How to open a bank account with ME Bank. The requirements, account types and fees.

Roberto Efflandrin

ME Bank, also known as Members Equity Bank, is an Australian financial institution that offers personal and business bank accounts. In this article we’re going to take a look at the personal accounts they have on offer, including who can open one and how to do it.

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Types of accounts offered by ME Bank

ME Bank has taken a slightly different approach to banking than many of the bigger providers, focusing more on offering app based accounts. Here are the main accounts they currently have available to personal banking customers.


Accessed exclusively through the ME Go banking app, SpendME is an everyday transaction account.¹ It has no monthly account keeping fees and is useful for day to day spending. As an added bonus, each time you spend with your digital card 1 cent is donated to charity. You get to choose which charity during the account setup process.


Also exclusive to the ME Go app is the SaveME account.² As the name suggests, this type of account is focused on saving money. It links to a SpendME account and comes with a few different smart tools like spending limits and round ups. Through SaveMe it’s possible to open up to 9 online accounts, and you can name each one after a certain saving goal.


The HomeME account is a special savings account designed for people to save up for a home deposit.³ It has no monthly account keeping fees and options to earn bonus interest. The account is also exclusive to the ME Go app so for the moment it can’t be managed through internet banking.

Term deposits

The ME Term deposits gives customers a fixed return with locked in interest rates and no account keeping fees.⁴ It’s available for amounts between $5000 and $2 million, and time periods of between one and 60 months. Unlike the others this account is not exclusive to the ME Go app.

Cost, running fees that come with the SpendME account

The ME Bank SpendME account has a few fees to be aware of if you’re thinking about opening one. Here’s the main fees and how they compare to the non-bank online Wise Account.⁶

Fees* ME Bank SpendME Wise Account
Account monthly fees None None
International transfer fee (for a sample amount of $1,000 AUD to GBP) Not possible with this account Flat payout fee + 0.45% variable conversion fee (e.g. for a transfer of $1,000 AUD to GBP, the total fee charged is $5.14 AUD) You can make a fee calculation here.
ATM withdrawals No fee. Though, a fee may be charged by the ATM service provider You can take out money for free twice a month — as long as the total amount is under $350 AUD. After that, there is a $1.50 AUD per transaction fixed fee. If you take out over $350 AUD in one month, there is a 1.75% on the amount exceeding that. See card fees here.

**Note: **ATM service providers may charge additional fees. Check their terms of use.

Card maintenance fees No fee No fee

*Information last checked on 9 April 2024

Note! Wise is not a bank and features available with traditional bank accounts, such as interest rates, loans or protection under the Financial Claims Scheme (for deposits up to $250,000AUD), will not be available with the Wise Account. See how Wise safeguards your money.

As you can see the SpendME account is not suitable for people who need to send and receive money internationally as it can only do domestic transfers. That being said, you can use it to spend money overseas using a card or to withdraw cash from a foreign ATM machine.

What do I need to open an account? Requirements, documents and what to know.

To open an account with ME Bank you must be the account holder and meet certain eligibility requirements.⁵

  • Aged over 14 years
  • Are an Australian resident
  • Have an Australian residential address
  • Can provide a valid form of ID

Which documents do I need to open an account?

During the account opening process you’ll need to provide a valid form of identification, for example an Australian driver's licence.⁵ That ID will then be electronically verified using government or credit report rating resources. if it can’t be verified online you’ll need to visit an Australia Post outlet to complete the verification process in person.

How do you open these account types?

Here’s what you need to do to open a SpendME or SaveME account with ME Bank. The initial process is the same regardless of whether you’re opening it by yourself or as a joint account.⁵

  1. Go to the relevant product page on the ME Bank website.
  2. Click on the option to open an account now
  3. Choose which account or accounts you’d like to open
  4. Select whether the account is just for you, or for you and someone else
  5. Follow the prompts to complete the process

Do I need to deposit money to open a ME Bank account?

There’s no requirement on the ME Bank website for new customers to deposit funds to complete the account opening process.

Do I need to go to a bank branch, can I do this online or from abroad?

Unless there’s an issue with your ID verification you don’t need to physically go somewhere to open an ME Bank account, it can all be done online.⁵ As a result it’s possible to open an account from abroad, although you will need to meet the requirements of being an Australian resident and having an Australian residential address. They may also ask for an Australian phone number while gathering your personal information.

What else do I need to know?

As mentioned previously, many of the ME Bank accounts are managed exclusively through the ME Go banking app. This means you need to have a smartphone that’s compatible with their app to be able to manage your accounts and finances.

You can find out more by contacting ME Bank here.

If you want to find out more about opening a ME Bank account you can reach out to them directly.

  • Call 13 15 63 within Australia
  • Phone +61 3 9708 4001 from overseas

Alternatives to ME Bank

If you’re not sold on ME Bank there are other account providers you can consider.

For a traditional bank account you could look at another one of the Australian banks, such as Commonwealth Bank, Westpac, ANZ Banking Group, and National Australia Bank. Each of these providers has their own version of a daily transaction and savings account.

The Wise Account

If you’re looking for an option that is great for daily spending in Australia and overseas, the Wise is worth a look.

You can open a Wise Account for free and hold money in over 40 currencies and send money to 160 countries. You can also order local account details for 10 world currencies including AUD.

You can also use the Wise Debit card to spend money in 150+ countries without markups and hidden transaction fees. The mid-market rate is used when switching between currencies, helping to keep costs low when sending money internationally.

Join over 16 million customers currently enjoying Wise. It’ll only take a few minutes to register and see what’s inside.

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.
Note! Wise is not a bank and features available with traditional bank accounts, such as interest rates, loans or protection under the Financial Claims Scheme (for deposits up to $250,000AUD), will not be available with the Wise Account. See how Wise safeguards your money.


  1. ME Bank - SpendMe
  2. ME Bank - SaveME
  3. ME Bank - HomeME
  4. ME Bank - Term deposits
  5. ME Bank - Apply now
  6. ME Bank - ME Go Deposit Accounts

Sources checked on: 9 April 2024

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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