Our verdict

You can earn a really impressive ongoing bonus rate of 5.25% p.a., however you need to deposit $2,000 per month.

This account offers one of the highest ongoing bonus rates in the market at 5.25% p.a. This is a fantastic rate, however, keep in mind you do need to deposit $2000 per month into the linked transaction account to get the bonus rate, which is higher than most other bonus savings accounts. This could be easy to meet if you get your regular salary or wages deposited into the account - but if you don't earn a regular income this could be tricky to meet.

Another good thing about this account is that there are no monthly spend requirements and you can make withdrawals from your savings throughout the month if you need to.

Pros

Ongoing bonus rate is one of the best in market
Tiered bonus rates means you still earn interest on larger balances
Savings tools offered in the app

Cons

High monthly deposit of $2000 required for bonus interest
Low variable base rate if bonus interest criteria isn’t met

Details

Key details

Product Name	ME HomeME Savings Account
Maximum Variable Rate	5.25% p.a.
Standard Variable Rate	0.55% p.a.
Monthly Account Fee	$0
Minimum Age	14

Key features

Ongoing variable bonus rate of 5.25% p.a.

This account offers a total ongoing variable bonus rate of 5.25% p.a. when you meet the following account conditions each month:

Deposit at least $2000 into your linked SpendME transaction account

This bonus rate is available on balance up to $100,000.

Balances between $100,000 and $1 million

If you save any money beyond $100,000 you still earn interest on this cash, but at a lower rate.

You can earn 5.25% p.a. p.a. on balances up to $100,000.
You can earn 3% p.a. on balances between $100,001 to $1,000,000.
You can earn 0.55% p.a. on balances above $1,000,000.

You'll still earn the full bonus rate of 5.25% p.a. on the portion of your balance under $100,000.

Variable base rate of 0.55% p.a.

This account has an ongoing variable base rate of 0.55% p.a. each month. This is the rate you’ll earn if you don’t meet the bonus criteria one month (if you don’t meet the criteria one month, you can still be eligible for bonus interest the following month).

You can make withdrawals

You can make withdrawals from your savings throughout the month if needed while still being eligible for bonus interest.

Linked SpendME transaction account

This account comes with a linked transaction account which you can use to deposit your salary, make day-to-day purchases and pay bills. You can move money from your SpendME account into your HomeME savings account at any time (but only the savings balance will earn interest).

Exclusively available though the ME Go app

The HomeME savings account and linked SpendME transaction account are exclusively available via the ME mobile bank app, ME Go. You can only access your account via this app, not via ME Internet banking, and you won’t see any additional ME accounts you might have in this app.

Government guarantee

ME is included in the Australian government’s financial claims scheme, so your deposit up to $250,000 in a ME account is protected under this scheme.

How to apply

This account can only be opened via the ME Go app, so you’ll need to download the app as a first step. The application process will require you to verify your identity using 2 forms of ID such as your driver’s license, passport or Medicare Card.

Eligibility

You must be over 14 years old
You must be an Australian resident with an Australian residential address
You must be using the account for personal use (no business or SMSF customers)

Compare other savings accounts

1 - 7 of 181

Name	Finder Score	Maximum Variable Rate p.a.	Base interest rate	Intro/Ongoing	Government Guarantee	Monthly Max Rate Conditions
Bank of Queensland Simple Saver Account	Finder score 8.9 Great	Maximum Variable Rate p.a. 4.85%	Standard Variable Rate p.a. 4.85%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Balances up to $5,000,000	Go to site View details Compare	loading Fetching your data...
ING Savings Accelerator ($150,000 - $500,000)	Finder score 8.7 Great	Maximum Variable Rate p.a. 5.40%	Standard Variable Rate p.a. 4.70%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Welcome rate applies up to $500K	Go to site View details Compare	Ideal for higher balances, savers can earn up to 5.4% for the first 4 months and up to 4.7% thereafter. There are no conditions and $0 account-keeping fees.	loading Fetching your data...
ING Savings Accelerator ($150,000 - $500,000)	Finder score 8.7 Great	Maximum Variable Rate p.a. 5.40%	Standard Variable Rate p.a. 4.70%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Welcome rate applies up to $500K	Go to site View details Compare	loading Fetching your data...
Suncorp Bank Growth Saver Account	Finder score 9 Excellent	Maximum Variable Rate p.a. 5.05%	Standard Variable Rate p.a. 0.35%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance by $200 each month (excl. interest) Only 1 withdrawal No balance limit on earning interest	Go to site View details Compare	loading Fetching your data...
Newcastle Permanent Smart Saver Account	Finder score 8 Great	Maximum Variable Rate p.a. 4.50%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance No more than 2 withdrawals	Go to site View details Compare	loading Fetching your data...
ING Savings Maximiser	Finder score 9.7 Excellent	Maximum Variable Rate p.a. 5.50%	Standard Variable Rate p.a. 0.55%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $1,000 5 transactions Grow your balance Balances up to $100,000	Go to site View details Compare	loading Fetching your data...
St.George Incentive Saver	Finder score 9.4 Excellent	Maximum Variable Rate p.a. 5.25%	Standard Variable Rate p.a. 1.85%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance $50 ($0.01 if under 21) Balance up to $249,999.99	Go to site View details Compare	Extra 0.10% p.a. for 3 months for new customers who apply online, with balances under $250,000.	loading Fetching your data...

Showing 7 of 7 results

How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full Finder Score breakdown

Sources

Your reviews

No reviews yet. Write a review

Ask a question

To ask a question simply log in via your email or create an account.

Ask a question

Alison Finder

Editor

Hi there, looking for more information? Ask us a question.

You are about to post a question on finder.com.au:

Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
finder.com.au is a financial comparison and information service, not a bank or product provider
We cannot provide you with personal advice or recommendations
Your answer might already be waiting – check previous questions below to see if yours has already been asked

Accept and continue

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.

December 17, 2024

The current rate for HomeME is 5.25%. My understanding is that to receive the 5.25% rate on HomeME balances below $100k I only need to deposit $2k into the linked SpendME account from an external source. My HomeME account balance does not have to grow every month to get the 5.25% rate – it can actually be lower than the previous month and still get that rate. Is this correct?

Show more Show less

Alison Banney Finder

December 18, 2024

Hi,

Yes that’s correct. As long as you meet the $2,000 monthly deposit requirement you are able to make withdrawals and still earn the bonus rate.

Thanks,

Alison

Ebn

April 24, 2024

If you end up depositing 100k over time, but stop depositing thereafter, do you no longer qualify for the 5.5% amount? Despite the interest amount being reduced from any deposits after 100k?

Sarah Megginson Finder

June 06, 2024

Hi Emily, The bonus rate applies to the first $100,000, then a different lower rate applies for any amount added to the account post-$100k.

tink

February 19, 2024

I am reading that you just need to deposit 2000 but the balance only needs to GROW no specified amount so if I put 2k in and with draw $1999 do I still qualify for the bonus interest

Sarah Megginson Finder

March 25, 2024

Hi Tink, Yes that’s right, as long as the account balance grows you’ll be eligible for the bonus interest.

Elizabeth

January 19, 2024

Hi, Can you open this account even though you held a ME account previously?

Richard Whitten Finder

January 22, 2024

Hi Elizabeth – I suggest checking with ME Bank directly about this.

varooj

January 14, 2024

Hi there

if I long term deposit $500000 how much I will receive very month?

Thanks

Richard Whitten Finder

January 23, 2024

Hi Varooj,

You can estimate this using a term deposit calculator. It depends on the interest rate and the length of the term.

ME HomeME Savings Account