ME Bank Term Deposit

Is everyone working from home today?I rang to enquire about my term deposit and was told that there is a 30 minutes wait on the phone?

The worst application process for a term deposit – 6 pages in application form. Time wasting. Pedantic. Clunky. With other banks I use, a phone call is enough to open a term deposit for an existing customer.

Terrible experience – I opened a term deposit account with me bank. The money was deducted from my Spend Me account but I received no account details. When I logged to my Me account, I could not see a term deposit account open. Instead a message saying that my account was moved to Me GO. But their was no term deposit account in my Me Go account. I contacted… Read more

customer service by phone. They confirmed that they got the money and they gave me a new customer number but I could not log in to the account. The customer service said: it was an IT issue and told me that she logged a ticket with the IT department to fix it (that was on Saturday 3 days ago). Until now, I am still unable to log in to my account or see my deposit. All I want now is to recover my money because I am really worried if I can trust them. I will definitely avoid this terrible business at all cost! I should have read the reviews first.

ME BANK HAS NO PROCESS OR CUSTOMER SERVICE – What a Bank to deal with! I invested 500k with this bank and every time the term deposit finalised they failed 3 times to obtain my instructions to send the money back to my bank account. This time I called and I changed over the phone which it was very easy but a few days later when I was requesting to make sure they money was going to be send to… Read more

my account I was told that the customer service person should have never taken my new account over the phone even after I provided my security details rather I had to send a form which I could electronically fill in ‘NOT".. which I did however the signature was not opening to do so on the form .. so the form was rejected. Also I was told the balance had to go back to an account with my personal name on it which I found to be unacceptable since the money originally came out of our business account to invest so they did not accept that. I also told them that the banking systems don’t check account names so why out of a sudden this request as I am the director of the business on the particular account ... to cut the story short they deposited to my business account using my personal name on it without even checking just to prove the point that our banking system is corrupt and have both times failed to follow their own rules .. I mean this bank has red tapes all over it with a customer service and restriction on how they need to service their customer and if you like to talk to a supervisor good luck as they never return calls or being available to talk to. GOODBYE ME you will never see me again.

Highway Robbers – I had a large term deposit with ME Bank for years. I, sadly, believed them when they said the customer is important to them. I lost a small fortune with them and regret trusting them. They stole a heap of money when I ' broke' the term deposit that they were paying 3.1% interest on, when other banks were paying a lot more, but if I had kept my… Read more

money with them they were going to steal $31,000 this year, alone - the difference between what they were paying and what I am now getting with another Bank. No point in being loyal to them. They do not offer it in return. Totally disgusted with ME attitude to customers.

Not Recommended – If you want to be able to easily and confidently control what happens to your money at the maturity of your Term Deposit DO NOT invest with ME Bank. Unlike a number of other Financial Institutions offering online TDs, ME does not allow you to control your maturity instructions through your online account at any stage in the process. When you do… Read more

contact someone to specify your choice there still seems to be no guarantee that your instructions will be automatically followed. I eventually got my money returned to me in full, as I had requested, but the process was stressful, frustrating and seemingly designed to make the withdrawal process as complicated as possible. Be warned. Reading the reviews on this site after I wrote my own leads me to suspect that the problems with the ME TDs are endemic and no one is genuinely interested in fixing them.

ME Bank Term Deposit l Break early fee – I just closed my mebank term deposit early and just be mindful there is a break out fee that is not listed on their website.

Opened online TD in minutes, very smooth – As an existing customer the online process to create a new TD was simple and quick. Show reply

Marginally better Term Deposit rates but difficult and slow application or renewal process – For an SMSF I use several different banks to maximize Term Deposit returns. At times, ME offer slightly better rates but their renewal process (or new TDs) for established customers is burdensome and slow. Unlike other banks (UBank for example), it cannot be done online. Delays in opening TDs can negate any extra income earned by the better rate.… Read more

I have waited well over a week and had to make several calls to get a TD opened. And that is as an existing customer .

Dont bother – Last Tuesday I went online and completed the paper work to open a term deposit. As at close of business the following Monday the term deposit has still not been opened. I followed up with them and received a response to say they were behind and would prioritise. But still not opened . Over a week to open a term deposit is unacceptable. They might… Read more

have a good rate but if you lose interest because they don't open it , I am actually behind. Tomorrow tell them to forget it and go elsewhere

If only I had read the reviews – 1 star review is a star too much. Beyond appalling in every respect: customer service, web site, communications, everything. Will never go near them again. The time I wasted on hold wiped out any benefits I experienced from a higher interest rate. Just not worth it.

