Term Deposit FAQ
How much money do I need to open my Term Deposit?
What is the maximum deposit amount for Term Deposit?
Can I have more than one Term Deposit?
Can I open a Term Deposit for business use?
Can I have a Term Deposit if I am not a member of a participating super fund or participating union?
How do I find out if I am eligible for the higher rates for Super Members Term Deposit?
How long will it take to open my Term Deposit?
How do I deposit money into my Term Deposit?
Are there any fees on my Term Deposit?
Will I be able to access my Term Deposit through Internet and Phone Banking?
What interest rate will I receive?
What interest rate will I receive if I rollover my Term Deposit at maturity?
When will I start earning interest?
Will I get a Term Deposit Certificate when my application is complete?
Will you let me know before my Term Deposit matures?
What happens to my Term Deposit at maturity?
Can I break my Term Deposit before it matures?
Why are you offering industry super fund / union members a higher interest rate?
I am already an existing customer of ME Bank, am I eligible for the higher interest rate?
How does a Term Deposit work?
A term deposit offers a fixed interest rate and security for a fixed term. Interest rates differ as they depend on both the term and the amount of the deposit, and are available on request.
Who can open a Term Deposit?
The minimum age to open an account is 12 years. You must be an Australian citizen, an Australian permanent resident or an Australian resident for taxation purposes with an Australian residential address. To open an account you also must be an individual opening and using the account in your personal capacity and for personal use (you cannot open or use an account for business or trustee purposes).
How do I open a Term Deposit?
You can apply for a Term Deposit Account online, or print, complete and mail the application back to us. If you are an existing customer, you can apply for a Term Deposit application over the phone by calling 1300 654 998. Your application must in a single name and your opening deposit must be made via direct debit (a cheque deposit cannot be accepted).
How much money do I need to open my Term Deposit?
The minimum deposit amount is $1,000.
What is the maximum deposit amount for Term Deposit?
There is no maximum amount for a deposit in a Term Deposit Account, however for amounts greater than $500,000, please call us on 13 15 63 for applicable interest rates.
What are the terms available?
You can choose your own term between 1 month (30 days) and 24 months (730 days) or you may even select a maturity date that suits your own investment goals.
Can I have more than one Term Deposit?
Yes. You can have as many Term Deposit Accounts as you need. Simply fill in another application.
Can I open a Term Deposit for business use?
This particular account is specifically for personal use only. However, ME Bank offers Term Deposit accounts for both personal and business use. Find out more about the Business Term Deposit for business customers.
Can I have a Term Deposit if I am not a member of a participating super fund or participating union?
Yes. You can still open a Term Deposit Account with ME Bank if you are not a member of a participating super fund or union. You are eligible to apply for a Standard Term Deposit.
Will I get a higher rate for my Term Deposit if I am a member of a participating super fund or participating union?
As a member of a participating super fund or union, you are eligible to apply for a Super Members Term Deposit. This means you are eligible for a higher interest rate on top of the Standard Term Deposit interest rates. View current interest rates for our Super Members Term Deposit.
How do I find out if I am eligible for the higher rates for Super Members Term Deposit?
To see if you’re a member of an eligible super fund or union, view the list of participating super funds or participating unions.
How long will it take to open my Term Deposit?
Your Term Deposit account will be opened within three business days from when we receive your completed application form and any supporting documentation.
How do I deposit money into my Term Deposit?
We can debit funds directly from your nominated bank account, or we can accept a cheque for the initial deposit (cheque deposits are not available for over the phone applications from existing customers).
Are there any fees on my Term Deposit?
There are currently no bank fees on this account.
Will I be able to access my Term Deposit through Internet and Phone Banking?
Yes, you will be able to monitor the details of your Term Deposit and your balance once you have registered for our Phone and Internet Banking services.
What interest rate will I receive?
You will receive the interest rate applicable on the day we receive your fully completed application and any supporting documentation required to open your account.
