ME Bank SaveME Review (2026)
Rates and conditions verified 18 May 2026
Rates can change without notice. Last verified: 18 May 2026 (AEST). Please confirm details on the bank’s official page.
Bonus rate
4.10%
p.a. when condition met
Condition
4
debit card purchases/month
Balance cap
None
up to $500,000
About ME Bank SaveME
ME Bank (Members Equity Bank) is a BOQ-owned digital bank that offers the SaveME as its high-interest savings account. It's linked to the SpendME transaction account and earns 4.10% p.a. with one of the simplest conditions of any bonus savings account: just 4 settled debit card purchases per month.
While the 4.10% rate is lower than the leading accounts (ING, Suncorp, ubank), the minimal effort required to qualify makes it a practical choice for people who find monthly conditions a burden. No salary deposit is required — just use your ME debit card four times.
ME Bank is an APRA-regulated ADI. Deposits up to $250,000 are protected under the Government's Financial Claims Scheme. Note: the rate may not yet fully reflect the May 2026 RBA increase — check mebank.com.au for the current rate.
Current Interest Rates
| Rate type | Rate | Condition |
|---|---|---|
| Bonus rate | 4.10% p.a. | 4+ settled debit card purchases from SpendME in prior month |
| Base rate | 0.05% p.a. | Condition not met |
Applies to balances up to $500,000. Check ME Bank's website for the latest rate (may be higher post-May 2026 RBA change).
Pros and Cons
Pros
- ✓ Simplest condition of any bonus savings account — just 4 card purchases
- ✓ No salary deposit required
- ✓ No minimum opening deposit
- ✓ No account keeping fees
- ✓ $500,000 balance cap — very high
- ✓ Government deposit guarantee up to $250,000
Cons
- ✗ 4.10% is lower than the leading accounts
- ✗ Requires linked SpendME account
- ✗ Rate may not yet reflect May 2026 RBA increase
- ✗ BOQ subsidiary — less brand recognition than big banks
How It Compares
- ING Savings Maximiser: 5.50% — $1,000 deposit + 5 purchases, no balance cap
- CommBank GoalSaver: 5.00% — deposit once, don't withdraw net
- ANZ Plus Growth Saver: 5.10% — $100 net growth per month
- ME Bank SaveME: 4.10% — 4 card purchases (easiest condition)
- Macquarie: 5.10% intro, 4.75% ongoing — no conditions at all
For those who dislike monthly conditions entirely, Macquarie's ongoing 4.75% p.a. (no conditions) is often a simpler alternative.
Information verified 18 May 2026. Rates variable and subject to change. Confirm current rates on ME Bank's website before applying. This is not financial advice.