ME Business Term Deposit
![ME Business Term Deposit](https://www.finder.com.au/global/images/providers/melogofinal.png)
- Interest rate 4 months interest rate
- Up to 4% p.a.
- Minimum opening deposit
- $5,000
- Account keeping fee
- $0
Summary
This term deposit is available to businesses and SMSFs and offers a fixed interest rate on terms between 1 month to 60 months.
Invest your money for a term length that suits you, between 1 month to 60 months at a time, and enjoy a fixed interest rate on your funds while paying no account fees. The ME Business Term deposit is suited to business and SMSF customers looking for a safe and secure way to invest their funds, offering up to 1.35% p.a. on 7 month terms.
Pros
-
A true zero fee account, with no fees at all
-
Flexible term options, from as little as 1 month
-
Choose ahead of time whether to reinvest for another term or close the account
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Peace of mind with fixed interest rates
Cons
-
ME Bank has no branches. You’ll need to transact online
-
Interest reduced for early account closure
Details
Key details
Product Name | ME Business Term Deposit |
3 month interest rate | 2.05% |
4 month interest rate | 4.00% |
6 month interest rate | 4.00% |
7 month interest rate | 1.35% |
9 month interest rate | 4.00% |
12 month interest rate | 4.00% |
24 month interest rate | 2.00% |
36 month interest rate | 2.00% |
48 month interest rate | 2.00% |
60 month interest rate | 2.00% |
Minimum Opening Deposit | $5,000 |
Minimum age requirement | 18 |
Government guarantee | Yes |
Eligibility
Minimum Age Requirement | 18 |
Joint account availability | Yes |
Min Deposit | $5,000 |
Available to children | Not available for children |
Your reviews
Andrew Finder
Editor
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Alison Banney Finder
September 08, 2023
Hi, currently the interest rates offered by ME are slightly higher when you opt to receive interest at maturity.
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Tony
August 02, 2023
Hi
If the govt guarantee is up to $250k per person/account, then if I opened two separate accounts for my SMSF (that has two trustees/members) for $250k per account, would the full $500k be guaranteed?
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Raj Lal Finder
August 21, 2023
Hi Tony,
Yes you would be covered based on APRA’s wording for SMSF “SMSFs are recognised as an account holder under the FCS, any additional accounts held by the trustees of the SMSF would be covered separately”
You can view the full explanation on the APRA website here.
Thanks
Raj
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Tony
August 07, 2022
What is the best rate I can get for a $400,000 business term deposit for 12 months
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Carol
October 04, 2019
Are they any special 6 months term for $1,600 or special rates for deposits over $1,000?
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Ash
October 04, 2019
Hi Carol,
Thanks for contacting Finder.
No, there is no special rate for 6 months term at it is at 2.05%. Kindly take note that the minimum investment amount for the ME Business Term Deposit account is $5,000 so there will be no other rates for deposits between $1,000 to $1,600. All their interest rates applies for investments amounting from $5,000 up to $2,000,000. For deposit amount more than $2,000,000, you need to contact ME Bank for their rates.
I hope this helps!
Cheers,
Ash
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Geoffrey
April 22, 2018
I wish to invest in a term deposit for my SMSF. Do I need to lodge a copy of the Trust Deed when applying for a term deposit? Money would be transferred from my SMSF Business Account at an Australian bank.
Jeni Velasco Finder
April 22, 2018
Hi Geoffrey,
Thank you for getting in touch with Finder.
The documents you need to supply when opening an SMSF term deposit account will vary depending on whether your SMSF has an individual or corporate trustee structure. For SMSFs with individual trustees you will need to provide a certified copy of the relevant sections of the SMSF trust deed that clearly state:
- The name of your super fund
- The individuals listed in the application as the fund members and trustees
If the trustee of your SMSF is a company, your bank will need certified copies of the sections of the SMSF trust deed that identify the corporate entity as the trustee and the individuals listed as members.
I hope this helps.
Have a great day!
Cheers,
Jeni
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dean
September 01, 2023
is interest rate better for monthly paid interest or maturity paid.