Members Equity High Interest Rate Online Savings Account: No Fees Great Service

I’d already been a customer of Members Equity for several years and I was really happy with their InterestME transaction account. By good luck they had just launched their own High Interest Online Savings Account which gave me the same high interest rate that my previous high interest savigns account did whilst giving me reliable access to my money via phone or internet banking at any time.

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So I sent in my application forms and opened a High Interest Online Savings account with Members Equity and linked it to my existing Members Equity InterestME transaction account so I can move money back and forth between the accounts instantly depending on whether I need to withdraw some cash or save it and earn interest 🙂

Members Equity High Interest Rate Online Savings Account

Do you want your savings to earn a High Interest Rate without being locked into a term deposit or cash management account?

What if there was an account which offered NO Bank Fees as well as NO Minimum Deposit, NO Fixed Term, Funds “at call”, and Access 24/7 via internet and phone banking?

Wouldn’t it be even better if it was offered by a bank backed by some of Australia’s largest industry super funds?

The high interest Online Savings Account account from Members Equity is the answer with the following benefits!
interest earnt over 10 years

  • High interest online savings account without any conditions (unlike HSBC’s Serious Saver account where interest is paid only if you didn’t make a withdrawal that month) or short term promotional gimmicks (higher interest rate for the first few months account is open, but lower after that)
  • Backed by Members Equity, which is an Authorised Deposit-Taking Institution regulated by APRA
  • High Rate of Interest per annum, calculated daily, compounded monthly
  • At call funds
  • Access 24/7 via Members Equity Internet Banking
  • No fixed term
  • 24hr Automated phone banking
  • The ability to call Members Equity’s customer service team 8am to 8pm weekday and 9am and 5pm on Saturdays (Melbourne time).
  • No minimum deposit
  • No bank fees

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To give you an idea of the benefit you can gain from keeping your savings in a high interest online savings account compared to an everyday transaction account see the graph at right (Comparison shows bank balance over 10 year period where CollectingWealth bank offers 0.1% interest and Generous Bank offers 6.7% interest). After 10 years the CollectingWealth account balance is a paltry $10010 and the Generous Bank account balance is $19506

Why Should You Change Banks And Move To Members Equity Bank

Members Equity Bank is more than just another bank. It was created specifically to provide everyday hard working Australians with low cost banking services and is owned 100% by a number of industry superannuation funds including Australian Super.

Unlike some of the commercial banks Member’s Equity offers simple, no nonsense banking products and services that offer customers real value for money, with no special interest rates for limited periods, no hidden fees and charges and no preferential treatment for high income customers.

Rather than incurring high overhead costs through a retail branch network, Members Equity customers can use the Phone, Internet, ATMs, EFTPOS and Bank@Post to do their banking. The savings generated by this approach are passed on to customers through competitive interest rates, minimal fees and charges, increased functionality, service and fewer charges.

This information is general in nature and not tailored to your situation. It is not financial advice. More information is available from Members Equity. You should read and consider the PDS before deciding whether to apply for any financial product/service.

11 thoughts on “Members Equity High Interest Rate Online Savings Account: No Fees Great Service”

  1. PS I forgot to note that unlike ING Direct, the Members Equity High Interest online savings account:

    * Allows you to schedule one-off and regular transfers inwards and outgoing,

    * See the interest you’ve earnt in any given period (current month, previous year etc), and

    * Even better because the Members Equity account can be linked to a transaction account with the same bank (Members Equity InterestME account) you can make transfers between the 2 accounts instantly, whereas with ING Direct you have to transfer the money to another Bank and so it takes at least 1 day to be available to you.

  2. 5.81% interest, Where is there website? are they FDIC ins.?
    I just opened up with HSBC @ 5.05% was looking to go with ING when I found HSBC.
    I need more info please.

    Thanks Robert.

    EDITOR: Your email address and mention of the FDIC suggest that you’re an American

    I’m Australian and the bank I refer to is also Australian so unfortunately you cant open an account with it

  3. I also bailed from easystreet when their service went downhill (see my link above about the mess when I tried to use their EasyLoan to buy a car).. seems to be not isolated as other people have mentioned hassles with them as well.

    I moved to BankWest so far it has been fine … except for them calling up my wife trying to flog bank loans … but even Westpac called me up trying to sell stuff as well, back when I was lazy enough with my money to use a major bank.

    Still think the easystreet has the most clean and easy to use web site, when it was working.

    EDITOR: yes easystreet was very reliable for long time. however they recently changed their netbanking and back end systems and this resulted (at least for me) in any mistakes being made

    I’m much happier with the netbanking system my new members equity online savings account uses and it has the added bonus of instant transfers to my members equity transaction account

  4. Interesting what a difference a few months can make. Like so many others I opened a members equity Online account as they were paying 7.5% back in October and offering a juicy $50 shopping voucher as a bonus if I didn’t make any withdrawals in the first 90 days. Well here it is 75 days later and the interest rate has dropped to 5%. No biggie everyone else have dropped their rates, right? well yes and no. Thanks to ME dropping all the way down to 5% it got me looking around for possible alternatives and low and behold I found one. Thanks to our Governments 3 year guarantee on bank deposits we can now swap and change to any bank in Australia that takes our fancy in the knowledge our money is completey safe.

    So what about this other bank? Well believe it or not it is with AMP. The one I’m moving to is called an eASYCash Management Account and it has benefits the other online accounts don’t offer. For one it is all inclusive. No more transferring money from the online account to a low interest account to pay bills etc. This one does the lot, including giving you the option of a cheque account. There is a catch though, there’s always a catch. They charge a $5 monthly account keeping fee, presumably to disuade people with low bank balances.

    But, for those with more than $6717 in their account it is the best thing currently on offer that I have been able to find, and believe me I’ve looked. Their current interest rate is 5.85%. If you’re wondering what the $6717 is all about, well its how much money you would need to have in the bank to earn $60 a year at 0.85% which is how much extra it is paying over Members Equity’s 5% rate. You don’t actually have to have a minimum balance and they pay you the 5.85% on every dollar in your account.

    The thing I find annoying about most of the ‘best interest rate’ sites around is they don’t list the AMP option and seem more intent on pushing what appears to be their advertisers banks instead.

    Makes you wonder, as for me, when the 90 day period has lapsed I know where my next bank account is going to be, assuming of course they maintain their current rate at a decent margin above the rest of the competition. I’m really looking forward to the end of the linked account transfers. What a pain in the butt that has been!

    Cheers………… Brian

  5. Seems that ME provides all the benefits you want to have in a savings bank.Plus the factor that it’s online, you can have a glimpse of your transactions through the internet. It does not only saves your money but it does saves your time.

  6. I just did a search at Mozo and the best deal I could find was 4.5% with Rabo Plus!

    IT doesn’t seem like you can get 5.0% anymore, will just have to keep checking back. Anyone have any comments on Rabo?

  7. “The thing I find annoying about most of the ‘best interest rate’ sites around is they don’t list the AMP option and seem more intent on pushing what appears to be their advertisers banks instead.” (Brian)

    I agree with Brian. I’m currently with NAB’s Ubank Usaver account, which at 5.56% matches that which you’d get in their term deposit account. (NB- 5.56 is what you get as a loyalty bonus for transferring a minimum of $100/month into the account) It’s interesting that this free high interest saver account isn’t featured on google’s fiirst page.

    Think I’ll check out AMP next then- thanks for the tip!

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