Bonus Interest With ME Bank Online Savings Account
Today we received an email with a number of questions in relation to the Online Savings Account by ME Bank. Mark from Sydney asked a series of questions about this savings account and so we thought we'd share the answers with you too.
Just by way of background, the ME Bank Online Savings Account is currently offering a bonus interest rate of 1.60% p.a for 12 months on top of the variable base rate of 3.50% p.a. The total interest rate over this period is 5.10% p.a. You just need to link an ME Bank EveryDay Transaction account to it before 31st March 2013.
Here are Mark's questions and our answers:
Qu. Is there a maximum amount that can be invested?
Ans. We couldn't see anything on the ME Bank website to indicate that there is a maximum amount that can be invested. To be sure we checked with ME Bank and they advised us that there is no maximum.
Qu. Is there a minimum time that this account can be opened?
Ans. There are no minimum periods or contracts that you need to enter into. It's completely flexible.
Qu. Are there any fees associated with closing the account?
Ans. There are no fees at at all for closing the ME Bank Online Savings Account - even if it's after just a few months.
Qu. Does the account need to have a minimum amount deposited per month or are there any other restrictions?
Ans. There is no requirement to deposit a certain amount into this account each month. Some savings accounts pay bonus interest only when you deposit your wage into the account each month and some penalise you if you make withdrawals - but not this account by ME Bank. Just use it however you need to.
Qu. Are there a minimum number of withdrawals that need to be made each month?
Ans. No, as mentioned above there are no conditions or penalties for withdrawing money from your account.
Qu. Can this Online Savings Account be linked to my credit card for automatic monthly payments?
Ans. To get the full 5.10% p.a including the bonus interest rate, your Online Savings Account needs to be linked to an ME Bank EveryDay transaction account. The transaction account is the one that can be set up for automatic payments like paying off your credit card. So you will just need to make sure the transaction account has sufficient funds when the payment is due to be withdrawn.
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