Me Bank Term Deposit
Posted : admin On 4/14/2022- Get ahead with our amazing term deposit rates. See how much you can save. ME, ME – in fact, it’s going to be more of a WE. The shareholders of ME have accepted a proposal from Bank of Queensland, to join their family of brands. Together, we’ll be able to achieve some great things for ME and for you.
- 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 was the king of the crop including majors for the best deposit rates, and Customer Service. On line access and info available was OK at best. Then came the closure of branches so much that in the ACT you have to travel to the city centre to access an only branch.
- Investopedia is the world's leading source of financial content on the web, ranging from market news to retirement strategies, investing education to insights from advisors.
| Type | Private |
|---|---|
| Industry | Banking |
| Predecessor | Super Member Home Loans (SMHL) |
| Founded | 1994; 27 years ago |
| Headquarters | , Australia |
| Australia wide | |
Key people | |
| Total assets | A$27.300 billion |
Number of employees | 1800 |
| Parent | 26 industry super funds |
| Website | www.mebank.com.au |
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.
If you have a longer term goal and can resist the temptation of dipping into your funds, consider a term deposit. Your return and interest rate are fixed with flexible interest payment options available. You can invest a substantial amount, or as little as $1000 with terms ranging from 30 days up to 5 years.
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.
Me Bank Melbourne
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]
Me Bank Term Deposit Rates Smsf
IFS continues to provide fee-for-service financial planning advice for members of industry super funds.
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]
- ^http://www.mebank.com.au/about-us/about-me/corporate-governance/#Shareholders
- ^Industry Funds Services
- ^[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