Qualifying for bonus interest.
How do I qualify for bonus interest?
To qualify for bonus interest, you must meet the monthly criteria. Here’s how it works for your account.
ME Go app.
For SaveME Accounts, you’ll need to:
- Have a SpendME account with ME in the same name(s) as your SaveME account(s).
- Make 4 or more settled card transactions in a single month to earn bonus interest on your balance in the next calendar month. (Transactions that are pending do not count as a transaction for the previous calendar month, and will be counted in the following calendar month.)
For HomeME Accounts, you’ll need to:
- Have a SpendME account with ME in the same name(s) as your HomeME account(s).
- Deposit $2000+ every month into your SpendME account – it can be your pay or salary, or just money deposited from an external bank account.
To help kickstart your savings, you will earn bonus interest in your first month with ME. Just make sure you meet the bonus interest criteria before the end of the month to continue earning it in the following month.
When is interest calculated and paid for SaveME or HomeME accounts?
You’ll need to meet the bonus interest criteria in month 1. Interest is calculated on the balance of your SaveME or HomeME account in month 2. And interest is paid on first day of month 3.
For example:
January – Meet the month criteria
February – Bonus interest is calculated
March – Interest is paid on the 1st of March
ME Bank app.
For Online Savings Accounts, you’ll need to:
- Have an Everyday Transaction Account with ME in the same name(s) as your Online Savings Account(s).
- Make a minimum of 4 Tap & GoTM purchases each month with your Everyday Transaction Account debit Mastercard® (the transactions need to have settled on your account by the end of the month, and not be in ‘pending’ status to qualify).
I have multiple Everyday Transaction Accounts – how do I qualify for bonus interest on my Online Savings Accounts?
In order to qualify, a minimum of 4 Tap & GoTM purchase transactions need to be completed on the same Everyday Transaction Account or SpendME account.
If you have a joint account, either of the account holders can make Tap & Go purchases to contribute towards the 4 taps. Just make sure the Everyday Transaction Account or SpendME is in the same name(s) as your savings account.
ME Bank Internet Banking.
You can see if you’ve qualified for bonus interest in the transaction listing. It will say: ‘Congratulations – you’ve tapped your way to bonus interest’.
If you qualify, at the end of the month, there will be two interest payments for your Online Savings Account – one for variable base interest, and one for variable bonus interest.
Changes effective 1 October 2019.
From 1 October 2019, there are some changes to how you can earn bonus interest on your Online Savings Account:
- Instead of tapping once a week, you’ll only need make a Tap & Go purchase 4 times per month minimum – giving you more freedom to tap when you can – as long as your transactions have been settled on your Everyday Transaction Account by the end of the month.
- You can now also earn bonus interest on multiple Online Savings Accounts – as long as they’re in the same name(s) as your Everyday Transaction Account.
- To receive the bonus interest, your Everyday Transaction Account and Online Savings Account will need to be in the same name (for accounts in one name) or same names (for accounts in joint names).
For example:
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SpendME
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SaveME / HomeME
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Dr Smith
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+
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Dr Smith
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Dr & Dr Smith
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+
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Dr & Dr Smith
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Dr Smith
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+
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Dr & Dr Smith
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Dr & Dr Smith
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+
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Dr Smith
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Everyday Transaction Account
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Online Savings Account
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Dr Smith
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+
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Dr Smith
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Dr & Dr Smith
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+
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Dr & Dr Smith
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Dr Smith
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+
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Dr & Dr Smith
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Dr & Dr Smith
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+
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Dr Smith
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How do you define a ‘month’ to qualify for bonus interest?
The month refers to a calendar month, such as 1–30 April.
What ME app have I got? Find out here.