What interest rate will I receive if I rollover my Term Deposit at maturity?
You will receive the interest rate applicable on the day your existing Term Deposit Account matures.
When will I start earning interest?
You will earn interest from the day your Term Deposit is opened and an initial deposit is made.
When will I receive interest?
For terms of 365 days or less, interest is calculated daily and credited at maturity.
For terms of 365 days or more, interest is calculated daily and:
at your request, either reinvested into your account or credited to your nominated account 365 days from the date the account is opened; and
credited at maturity.
You may select the option preferable to you at application stage, if this option is not selected, the default option will be to reinvest the interest.
How will interest be paid?
At the maturity of your term deposit you can choose to have interest reinvested into your new term deposit or have it paid into your nominated account.
Will I get a Term Deposit Certificate when my application is complete?
We will send you a confirmation letter once your account has been opened, detailing your investment amount, the interest rate and the maturity date.
Will you let me know before my Term Deposit matures?
Yes, we will send you a maturity advice letter approximately 10 business days before your account matures so that you can decide if you would like to have it paid into your nominated account. The default option is for the term deposit to automatically be reinvested into a new term deposit of the same term and on the interest rate applicable on the day your existing Term Deposit Account matures.
What happens to my Term Deposit at maturity?
The default option is that the Term Deposit will automatically be reinvested into a new Term Deposit of the same term and at the interest rate applicable on the day your existing Term Deposit Account matures. Alternatively, you may choose to have it paid into your nominated account, just complete a Change of Term Deposit Details Form.
Can I break my Term Deposit before it matures?
Yes. You can withdraw your Term Deposit before it is due to mature, however an early withdrawal percentage rate will apply. We will reduce the fixed rate by the early withdrawal percentage rate up to the amount of accrued interest. Please see the Deposit Account Interest Rates, Fees and Charges Sheet for further information. Note: A partial withdrawal is not possible.
Why are you offering industry super fund / union members a higher interest rate?
ME Bank was created by industry super funds with a single minded mission, and that was to give industry super funds and ACTU affiliated union members a better banking option.
I am already an existing customer of ME Bank, am I eligible for the higher interest rate?
The Super Members Term Deposit interest rates are available to existing customers of ME Bank and new customers to ME Bank – as long as they are members of participating super funds and unions. So if you are already a customer of ME Bank, and you are also a member of a participating super fund or participating union, then you are welcome to open a Super Members Term Deposit and you will be entitled to receive a higher interest rate compared with our Standard Term Deposit. To confirm your eligibility, click here to view the list of participating super funds or participating unions.
I am not a member of a participating super fund or participating union, however I would like to get the higher interest rate.
If you are not a member of a participating super fund or participating union, you will still be able to take advantage of the competitive interest rates that ME Bank is offering on our Standard Term Deposit product. Unfortunately you are not eligible to receive the higher interest rate if you are not a member of a participating super fund or union.
What happens to my Super Members Term Deposit if I am no longer a member of an eligible super fund or union?
You will still be able to enjoy the higher interest rate on your Super Members Term Deposit until the maturity of your Term Deposit Account. Upon renewal, you will be switched to our Standard Term Deposit. Please notify ME Bank when the status of your super fund membership changes.
Related Links
Term Deposit tools
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Contact ME
- Product Enquiries
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Personal Ph 13 15 63 ME Contact Centre open
Mon - Fri: 8am - 8pm,
Sat: 9am - 5pm (EST)Business Ph 1300 658 108 ME Business Contact Centre open
Mon - Fri: 9am - 5pm (EST) - Existing Customers
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Personal Ph 1300 654 998 ME Contact Centre open
Mon - Fri: 8am - 8pm,
Sat: 9am - 5pm (EST)Business Ph 1300 658 108 ME Business Contact Centre open
Mon - Fri: 9am - 5pm (EST) - Phone Banking
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Personal Ph 1300 654 998 Business Ph 1300 658 108