business term deposit FAQs.

What Business Banking options does ME offer?

ME offers business term deposits and online savings accounts for investing your business funds. Contact us to discuss.


How can I get help with Business Banking products?

Call our Business Banking team to discuss on 1300 658 108.


How does a business term deposit work?

A business term deposit offers a fixed interest rate for a fixed term. Interest rates differ depending on the deposit term, the deposit amount and the interest payment frequency. You can use our business term deposit calculator to work out the earnings you’ll get from different amounts and terms. 


Who can open a business term deposit?

The following applicant types can open a business term deposit:

  • Proprietary Company 
  • Public Company 
  • Sole Trader 
  • Trusts, including self-managed super funds 
  • Incorporated Association 
  • Union 
  • Partnership

The business term deposit is a business account and must not be opened or used for personal or domestic purposes.


How do I open a business term deposit?

Simply download the application form, complete and post it back to us. 

Your opening deposit can be made using direct debit, or through a BPAY® (for amounts under $250,000) or PayAnyone transfer (for amounts under $10,000).


How long will it take to open my business term deposit?

If you open your term deposit by paper application, the account will be opened within three business days from when we receive your completed application form and any supporting documentation. 


How do I deposit money into my business term deposit?

We can debit funds directly from your nominated bank account, you can transfer funds into a new business term deposit using BPAY® (for amounts under $250,000) or PayAnyone transfer (for amounts under $10,000), or we can accept a cheque (cheque deposits are only available for paper applications and we need to receive your cheque with the application).


How much money do I need to open my business term deposit?

Unlike many other banks, ME requires a minimum deposit of just $1,000 to open a business term deposit account.


What is the maximum deposit amount for business term deposit?

There is no maximum deposit amount for business term deposit accounts - you can put in as much money as you like! However, for amounts greater than $1,000,000, please contact us on 1300 658 108 to find out what interest rates will apply.


What are the terms available?

You can choose your own term between 1 month and 60 months (5 years). You may even select a maturity date that suits your own investment goals.


Are there any fees on my business term deposit?

Currently, you can sit back and enjoy zero bank fees on your business term deposit.


Will I be able to view my business term deposit through internet banking?

Yes, once you have registered for our internet banking services.


What interest rate will I receive?

You will receive the interest rate applicable on the day we receive your application (with supporting documentation) required to open your account. If you choose to deposit money into your Term Deposit by BPay or PayAnyone transfer, you should complete the transfer on the same day your application is made, noting the daily transfer limits your financial institution places on these transfer methods. ME must receive the funds within 3 business days of your application, otherwise, a different interest rate may apply to your account or your account may be closed. 


What interest rate will I receive if I roll over my business term deposit at maturity?

You will receive the interest rate applicable on the day your existing business term deposit account matures. Your business term deposit will roll over with the same term and interest payment frequency.


When will I start earning interest?

You will earn interest from the day your business term deposit is opened and an initial deposit is made.


When will I receive interest?

You choose! Interest is calculated daily and paid either:

  • At maturity (only for business term deposits with a term of one year or less) or
  • Monthly
  • Quarterly
  • Six Monthly
  • Annually

with a final interest payment at maturity (if required).


Can I change when I receive interest?

Not during the term of your business term deposit. You can change this by contacting us at least 2 business days before your business term deposit rolls over.


How will interest be paid?

If you choose to have your interest paid at maturity (for terms of one year or less), you can choose to have the interest invested into your new business term deposit or have it paid into your nominated account. If you choose to have your interest paid more frequently, interest will be paid into your nominated account.


Will I get a business term deposit certificate when my application is complete?

Yes. We will send you a confirmation letter once your account has been opened, detailing your investment amount, the interest rate, interest payment instructions and the maturity date.


Will you let me know before my business term deposit matures?

Yes. We will send you a maturity advice letter approximately 10 business days before your account matures. You can advise us up to two business days before your business term deposit matures if you would like to change your maturity instructions, for example roll over your business term deposit or have your money paid into your nominated account.


What happens to my business term deposit at maturity?

The default option is that your business term deposit initial amount (capital) will automatically be reinvested into a new business term deposit, for the same term and interest payment frequency, at the interest rate applicable on the maturity day. Unless otherwise directed, the interest earned on a business term deposit that matures will be credited to your nominated account.

You can provide alternative maturity instructions by calling us on 1300 658 108 or by completing a Change of Business Term Deposit Details form and fax the form to (03) 9708 4681 or scan and email to businessadmin@mebank.com.au or mail it to Business Account Services ME Bank, Reply Paid 1345, Melbourne VIC 8060. . The instructions must be given or form received at least two business days prior to maturity. 


Can I break my business term deposit before it matures?

You will be able to immediately withdraw your business term deposit before it is due to mature if it was rolled over or created prior to 29 May 2016. New and rolled over business term deposits from 29 May 2016 will require 31 days’ notice before they can be broken. That is, you must provide us with at least 31 days’ notice if you wish to withdraw funds from your ME Business Term Deposit prior to maturity. If you have less than 31 days remaining on your ME Business Term Deposit then the earliest you can withdraw funds is the maturity date. The 31 day period begins on the day that you provide us with a written or verbal request to withdraw funds from your ME Business Term Deposit.

If you do withdraw your business term deposit early, you may be subject to an early withdrawal interest adjustment. The interest you earn on your account is reduced by the amount we calculate. Depending on the amount of interest already paid to you, you may be required to repay some of that interest. The adjustment will be made by a deduction to any unpaid interest otherwise due to you or, if that is not sufficient to cover the adjustment, by a deduction from the amount of your deposit. The balance will be transferred to your nominated account. Please see fees and charges for the amount of the early withdrawal adjustment. Any early withdrawal interest adjustment is waived if you request an early withdrawal within 7 days of your term deposit rollover.

Note: A partial withdrawal is not possible.

Cooling off period

We allow you 7 days following a rollover (cooling off period), that you can break the Business Term Deposit without being subject to an early withdrawal interest adjustment.


What is my BSB number?

The BSB for our business term deposit is 944 600