ME Bank works for us!
We've used ME Bank for everyday banking and savings (not loans) for about 20 years and we've seldom had any major concerns. Occasionally the website drops out or is too slow, but their customer support has always been good and pro-active. Their interest rates are among the best in Australia. They're responsive and local. I've been dismayed with the recent loan problems because I expect (and personally have received) better than this from ME. We've had accounts with three of the four big banks or their subsidiaries and ME Bank is far and away be...tter. Two niggles: No local branches around NSW (though you get used to online banking and cash is dying anyway) and no international financial services, which means we have to use banks for those transactions.
Misleading - Online Savings Bonus
Like many reviewers here I have not received the bonus interest payment for the last three months.
I was sent an email in February that stated we did not need to tap and go to receive the bonus interest, so I did not bother using the card. However, apparently there are terms and conditions attached to that, which aren't available... anywhere... the bank seems to have taken down any mention of these changes as of today. if I wasn't sent that misleading email I would have tapped, and would have been paid several hundred dollars in interest. For anyone still banking with ME Online Saver - apparently you WILL need to do the tap this month to get the interest (and I'm sure the bank will forget to tell you!).
Absolutely scamming and misleading customers
I opened online saving account in March 2020, later they sent me an email that all people who opened saving account in March can automatic receiving 1.8% interest rate for 3 months in term of COVID-19 Crisis, there are same information on their website that stated very clear that l meet all the conditions and l should received 1.8% interest rate, but l only received 0.1% interest rate in 1/05/2020, it's totally unacceptable, keep away from them.
Not to be trusted
On the 11/11 I my term deposit matured and I had instructed them to deposit the total back into my account. Even though I had provided my TFN they still deducted tax. I have sent five emails asking them when the money will be in my account and I ave had five replies say how sorry there are and the funds will be in my account with-in 5 days. Each email is the same script but different CS name. Shameful service. Never again
service poor and misinformation
Made mant calls to this bank when they failed to return calls they said they would. It also seems that alot depends on the customer service person on the phone - some have experience while others seemed not to - with one part of the bank placing responsiblities on another part of the bank and vica versa.
Good experiences with ME Bank
I have been reading all the critical reviews on ME Bank and i am really surprised about all the problems others have had. I must also disclose that i ,and some of my family also use some of the Industry Super Funds that have a large connection with ME ,and i have been both a member and and an employer with these Funds and i have never had any major problems that could not be sorted out over the phone and/or net.
However, I have had major problems with some of the Banking institutes and other financial companies that did not do the right thing...
Transfer times belong in the 90s
Honestly. Money transfers times are beyond a joke. My weekly pay is always deposited at least 24hours after everyone elses clears and usually doesnt appear till Friday afternoon. Transferring to another bank, while the same account every week takes yet another 2-3 days. Its 2019. What other reason do they have for holding onto my money for so long other than the extra interest they can get due to old technology loopholes.
It's a good thing I see little value in stealing.
I got sick of the fairly frequent give the customer the run around call centre - and I fired them, closed the accounts and said thankyou for not customering with me.
As the years have gone by, every few months, I get an email from them, telling me that a transfer from an account I don't have, to a company I don't do business with, has failed, because of a lack of funds in the account, and they send it from a no reply email address, with no phone number in it.
I have unsubscribed / told them to sort it out, a number of times, and it just keeps...on happening. This time I rang them - about 6 times, to 6 out of 8 departments, I told them ONLY the email address they were sending their emails too, AND to give them some incentive, I fed them some crap about transferring $55 million out of the bank, converting it to crypto currency and I have made it disappear, and they get the money back, when they sort out their issues, in their own time, without any further involvement from me. 5 out of 6 people - this went in one ear and out the other.... Living proof that the periodic table is wrong, and there are inert forms of life denser than uranium.
Bonus Interest rate decreased with no notification
I complete agree with review from Jack from Sydney. These bank all the way to fool people around. How difficulty it is to notify existing customer that Bonus interest will decrease and now customers will only get 2.85% and not 2.95% before. I recently moved my money into ME Bank account but I guess I will take somewhere else now.
Cheat banks don't deserve my business.
- Verified customer
Bonus interest rate variable without notice
Opened this savings account based on it being one of the most competitive total interest rates on the market at present. 1.30% base + 1.65% bonus = 2.95% all in. (Bonus contingent on weekly Paywave payment on linked Everyday account).
We noticed today (1st Feb) that the main website now states lower: 1.30% + 1.55% bonus...
Surely this lower rate is only for new customers, not existing ones right? We didn't get any notification it would be changing so assume it would still be the same. After logging into online banking to try and check, fi...nd that actually NOWHERE does it say what the bonus rate is that we are entitled to, they just state what it is at the start of each month for the month to come - typically put on the statement on or around the fist day of month. No entry yet for Feb however... After calling ME to find out what the rate would be for Feb, were told that it would indeed be the new lower rate, it was changed today, and in fact the call centre staff had no idea until today either Also informed that due to the "verbal nature" of the bonus interest, ME are under no obligation to either provide notice period to customers, or indeed even inform us of the change after they make it. The bonus rate can change or be withdrawn at any time, including mid-month.
Bonus Interest Trap
I had an Online Savings Account, which accrues bonus interest if you use TapNGo on their Mastercard "weekly". The interest is credited at the end of the month. The use of the word "weekly" is misleading and ambiguous, as you MUST use the card EVERY seven days to get the bonus. If you just average out four transactions per month, you'll miss out. The bank says it's a "loyalty" measure, but it really is a scam to avoid paying the interest - surely a loyalty measure wouldn't differentiate the definition of weekly in this narrow way? Stay away.
This bank is appalling in every possible way
I had my money with these incompetents for 6 months and that was enough. Every month there was a problem with the bonus interest. They kept changing the rules and finding excuses not to pay it. They are liars. They took weeks to reply to messages online. I kept asking for a statement and they kept using excuses re technical problems that never seem to end. Avoid them at all costs.
Online Savings Account - Dreadful and Incapable Bank
I've opened an online savings account that consists of two components : base interest of 1.3% and bonus interest of 1.75% . The so-called " online " bank credits only the base rate and no bonus rate at the end of the month . First month it took me 3 phone calls and 2 emails to resolve the issue . Second month and the same issue occurs all over again . I've decided to vote with my feet and to close the account . Very unprofessional financial institution with inefficient online systems in place . I'd suggest to stay away and to consider other banks .
Long term customer - moving on
I was annoyed and disgusted after many years of banking with ME to find that they would not continue their online savings interest rate for us on our three figure savings. Said it was only for new customers. They have not even replied to my email four days ago now. Pathetic service. We are going back to St George.
Good interest rate
No branches, inflexible, inefficient
Questions & Answers
What is the best interest rate for a term deposit for $287,000 for a period of 6 months?
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