ME Bank

What ME Bank does

ME Bank is an Australian digital retail bank established in 1994 as an alternative to the Big Four, and since 2021 operating as a division of Bank of Queensland Limited (ABN 32 009 656 740, AFSL/Australian Credit Licence 244616). The bank serves over 300,000 Australian consumers through a branchless, mobile-first model delivered via the proprietary ME Go app (iOS/Android) and ME Go Internet Banking platform.

The product suite centers on three pillars: transaction banking (SpendME, fee-free with charity-linked debit cards), savings (HomeME up to 5.35% p.a. bonus interest, SaveME up to 4.35% p.a.), and home lending (EconoME variable from 6.04% p.a. with no annual fee; CompleteME from 6.09% p.a. with up to 10 offset accounts and a A$395 annual fee). Term deposits (A$5K–A$2M, 3–12 months) round out the deposit franchise, and a limited-time A$3,000 refinance cashback is currently active. The bank has been winding down legacy products — credit cards (ME Frank, ME Mastercard) are being cancelled, and business deposit products have not accepted new applications since November 2023 — while migrating customers from legacy platforms to ME Go.

ME Bank's revenue is generated primarily through net interest margin on home loans and the spread between deposit interest paid and lending yields, with retail funding drawn from high-interest savings and term deposits. Distribution is exclusively digital, supplemented by mobile bankers for home loan consultations, and supported by BOQ Group infrastructure including the BOQ ATM network. The bank's differentiation rests on competitive pricing (high bonus savings rates), a unique charity debit card program across five Australian causes, and a digital-only cost structure.

Name

ME Bank

Legal name

Bank of Queensland Limited

Website

https://mebank.com.au

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

ME Bank is an Australian digital retail bank (a division of Bank of Queensland Limited) serving over 300,000 consumers with home loans, transaction accounts, high-interest savings, and term deposits via the ME Go mobile app and digital platform.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (52211), Savings Institutions and Other Depository Credit Intermediation (522180)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Digital Retail Banking (Online & Mobile) (FSABAAAF)

akta.pro secondary industry

Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB)

Keywords

• Retail banking
• Home loans
• Digital banking
• High-interest savings
• Term deposits

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Net Interest Income - Home Loans: ME Bank earns revenue primarily through the interest rate spread on home loans. Variable and fixed rate home loans (EconoME, CompleteME) are offered to owner occupiers and investors, with interest charged on outstanding principal balances. Revenue is generated on both principal & interest and interest-only repayment structures.
2. Net Interest Income - Savings and Transaction Accounts: ME Bank pays deposit interest to savers and earns a spread by lending those funds out at higher rates through its home loan and investment products. The bank offers competitive bonus interest rates on savings accounts (HomeME up to 5.35% p.a., SaveME up to 4.35% p.a.) funded by the interest margin on lending products.
3. Term Deposit Interest Spread: Term deposits from $5,000 to $2,000,000 across terms of 3 to 12 months earn fixed interest rates, with ME earning a spread as these funds are deployed into higher-yielding home loan products.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels8 records

Core offering

ME Bank is a digital-only Australian consumer bank (a division of Bank of Queensland Limited) that offers home loans (EconoME, CompleteME), high-interest savings accounts (HomeME, SaveME), transaction accounts (SpendME with a charity-aligned Visa debit card), and term deposits (ME Go Term Deposit) exclusively through the ME Go mobile app and ME Go Internet Banking platform. Revenue is earned through net interest margin on the lending book funded by customer deposits, with no account-keeping or international transaction fees on transaction accounts.

Product overview

ME Bank is an Australian digital bank (a division of Bank of Queensland) offering a suite of banking products primarily through its ME Go digital platform. The core product ecosystem includes transaction accounts (SpendME), high-interest savings accounts (HomeME up to 5.35% p.a., SaveME up to 4.35% p.a.), and term deposits (ME Go Term Deposit). Home lending is offered through two digital home loan products: EconoME (basic, no annual fee, 6.04% p.a. variable) and CompleteME (full-featured with offset accounts, 6.09% p.a. variable). The bank is transitioning customers from legacy platforms (ME Bank App and Internet Banking) to the new ME Go ecosystem. Business deposit products have been discontinued. ME Bank also provides financial tools including borrowing power, loan comparison, refinance, and repayment calculators, along with security features like fraud monitoring, multi-factor authentication, and card controls.

Differentiator

Problem solved

Functional benefit

Brands

• SpendME: Everyday transaction account with no international transaction fees, charitable donations on card taps, and bundled with ME Go app services.
• HomeME
• SaveME
• EconoME
• CompleteME
• ME Go
• ME Go Term Deposit

