 5.55% 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: 5.55% p.a. Interest on up to $100,000 ($2,000 Monthly Deposit & Grow Balance Required) @ ME Go App
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capslock janitor on 24/10/2023 - 17:25 mebank.com.au (395 clicks)
Last edited 24/10/2023 - 17:56 by 1 other user

We are making changes to your HomeME Savings Account.

ME regularly reviews the rates on our savings products. To do this, we look at the needs of our customers and changing market conditions. After careful consideration, we have decided to change the interest rate.

Effective 24 October 2023, the highest variable interest rate you can earn on your HomeME Account will be decreased from 5.65% p.a. to 5.55% p.a. for balances up to $100k.1

Important Information

  1. HomeME Account Bonus Interest terms and conditions.
    The Bonus Interest Rate applicable to your HomeME Account will apply:

For each calendar month where:

A minimum of $2,000 was deposited into your SpendME account in the previous calendar month from an External Account. The SpendME account to which money is deposited must be held in the same name (sole name account) or names (joint names account) as your HomeME account;
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.
5.55% p.a. is payable on balances up to $100,000.
3.00% p.a. is payable on balances between $100,001 to $1,000,000
0.55% p.a. is payable on balances >$1,000,000
If you don't meet all of these bonus interest conditions you will receive variable base rate interest only, however in any month we may without notice waive the requirement for you to meet all of these conditions.

https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…

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Comments

  • sss333 on 24/10/2023 - 17:28
    +1

    Down by the same amount they reduced their BoQ accounts

    • Hiphopopotamus on 24/10/2023 - 17:32

      I wonder if Virgin Money will do the same?

      • sss333 on 24/10/2023 - 17:40
        +2

        Since they're also under BoQ quite possibly

        • Hiphopopotamus on 24/10/2023 - 18:35
          +2

          Yep. My hope though is that they had the worst rate among them anyway, maybe it won't lower too.

        • Hiphopopotamus on 25/10/2023 - 14:30
          +2

          Just got the email, they're dropping 0.15% to 5.2%. Lame.

  • Hiphopopotamus on 24/10/2023 - 17:30
    +4

    Dropping the rate without notice was dodgy, but they're still have one of the highest rates and not many hoops.

    • pandadude on 25/10/2023 - 13:30
      +1

      Me Bank email everyone on the day.

      • Hiphopopotamus on 25/10/2023 - 14:26

        True, I also got the email. I should say advance notice.

        • pandadude on 25/10/2023 - 15:06
          +1

          I agree with you on the dodgy part. The notice should at least be a day before and not on the day.

  • ozbargainerlife1 on 24/10/2023 - 17:47

    is this the highest

    • Culpable on 24/10/2023 - 22:34
      +1

      Excluding honeymoon rates, this is the highest.

  • CharityCase on 24/10/2023 - 17:55
    +1

    "balances up to $100k."
    Can you open multiple saving accounts like BOQ?

    • parisian on 24/10/2023 - 18:18
      +1

      No, it errors out.

    • Hiphopopotamus on 24/10/2023 - 18:33
      +4

      ubank is 5%.

      • maxwellish on 24/10/2023 - 21:30

        Oops. Miss read.

      • Cousin IT on 24/10/2023 - 22:26

        ubank is up to 5% all the way up to $250K (I could swear it was a million previously), not just $100k (ME) and with less hoops to get the bonus interest.

        IMO If you've got less than $100K and can tolerate the hoops, then this account would earn you that little bit extra but if you've got more than $100K or can't tolerate the hoops, then ubank wins hands down.

        • Hiphopopotamus on 24/10/2023 - 22:34

          Or use both?

          0.55% of 100k is $550/year or $46/month.

        • pandadude on 25/10/2023 - 13:36

          Ubank has always been $250k on the bonus interest.

          You must be thinking about Hiver or uniBank or one of the Teachers Mutual Bank Limited.

  • Zeee on 24/10/2023 - 18:35
    +3

    Dropped the rate from 5.65% to 5.55%

  • shaibankek2 on 24/10/2023 - 18:59
    +1

    Pigs couldn't even wait till the month is over! Shifting all my money to ING. BOQ can shove it

    • CVonC on 24/10/2023 - 19:05

      Lol yeah same I'm going back to ING too. Didn't last long with ME at all.