Solid handling of my term deposit – I rolled over interest from TD into new 12 month period at a certain rate. When I got the summary of new TD it was at a lesser rate than verbally discussed when setting up the new TD. When I rang to note this they listened to phone agreement and changed new TD to agreed rate. Very happy with outcome.

Beware of fast changing Interest Rates – The first TD application went well, and so far no problems. But on 10/7 I contacted ME Bank to open another TD, and had the funds in the linked account ready for transfer. On 16/7 got an email saying the TD was Open at the interest rate I expected. No further thought about it. Five days later received a letter dated 17/7 saying the TD was… Read more

Open at a lower rate, .25% lower than in the email of the previous day. On phoning was told the rate changed during the funds transfer and nothing could be done. It seems like a carefully planned rort! as they took many days to transfer the funds. Is it legal to change the rate during the process, sending an email saying one rate and next day a letter stating a lower rate? Now its going to take 30 days to cancel the TD and receive the funds to reinvest elsewhere. Not happy ME!

Bad Experiences with ME Bank – My wife and I have had several term deposits over the past 18 months. The so-called customer service is basically non-existent. There are only 2 ways of trying to contact them, and neither of them seem to work. If you have an issue, as we did with the Bank re-investing our term deposits without our knowledge or consent. I tried to ring them over… Read more

a period of several days and gave up after being on the phone for over 40 minutes on each occasion with the phone on loudspeaker, so I could do other tasks, while I waited for someone to actually answer the phone. When they did eventually answer, and despite the operators assurances, that the mistakes they admitted making would be resolved, they weren't. While the operator went away for whatever reason, she was away for a very long time. You cannot directly send an email to them, but rather you use their internal email system. But that doesn't seen to work either, as they mostly don't bother answering, or else it takes many days before they do. Of more concern is the fact that with an online account you should be able to print out transactions and other relevant information. Unfortunately this was not possible, and we had to resort to taking screen-shots so that we could actually have some documentary evidence that in fact we actually had any Term Investments with them at al. We could not recommend the ME Bank to anyone, with any confidence, and would suggest that you look elsewhere if you want to have peace of mind, and be sure you can get some customer service when you need it.

Go digital? You are kidding – Opened TD. Not able to provide maturity instructions online. Have to fill out forms or call. So tried to call, asked for callback which was offered. Then the system called back but nobody came on the phone at all for one hour - still waiting. A bank trying to be cool and modern, but failing at all contact points. It creates clutter.... Disappointed! Show details

Offensive and poor communication – I wrote to them telling my father had passed away and asked them what is the process to access his term deposit. After a week they wrote back addressed to HIM and asking him to call them. They obviously either didn’t read my email or didn’t care.

Don't Use Them – Have a couple term deposits with them. Have an emergency situation so need to break one of the term deposits early (it's due to finish in october). You have to wait 31 days to get the money. I said it's an emergency and I will fore go the couple hundred dollars of interest. They can keep that. Nope it will still take 31 days. What a run… Read more

around with false information. So to get it early I have to apply for hardship which is fair enough except the application is like a credit application where they want to know everything about you with pay slips, external bank account statements, your whole financial records and situation to get my own fn money out. Then they say in the application that you have to give "Ongoing consent to the collection and use of personal information (including sensitive information) in accordance with our privacy notice (previously given)." they want all information about you and want your consent to be ongoing about collecting information about you. And what privacy notice was I given? It's just crap. And it's my money!!! And then their supervisor tells me it's all about them having to keep a certain amount of funds to keep the regulator happy. So it's not your situation the are going to assess - it's their situation financially whether they will release your money based on their funds in hand. And they just use the hardship application as a rouse to stall for time. A load of dishonest grubby liars - no different to any of the other banks. What a pack of craps.

ME Bank offered good service, product knowledge and advance warning re: TD – I have had only one TD reach maturity with ME. The process was smooth and I felt well-looked after throughout in terms of receiving phone advice, support and finally notice about the impending maturity. I have gone back for a second time as ME rates are competitive.

Begging for your own money! – Interest rates are good and use them only when you know you would not need your money in a hurry. I had an emergency situation and needed the money. No matter how I beg for it they would not release the money to me. I had to wait for 30 days for it.

Don't go there! – Rates were great for Term deposit but customer service, organisation and product knowledge was appalling. Same response every time you ring, always get a 20min wait message no matter what time, Even a call back message rings back and makes you STILL wait on the phone for them to call. Tried to transfer term dep money which went somewhere for days… Read more

and days but not into my open available account which was also closed suddenly for no reason before it was due to, so then my money had nowhere to go. When I asked where my money they didn't know and I was accused of not answering the phone!Total experience was unpleasant and stressful and it really made me feel like I couldn't trust them with my money! So I took it back! Never again Me Bank. Would not recommend them to anyone.

