What is the ME Bank SaveME interest rate?

The ME Bank SaveME account pays 4.35% p.a. when you make 4 or more settled Visa Debit card purchases using the linked SpendME transaction account in the prior calendar month. If the condition isn't met, the base rate of 0.05% p.a. applies.

ME Bank (Members Equity Bank) is owned by Bank of Queensland (BOQ), which acquired it in 2022. ME Bank operates as a separate brand. Deposits are protected under the Government's Financial Claims Scheme up to $250,000.

How easy is the SaveME condition to meet?

The only condition is making 4 settled Visa Debit card purchases per month on the linked SpendME account. This is one of the simpler conditions among Australian bonus savings accounts — 4 taps at a supermarket, café, or online store per month is typically all that's required.

ME Bank SaveME Review (2026)

Rates and conditions verified 24 June 2026

Rates can change without notice. Last verified: 24 June 2026 (AEST). Please confirm details on the bank’s official page.

Bonus rate

4.35%

p.a. when condition met

Condition

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 4.35% p.a. with one of the simplest conditions of any bonus savings account: just 4 settled debit card purchases per month.

While the 4.35% 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	4.35% 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

✗ 4.35% 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

For those who dislike monthly conditions entirely, Macquarie's ongoing 5.00% p.a. (no conditions) is often a simpler alternative.

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 SaveMEReviewed here
4.35% — 4 card purchases (easiest condition)
Macquarie Savings Account
5.35% — 5.00% ongoing — no conditions at all

→ Compare all savings accounts

Related guides

View ME Bank SaveME →

Information verified 24 June 2026. Rates variable and subject to change. Confirm current rates on ME Bank's website before applying. This is not financial advice.