      • Zeee on 24/10/2023 - 19:27

        Can you tell me why moving to ing? Your suggestions? Reason…? So i make my mind too

        • CVonC on 24/10/2023 - 19:34

          That was my original transaction account. I only made a ME Go account for the higher interest rate. ING app is better (you can't store PayIDs as contacts in ME only bank accounts). ING waives international transaction fees too.

          • Zeee on 24/10/2023 - 19:40
            +1

            @CVonC: I dont use mebank as transaction account. Just saving. So i think i dont need to move then.

          • callum9999 on 24/10/2023 - 20:37
            +2

            @CVonC: ME waives international fees as well - without requiring you to pay in $1000 or use the card 5 times. Not that I use it (I solely use the HomeME account as it has the best rate).

            I don't quite understand the logic of going out of your way to move your money to a lower-interest savings account? Though if PayID is an important feature, I assume you're using the savings account as a transaction account? I personally only move money in/out if my transaction account has more than I need/not enough cash in it.

            • CVonC on 24/10/2023 - 21:28

              @callum9999: Oh I didn't know ME waives the international fee too. Interesting. I might consider staying then. But ING is 5.5% too so it's not a lower rate? Oh didn't realise ME is still 0.05% higher ha! I'll stay then.

              But yeah I use the savings + transactions account often that's why I prefer it to be on the same bank.

              • callum9999 on 25/10/2023 - 00:29

                @CVonC: If you're willing to change your banking provider over a 0.1% decrease in savings rates I really don't see the logic behind not doing the same with your transaction account.

                Why wouldn't you get the 2% cashback from HSBC? Moving money from HomeMe to the Me transaction account is no easier than moving it to the HSBC account.

                Obviously your finances are none of my business so you do you, it just doesn't make sense to me!

                • CVonC on 25/10/2023 - 02:17

                  @callum9999: No I didn't realise ING was actually less, I thought it was the same.

                  And yes I use HSBC Everyday Global for the tap payments too.

    • callum9999 on 24/10/2023 - 20:27

      A bizarrely aggressive response to a (presumably insignificant) cut of 0.1%, which is still higher than ING!

    • SuperLate on 25/10/2023 - 15:56
      +1

      Already moved from VM and BoQ at the start of this month. Still keeping ME until they are at par with ING.

  • Eddysan on 24/10/2023 - 20:26

    What losers couldn’t believe the notice going to try Hiver out not cool MEBank

    • callum9999 on 24/10/2023 - 20:40

      I really don't understand the logic behind several people on here deciding to move their money to alternative accounts that pay less interest? I agree it's bad form for them not to give notice, but are you saying you would have done anything differently if they did?

      • hayfeverman on 24/10/2023 - 20:54

        I'm not in that boat but I think if they did people might respond more calmly and see 5.55 > 5.5

        But I can also see some risk now that my rate might get rugged halfway through month, so I'm glad I also have my ING active and qualified and ready to go if that happens.

        • callum9999 on 24/10/2023 - 21:12
          +1

          Good point. If it's convenient to have the ING account active as a backup that makes sense, but it sounds more like a knee-jerk "how dare they - I'll show them!" reaction.

          Which doesn't make a lot of sense given ING has done the same thing in the past.

  • anti-hero on 24/10/2023 - 20:27
    +2

    you have to increase your saving account balance to earn that 5.5%. I found this condition is quite hard to meet. I still prefer Ubank.

  • AkuroPlays on 24/10/2023 - 20:52

    BOQ went from 5.5% to 5.4% without notice! Sketchy business, but still one of the best saving accounts compared to other banks!

    • devisticshash on 24/10/2023 - 22:35
      +1

      ING is better at 5.50% same conditions as BOQ and arguably better app (more simple).

  • pennypincher98 on 24/10/2023 - 21:42

    Not sure a decrease is a deal… More a forum post

  • Culpable on 24/10/2023 - 22:36

    Called it.

    While they're still the highest, make sure to keep an eye on their rate.

    This wouldn't be the first time MeBank started out high before falling off a cliff.

  • Culpable on 24/10/2023 - 22:55
    +1

    At only 0.05% interest above ING, new signups should probably opt for ING instead.

