Everyday banking customers the big winners as banks fight for main bank status

10 August 2015

Industry super fund-owned bank ME has added two new features to its EveryDay Transaction Account (ETA) product as it seeks to attract more ‘main bank’ customers.

ME will refund all ATM fees and will introduce a special savings offer to ETA customers.

Both features are ongoing and set a new benchmark for what customers can expect from everyday bank accounts.

No ATM fees

Customers who open an ETA with ME from 31 July will have all their Australian ATM fees refunded.

ME is the first bank in Australia to offer ATM fee refunds without conditions, such as minimum monthly deposits.

Head of Deposits and Transactional Banking, Nic Emery, said the refund will be applied within 30 days of each withdrawal.

“ATM fees are a major frustration for customers. If your blood pressure starts to rise whenever you choose the ‘I accept’ fee button on an ATM, it’s time to go fee-free banking,” said Emery.

Australians make approximately 24 million cash withdrawals a month from a bank ATM other than their own, according to the Reserve Bank of Australia.

Special savings offer for ETA customers

ME has also introduced a special savings offer for ETA customers who open their first ME Online Savings Account (OSA) from 10 August.

The rate will apply to ETA customers when they deposit funds into their OSA.

The offer has no end date and requires no minimum balance or monthly deposits and customers can access cash at any time without penalty.

The offer is currently paying an interest rate of 3.20% p.a.* on balances up to $250,000, comprising a 2.25% p.a.* variable base rate and 0.95% p.a.* variable bonus rate.

To be eligible, customers need only be active ETA users by making at least one PayPass™ transaction a week.

Emery said ME wants to reward customers who bring us their everyday banking.

“Main bank customers are valuable to banks and should be rewarded in return.”

– Ends –

Things you should know.

*Variable interest rate is current as at 10 August 2015 and subject to change.

free ATM access terms and conditions

Receive free access to ME ATMs and our preferred ATM network of Westpac, St.George, BankSA and Bank of Melbourne ATMs. Open your ME EveryDay Transaction Account from 31/07/15 and receive a refund on fees incurred at all other ATMs in Australia within 30 days of the transaction. We may change or withdraw this offer at any time.

Online Savings Account (OSA) bonus interest terms and conditions

To receive bonus interest on your OSA for any calendar month you must have a ME EveryDay Transaction Account (ETA) and during that month make a weekly purchase with your ETA debit MasterCardTM using PayPass Tap & GoTM. Bonus interest is only payable on balances up to $250,000 on your first OSA. Bonus interest is not payable on OSAs opened before 10/08/15. In any month we may without notice waive the requirement for you to meet all of these bonus interest conditions. We may change or withdraw the bonus interest offer at any time.

Other important information

Terms, conditions, fees and charges apply. This is general information only and you should consider if these products are appropriate for you.

MasterCard and the MasterCard brand mark are registered trademarks of MasterCard International Incorporated. Tap & Go and PayPass are trademarks of MasterCard International Incorporated.