Exclusive to the ME Go app, customers can earn up to 5.65% p.a. bonus interest on the HomeME savings account for balances up to $100,000.

The base rate is 0.55% p.a., meaning if savers fail to meet the criteria in any given month, they may miss out on hundreds of dollars in interest.

According to Savings.com.au market research, this is the highest savings account rate in the market, with Macquarie, ING, and BOQ following closely behind.

ME 5.65% p.a. HomeME eligibility criteria

The HomeME account comes bundled with a SpendME transaction account, which helps you earn bonus interest on your savings by:

  • Depositing at least $2,000 into your SpendME transaction account every month from an external account, and
  • Growing your saved balance in your HomeME account (excluding interest) by making sure the balance of the account is greater at the end of the month than the month prior.

To open a HomeME account, you must be over 14 years of age and an Australian resident with an Australian residential address. 

Keep in mind the HomeME account cannot be accessed via internet banking - it is only available through the Go app.

How ME Go calculates bonus interest: example

Month 1 - January 

During the month, you deposit at least $2,000 into your SpendME transaction account and grow the balance in the HomeME account.

By doing this, you have unlocked the bonus interest rate for the next month.

Month 2 - February 

ME calculates interest daily based on the closing balance in your HomeME account each day.

Month 3 - March

ME pays your bonus interest into each HomeME savings account on the first day of the month.

Based on the above, the bonus interest is only technically paid for 11 months out of the first year of holding the account. However, you can deposit the bare minimum into the HomeME account in the first month, and then grow the balance from there each month.

See More: Which banks offer savings accounts above 5%?

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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Rates
Features
Conditions
Other
Provider
4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (<$250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
More details
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure

Savings Account

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
More details
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
More details
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Savings Accelerator

    More details
    Important Information and Comparison Rate Warning

    All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of November 16, 2024. View disclaimer.

    Important Information and Comparison Rate Warning

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