    While ING is 5.5% and MeBank is 5.55% - the ING app is better, and MeBank has a worse track record of lowering their interest rates without notice.

    • Hiphopopotamus on 24/10/2023 - 23:01

      ING is also running a $100 reward referral program right now, though it ends in a week.

    • repeat on 25/10/2023 - 06:59
      -1

      0.05% reduction means $41.66 less interest paid each month on $100k.

      • silverstone2023 on 25/10/2023 - 07:04
        +2

        It is $4.16 less each month, not $41.66.

        • repeat on 25/10/2023 - 13:49

          yeah - my bad, not enough zeroes

  • Tg0dmw on 25/10/2023 - 11:10

    Hiver has just 0.05% less but no 100k limit and only $1000/ month deposit

  • SuperLate on 25/10/2023 - 16:05
    +1

    After receiving the email of decrease effective same day, I just came to see if someone has posted this. Thanks OP. Ozb is also about catching these kind of changing scenarios and spreading the information instantly. Although may belong to the forum but this post needs more attention that it might not get in a forum. Looks like other banks will follow suit.

  • teddy bear on 28/10/2023 - 09:51

    Sorry, would anyone be able to explain the growing part of the interest? So if I had $0 when I first start, end of month I can have +$1 and it’ll still satisfy the criteria? And then I would want to put in the highest amount of money below 100k on the second day and take out all the money before the last day? So I don’t need the money in either accounts but I’ll still get interest on the highest amount I put in?

    • illiterate on 29/11/2023 - 13:06

      Your interest payable is calculated daily based on your closing balance.

      My understanding is that, yes, if you pull out all your savings on the last day of the month, you will grow the balance by depositing $1 on top of the interest you would have recieved.

      E.g. Balance
      28th $90K
      30th: $0K
      1st: $90,100 (where 100 is eg interest)
      30th: $101

      • teddy bear on 30/11/2023 - 20:57

        Thanks for the response!

  • chrisharry53 on 28/10/2023 - 11:13

    Do you get bonus interest for the first month if you deposit $2000 in Spend account or not? Most banks waive conditions month 1. The bonus rate tab in the app indicates I do but isn’t real clear.

    • silverstone2023 on 28/10/2023 - 12:16
      +1

      From the ME Bank website

      To help kickstart your savings, you will earn bonus interest in your first month with ME. Just make sure you meet the bonus interest criteria before the end of the month to continue earning it in the following month.

  • c64 on 01/12/2023 - 21:19

    if there is a $20k daily withdrawal limit, how are people planning to get their money out?

    • hayfeverman on 02/12/2023 - 06:34

      Over 5 days I guess

      • c64 on 02/12/2023 - 13:56

        never mind, i now realise that the bonus interest is unlocked in advance for the next month, so it is not a problem if you want to withdraw all the money and not lose interest

    • CVonC on 08/12/2023 - 00:13

      You can request to increase the daily withdrawal limit to whatever you want over 20k in the app for one day.

  • Smiling assassin on 20/04/2024 - 09:37

    Hey guys!

    Just thinking about their conditions
    1. Deposit $2000 from external bank
    2. Grow balance from last month

    Do you think the following will still count?

    Jan 1st - $10k sitting in bank account
    Jan 2nd - depost $2000 from external bank
    Jan 3rd - Withdrawl $1000 to external bank
    Jan 4th - Now has $10.1K

    Techniqually i've satisfied both conditions right?
    Thanks for clarifying!

    • silverstone2023 on 20/04/2024 - 16:17
      +1

      Provided that you deposit the $2000 into the SpendMe account and then move the $2000 to the HomeMe account, then yes, you will have met the conditions for bonus interest for the next month, ie Feb in your scenario.

    • c64 on 20/04/2024 - 16:48

      you just need to deposit at least $2k to the spendme account and grow the balance of the homeme by at least 1c by the end of the month (excludes any interest payments). intermediate withdrawals are ok.

      you could withdraw a significant amount from the homeme account a day or two before the end of the month and then pop it back in at the beginning of the next month if you want to keep the "grow" balance down, as long as it goes up by at least 1c from the opening balance at the beginning of the month

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