Me Bank Term Deposit

According to ME Bank, when a term deposit reaches the end of its term it automatically reinvests, creating a new term deposit of the same length at the current interest rate available, unless you give sufficient prior notice to ME Bank of your intention to withdraw your money at the maturity date.

Reinvesting a part of the original deposit into a new term deposit. Reinvesting the original amount, plus interest earned plus an extra amount into a new term deposit. Closing the term deposit with the original investment and the interest deposited to your nominated account. ME Bank offers customers a range of banking products and services, including transaction and savings accounts, home and personal loans, term deposits, and credit cards. ME Bank operates as a direct bank and has no branch network. You can only withdraw funds from your term deposit by giving us 31 days prior notice. If you withdraw your term deposit prior to the maturity date, we will calculate an interest adjustment by applying the Early Withdrawal Interest Adjustment to your account. Refer to mebank.com.au for more details. In previous months, rates for five year term deposits were as high as 3.20%, but there have been some sharp decreases lately. Compare term deposit rates big 4 banks – ANZ, CBA, NAB and Westpac. You can see in the table below the term deposit rates from ANZ, Commonwealth Bank, NAB and Westpac don’t fare as well as some of the rates above.

ME Bank, also known as ME, is an Australian direct bank based in Melbourne, Victoria. ME Bank also has offices in Sydney, Brisbane, Adelaide, Perth, Hobart, Canberra and Darwin.

Founded in 1994 as Super Member Home Loans (SMHL) by Australia's industry superannuation funds, SMHL became Members Equity Bank in 1999, and received a banking licence from the Australian Prudential Regulatory Authority (APRA) in July 2001 and was approved by APRA to act as an authorised deposit-taking institution, authorised to accept deposits from the public.

Initially founded to offer access to home loan products, ME Bank today offers a range of low-cost banking products including home loans, savings accounts, credit cards, term deposits, and transaction accounts.

ME Bank is owned by 26 industry superannuation funds, including AustralianSuper, UniSuper, Cbus, HESTA, and Hostplus.^[1]

History[edit]

Industry Funds Services (IFS) was founded in 1994 by a group of industry super funds.^[2]

Also in 1994, Super Member Home Loans (SMHL) was launched by the ACTU in partnership with National Mutual (later to become Axa). The primary focus of SMHL was on providing home loans to Australian members of industry super funds.

In 1998, SMHL achieved $1 billion in funds under management; and in 1999, IFS entered into an agreement with AXA to establish a 50/50 joint venture company. In 2000, IFS and Axa launched Members Equity Bank Limited, that offered other banking products as well as home loans. Members Equity Bank obtained an Australian banking licence in July 2001, and was approved to act as an authorised deposit-taking institution, authorised to accept deposits from the public.

In 2002, AXA withdrew from the joint venture, and Members Equity Bank became 100% owned by industry super funds.

In 2003, Members Equity Bank obtained a financial services licence and began offering financial services, in addition to bank deposit accounts. Also in 2003, the bank achieved $10 billion in funds under management.

In 2009, Members Equity Bank was re-branded to 'ME Bank', and in 2015, 'ME Bank' was shortened to 'ME'.^{[citation needed]}

IFS continues to provide fee-for-service financial planning advice for members of industry super funds.

Me Bank Term Deposit Rates Smsf

In 2021 ME Bank was purchased by Bank of Queensland for $1.325 billion. ^[3]

Retail banking services[edit]

ME Bank offers customers a range of banking products and services, including transaction and savings accounts, home and personal loans, term deposits, and credit cards.

ME Bank operates as a direct bank and has no branch network. Services and support are provided over the phone, through online banking, or by a mobile salesforce of banking managers.

References[edit]

1. ^http://www.mebank.com.au/about-us/about-me/corporate-governance/#Shareholders
2. ^Industry Funds Services
3. ^[1]

3. https://www.smh.com.au/business/banking-and-finance/despicable-me-the-boutique-bank-raiding-accounts-linked-to-home-loans-20200501-p54oxn.html

Me Bank Term Deposit Reviews

Me Bank Term Deposit