Business bank account with ME Bank: The Lowdown

ME Bank - also known as Members Equity Bank - is a direct bank, meaning that there are no branches. Instead, service is provided through online and mobile banking. You’ll be able to access a couple of business products through ME Bank which might suit you if you’re the owner of a limited liability company or other business with excess cash flow you want to invest.

To help you work out if the products from ME Bank are right for you, we’ll give an overview of each of them, and also cover how to apply and contact the ME Bank team. If what you need is a transaction account, you may benefit from getting an alternative online account - such as the Multi-currency account from Wise for business.

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Does ME Bank offer Business Transaction accounts?

You can’t get a business transaction account for your everyday banking needs through ME Bank. Instead, the business products on offer are intended for companies wishing to hold their surplus cash in an interest bearing account.¹

What are the different account types for businesses with ME Bank?

You can choose from an easy access savings account account or a fixed term deposit, depending on your situation.¹

If you need a way to manage your money on a day to day basis, you probably won’t find what you need at ME Bank. Instead, have a look at the great everyday account available from Wise for business. There’s no minimum balance, no monthly fee, and you can hold multiple currencies all in the same place. We’ll talk more about how Wise might help your business grow, a little later.

Read more: ME Bank international transfer. The possibilities

ME Business Savings Account

This is a fee free savings account which lets you earn interest on your excess cash flow. You’ll need to link your account to a business transaction account held in your name, and will only be able to deposit and withdraw money from this linked account to your savings account. This account can therefore not be used as a transaction account itself, so you’ll need another solution if you’re looking for everyday banking support.²

Business Term Deposit account

With this account you can invest from $5,000 to $2million, for terms between one and 60 months. You’ll be able to choose to receive interest on these savings monthly, annually or at maturity.³

There are no fees to pay to open or maintain the account. However, it’s worth knowing that there are penalties to pay if you need to take your money out before the end of the term you agree.

Comparing these 2 account types

Here is a little breakdown of what you get with these accounts.

Business Savings Account¹	Business Term Deposit Account²
Variable rate 0.35% p.a.	6 months 0.45%p.a. — 8 months 0.50% p.a.
No monthly fees	No monthly fees
n/a	Term: 1 month – 60 months
n/a	Early withdrawal notice: 31 days' notice required
Can’t do everyday transactions outside moving money to/from the linked external transaction account	Can’t do everyday transactions outside moving money to/from the linked external transaction account

For both accounts, deposits up to $250,000 are protected by a guarantee from the Australian government.

What are the requirements to open a business savings account with ME Bank?

You can open a business savings account with ME Bank if you have one of the following entity types²:

• Company
• Sole Trader
• Incorporated or unincorporated association
• Partnership
• Regulated and unregulated Trusts & Trustees

How can you open a ME Bank business (bank) account?

To open a ME Bank business savings account, you’ll need to download the application form and complete the relevant sections. The form itself is pretty long, but you’ll only need to complete a handful of sections based on the account you want to open and the entity type you’re applying for.

The forms can be found using the links below:

• Forms for Business savings account
• Forms for Business term deposit account

You can contact ME Bank on +61 3 9708 3233 if your business entity type is not listed there.

You’ll then have to assemble some paperwork, which should be certified no more than 3 months before your application is submitted. There are full details of who can certify your documents, and precisely what you’ll need by entity type in the application paperwork.

Once you have all the documents required, you need to send them in to ME Bank for approval. If you’d rather you may be able to have your identity checked at a branch of Australia Post instead - check online for details and to see if you’re eligible for this.

What are the fees for a ME Bank business savings account?

The business bank account products available from ME Bank are not transaction accounts and do not charge any fees. You’ll need to nominate a linked account, which must be a business account held in your company name.

This will be the only account which can pay in or out of your ME Bank account. You won’t receive a bank card, credit card, or be able to make payments to any other account from this product.

Don’t forget that you may need to pay fees for your linked bank account, depending on the provider and product you select.

How can you contact ME Bank business banking support team?

For more information on these products, you can reach out to ME Bank via phone on 1300 658 108
You can also visit their support page here.

Read more: Receiving international transfers with ME Bank. Is this possible?

Need a flexible, no-stress business account? Try Wise

If you need a business transaction account, the ME Bank products may not suit you. You can check out the business transaction accounts available from traditional banks, but it’s also a smart move to look at other digital and online options to compare the deals available.

Take a look at the Multi-currency account from Wise for business, as a great solution if you’re planning on working with customers or suppliers based locally or overseas.

With a Wise Business account you can get bank details for an AUD account, as well as for accounts in several major global currencies. These accounts allow you to manage payments like a local, potentially allowing your business to reach new customers.

With a Wise Business account you can order multiple linked debit cards and easily manage them through the Wise app or your Wise online account.

To find out more about how Wise can benefit your business, take a look at the Wise Business account for yourself. You can easily sign up online, no need to wait for a call back.

Open your Wise business account
in minutes 🚀

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Sources:

1. ME Bank types of business accounts
2. ME Bank Savings account
3. ME Bank Term Deposit Business account

Sources checked on 30 March 2022