Westpac Poor phone banking – Had a term deposit mature and decided to roll over it by phone banking. Automated phone service limited and hopeless.Had to wait 8min for a customer support told they could not do the term deposit roll over and forwarded my call to someone who could, again had to wait 8 min again for someone to do it but they could not do it and forwarded my… Read more

call again and again had to wait 8 min this time he gave me a new rate but could not process it and forwarded my call again had to wait 6 min for a young lady to help but she said the previous westpac person was not allowed to give me the new rate of 2.25% so she checked twice with her manager and she said her manager would ring me. I gave her the details @10am. The Westpac manager never rang me back after 2 days. Today I took time of work and went to my local Shellharbour Westpac branch and they gave me 2.35%.I accepted it and informed them that when it matures to put all term deposit monies in my savings account and I will then invest with ING as they have a better rate and customer support is superb as my husband invests with them. I see Westpac as very much amateurs in phone banking. Unfortunately Westpac web page does have email messaging to enable me to contact them about this complaint.

slowest bank ever – 8 days after submitting forms for term deposit, still no action from ME-bank because they are "busy". If you take this delay into account, their rates are suddenly a lot lower.....

Can't follow instructions – Sent mail message via account about a month ago requesting to withdraw funds and not reinvest and received a reply acknowledging this, but got a call from ME Bank whilst on the road about a day before maturity, I just told him I was busy and could he call back, he said he would before 5 but never did. The next day I found that they had reinvested… Read more

the money. I called them and was told that I had a lengthy discussion with this guy in which I had asked to change the instructions and signed a form to that effect, what a liar! Would never use them again.

Not recommended for SMSF – I have personal accounts with ME Bank and also opened an account for our self managed superannuation fund. This bank requires that I have a different log in for the super fund than for my personal accounts. I have had accounts with a similar set up at 7 other banking institutions and have always had an integrated access code with the other banks.… Read more

I can live with it, but what I find most unprofessional is that the name of the account holder, namely the superannuation fund, is not evident anywhere when I use the super fund log in. All my name. This is a most unacceptable situation as funds need to be properly held in order to maintain the super fund status. Also, the customer service reps had absolutely no idea of how to deal with a corporate trustee, so set up the fund account incorrectly according to the initial documentation we received. After I complained, they sent an email saying they corrected it, but we have absolutely no evidence that it is now correct. This may be an unusual situation but, with smsf's constantly searching for higher interest rates, ME Bank should be ready to deal with it.

What a turnaround inside a month – From great working arrangements set up in Dec15 ME have now closed ALL Branch offices and "become a fully Digital Bank" BUT unlike the big 4 they do not have the information systems to support it. With Term Deposits you can't easily make changes to reinvestment instructions online- only through secure email inside the online acount and hope that… Read more

instructions are followed. Gives no confidence due to the previous number of errors needing correction at the Branch Office last year despite correct paperwork submitted. You constantly get service unavailable notices when you search for historical information such as interest last FY. The contact centre claims that all of the business transacted at a Branch can be done on the phone but 3examples of 20 mins & 10 mins(gave up) and 35 mins to finally speak with a human 3days later is NOT viable service. I'm getting out fast and so is my family members and about $480k in about 7 accounts. Let's see how hard it gets to take the $$$$ out. NOT HAPPY CHAPPIE. To be fair once you get through. .. very helpful staff.

Me Bank Term Deposit – Love this bank.So easy to apply on line.App is very comprehensive,able to check all info needed.Good interest rate and fair.Excellent pre maturity advice and give plenty of time to change decision if needed.Customer services are professionals,they listen and helpful.Do not hesitate to introduce ME BANK to family and friends. Si

Excellent – A good way to tuck some savings away for a while as you earn a decent interest rate. Offers terms from three months and pays on maturity. Simple and easy to open accounts. This term deposit account offers a good interest rate, often higher than many of the other banks around. The term deposits are easy to open online and once you have that set up… Read more

you can see your account and when it ends. The interest is paid at the end. Easy, simple to use product that is no fuss banking. The rates could move up a bit quicker once interest rates go up. Like most banks, everyone is slow to increase the rates for savers.

Good – ME Bank has a lot of competitive products and this is one of them, especially if you're with one of the industry super funds who own the bank. The 0.25 per cent bonus turns this from being competitive to near the top of the pile. Competitive interest rates in a fast changing market, while the account is linked to your internet banking (if you're… Read more

with ME Bank) so you can always "see" your money when logging on to do your other banking. And if you're with an industry super fund, you now get an extra 0.25 per cent on top of the headline interest rate.