ME Bank business accounts: Savings and term deposits guide

ME Bank - also known as Members Equity Bank - is a direct bank, meaning that there are no branches. Instead, service is provided through online and mobile banking. You’ll be able to access a couple of business products through ME Bank which might suit you if you’re the owner of a limited liability company or other business with excess cash flow you want to invest.

To help you work out if the products from ME Bank are right for you, we’ll give an overview of each of them, and also cover how to apply and contact the ME Bank team. If what you need is a transaction account, you may benefit from getting an alternative online account - such as the Multi-currency account from Wise for business.

Different business accounts offered by ME Bank

Does ME Bank offer Business Transaction accounts?

You can’t get a business transaction account for your everyday banking needs through ME Bank. Instead, the business products on offer are intended for companies wishing to hold their surplus cash in an interest bearing account.¹

You can choose from an easy access savings account account or a fixed term deposit, depending on your situation.¹ Here is a little breakdown of what you get with these accounts:

For both accounts, deposits up to $250,000 are protected by a guarantee from the Australian government.

ME Business Savings Account

This is a fee free savings account which lets you earn interest on your excess cash flow. You’ll need to link your account to a business transaction account held in your name, and will only be able to deposit and withdraw money from this linked account to your savings account. This account can therefore not be used as a transaction account itself, so you’ll need another solution if you’re looking for everyday banking support.²

Business Term Deposit account

With this account you can invest from $5,000 to $2million, for terms between one and 60 months. You’ll be able to choose to receive interest on these savings monthly, annually or at maturity.³

There are no fees to pay to open or maintain the account. However, it’s worth knowing that there are penalties to pay if you need to take your money out before the end of the term you agree.

Opening a ME Bank business account

To open a ME Bank business savings account, you’ll need to download the application form and complete the relevant sections. The form itself is pretty long, but you’ll only need to complete a handful of sections based on the account you want to open and the entity type you’re applying for.

The forms can be found using the links below:

• Forms for Business savings account
• Forms for Business term deposit account

You can contact ME Bank on +61 3 9708 3233 if your business entity type is not listed there.

You’ll then have to assemble some paperwork, which should be certified no more than 3 months before your application is submitted. There are full details of who can certify your documents, and precisely what you’ll need by entity type in the application paperwork.

Once you have all the documents required, you need to send them in to ME Bank for approval. If you’d rather you may be able to have your identity checked at a branch of Australia Post instead - check online for details and to see if you’re eligible for this.

Requirements to open a business savings account with ME Bank?

You can open a business savings account with ME Bank if you have one of the following entity types²:

• Company
• Sole Trader
• Incorporated or unincorporated association
• Partnership
• Regulated and unregulated Trusts & Trustees

ME Bank business savings account fees

The business bank account products available from ME Bank are not transaction accounts and do not charge any fees. You’ll need to nominate a linked account, which must be a business account held in your company name.

This will be the only account which can pay in or out of your ME Bank account. You won’t receive a bank card, credit card, or be able to make payments to any other account from this product. Don’t forget that you may need to pay fees for your linked bank account, depending on the provider and product you select.

How can you contact ME Bank business banking support team?

For more information on these products, you can reach out to ME Bank via phone on 1300 658 108
You can also visit their support page here.

Wise Business: Manage global business transactions in one place

Since ME Bank strictly offers savings and investment products, you need a separate transaction account to handle daily operations and meet the requirement for a linked account.

Wise Business offers a flexible solution for this with a multi-currency account that comes with local AUD details for easy domestic and international transfers. You can manage your everyday cash flow and expenses through Wise, then simply move your surplus funds to ME Bank to earn interest. This approach helps solve the logistical challenge of managing operational costs while still taking advantage of dedicated savings options.

A Wise Business account allows users to can send, receive, and hold in multiple currencies. Experience hassle-free global transactions by transacting like a local business. Here's what you get with a Wise Business account:

• Free to register — Hold and convert between 40+ currencies. Send to 140+ countries
• Debit cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 recipients at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions like Xero, QuickBooks, and more
• Get account details to receive in 8+ currencies for a one-time fee of 65 AUD
• Earn potential returns** on your everyday money through Wise Interest

Sign up for the Wise Business account! 🚀

This general advice does not take into account your objectives, financial circumstances or needs and you should consider if it is appropriate for you.
**Capital at risk, growth not guaranteed. Interest is the name of a custody and nominee service provided by Wise Australia Investments Pty Ltd in partnership with Franklin Templeton.

Sources:

1. ME Bank types of business accounts
2. ME Bank Savings account
3. ME Bank Term Deposit Business account

Sources checked on 30 March 2022