Savings account vs term deposit
ME Bank SaveME vs term deposit
vs
Compare on
Interest over 1 year on $50,000
$2,300
4.60% a year, conditions met
$2,750
5.50% a year · paid at maturity
Over 1 year on $50,000, ME Bank SaveME pays $2,300 with its conditions met; ME Bank's 12-month term deposit pays $2,750.
Worked out on $50,000 until you pick a balance
ME BankSaveME
ME BankTerm deposit
Figure by figure
Interest over 1 year
on $50,000
$2,300
with its conditions met
$2,750
paid at maturity
+$450 · More interest over the term
Interest over 1 year without meeting the conditions
on $50,000
$25
at the base rate
$2,750
no monthly conditions
Rate over the term
a year, on $50,000
4.60%
with its conditions met
5.50%
fixed for the term
+0.90 · Higher rate over the term
Asked of you each month
- 4 card purchases
Nothing
the money stays put
Getting the money out
Any time
no notice needed
Locked for 1 year
31 days’ notice to break it early, usually at a lower rate
Can the rate change?
Yes, at any time
the bank sets it
No
fixed for 1 year
Minimum to open
None
$5,000
Who can open it
Anyone 14 or over
Anyone
How they differ
- A savings rate can change at any time. ME Bank SaveME's figure holds today's rate for 1 year.
- A term deposit's rate is fixed for the term, but the money is locked in: breaking it early needs 31 days' notice and usually costs some of the interest.
- Both are covered by the Financial Claims Scheme, up to $250,000 per person at each bank. Money in both at ME Bank shares that one $250,000.
ME Go Term Deposit at every term
The rate the balance above gets at each term, and the interest it pays over that term.
4 monthsPaid at maturity5.05%$842
7 monthsPaid at maturity5.25%$1,531
9 monthsPaid at maturity5.35%$2,006
1 yearPaid at maturity5.50%$2,750
2 yearsNot offered——
As of 2 November 2026, over 1 year on $50,000, ME Bank SaveME pays $2,300 with its monthly conditions met; ME Bank's 12-month term deposit pays $2,750 at 5.50%. Figures are the bank's published rates, worked out on the balance above as simple interest. Each row says which figure is higher; it doesn't say which one suits you.