Products and services

• SpendME Everyday transaction account available exclusively through the ME Go app, with $0 account-keeping fees, $0 international transaction fees, fee-free access at BOQ ATMs and over 10,000 locations, instant Osko payments via PayID, and a charity-aligned Visa debit card that donates 1 cent per tap to one of five Australian charities.
• HomeME High-interest savings account available through the ME Go app, paying up to 5.35% p.a. bonus interest on balances up to $1,000,000 when $2,000 or more is deposited monthly into a linked SpendME account from an external source; balances above $1,000,000 earn 0.05% p.a. base rate.
• SaveME Online savings account bundle available through the ME Go app, paying up to 4.35% p.a. bonus interest when four or more settled card transactions are made each month using the linked SpendME Visa debit card; maximum balance qualifying for bonus interest is $500,000.
• ME Go Term Deposit Fixed-term deposit product available exclusively through the ME Go app and ME Go Internet Banking, offering terms of 3, 4, 6, 7, 9, and 12 months (rates from 4.80% p.a. on 3-month to 5.35% p.a. on 12-month at launch) with a minimum deposit of $5,000, no set-up or account-keeping fees, and principal protected by the Australian Government Financial Claims Scheme up to $250,000.
• EconoME Basic variable-rate home loan with no annual fee, available to owner occupiers and investors. Variable rate from 6.04% p.a. (comparison rate 6.06% p.a.) for new owner-occupier, principal & interest, 70-80% LVR, loan size $150,000+, with unlimited additional repayments on variable rate and optional fixed-rate terms from 1 to 5 years.
• CompleteME Full-featured variable-rate home loan with a 100% offset account allowing up to 10 SpendME accounts to be linked, flexible repayment across variable, fixed (1-5 years), and interest-only structures, and minimum loan size of $400,000. Variable rate from 6.09% p.a. (comparison rate 6.47% p.a.) for new owner-occupier, principal & interest, 60-80% LVR, with a $395 annual fee.

Quantifiable outcome

• Over 300,000 Australians helped reach their dream of homeownership since 1994
• +3 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature4 records

Partnerships

Six partnerships are on record, tiered core and minor.

• National Breast Cancer Foundation (NBCF)coreOthersME Bank's SpendME pink charity debit card supports the National Breast Cancer Foundation. For every tap of the pink digital card, ME donates 1 cent to NBCF. ME Bank has raised over $2 million for NBCF over the last decade through this partnership, making it one of ME's longest-standing and most impactful charity relationships.
• Minus18coreOthersME Bank's SpendME rainbow charity debit card supports Minus18, an organization that supports LGBTQIA+ youth through education, training, and community resources. ME donates 1 cent to Minus18 for every tap of the rainbow digital card.
• Australian Wildlife Conservancy (AWC)coreOthersME Bank's SpendME green charity debit card supports the Australian Wildlife Conservancy's conservation efforts for Australian wildlife and their habitats. ME donates 1 cent to AWC for every tap of the green digital card.
• Orange SkycoreOthersME Bank's SpendME orange charity debit card supports Orange Sky, which provides warm showers, clean clothes, and conversation for Australians experiencing homelessness in Melbourne. ME donates 1 cent to Orange Sky for every tap of the orange digital card.
• Beyond BluecoreOthersME Bank's SpendME blue charity debit card supports Beyond Blue's 24/7 mental health support service, ensuring Australians can access trained mental health professionals at no charge. ME donates 1 cent to Beyond Blue for every tap of the blue digital card.
• HESTAminorOthersME Bank is a proud supporter of the HESTA Awards, which recognize outstanding contributions in health and community services in Australia. ME Bank's sponsorship of the awards aligns with its brand purpose of supporting everyday Australians and building community impact.

Scale indicators3 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Up: Up is an Australian digital-only neobank (backed by Bendigo and Adelaide Bank) offering fee-free transaction accounts, high-interest savings, and home loans via a mobile app. Direct competitor to ME Bank's digital-first home loan + savings + SpendME proposition with overlapping target customers (everyday Australians, first-home buyers).
• ING Australia: ING is a major Australian digital bank offering savings accounts (Orange Everyday), term deposits, and home loans through a branchless mobile-first platform. Directly comparable to ME Bank in product mix, customer segment, and digital distribution strategy, and competes head-to-head on savings bonus rates and mortgage pricing.
• UBank: UBank is a digital-only Australian bank (owned by NAB) offering high-interest savings, term deposits, and home loans through its app and web platform. A near-direct competitor to ME Bank's ME Go ecosystem, targeting the same first-home-buyer and rate-sensitive customer base with comparable product economics.

Broad incumbents

• Bank of Queensland (BOQ): BOQ is ME Bank's parent company and a regional Australian bank offering retail, SME, and commercial banking products across a hybrid branch and digital model. As the parent and operational underwriter, BOQ is the closest broad incumbent comparable; it provides shared infrastructure (ATMs, treasury) and similar home loan and deposit products, but at greater scale and with a branch network.
• Virgin Money Australia: Virgin Money Australia is a sister brand within the BOQ Group offering transaction accounts, savings, home loans, and credit cards with a challenger brand positioning. Comparable to ME Bank as a BOQ Group sub-brand targeting similar digitally-engaged Australian consumers, though with a broader product set including credit cards.
• Macquarie Bank: Macquarie Bank is a major Australian challenger bank offering high-interest savings accounts, home loans, transaction accounts, and wealth products through digital channels. Comparable to ME Bank on digital savings and home loan product mechanics, but operates at significantly larger scale and with a broader investment banking franchise.
• HSBC Australia: HSBC Australia offers transaction accounts, savings, term deposits, and home loans to retail and wealth customers through digital and branch channels. Comparable to ME Bank on the retail banking product set (savings, home loans, digital wallet support), though with international banking capabilities and a more affluent customer segment.

Emerging players

• Athena Home Loans: Athena is an Australian digital mortgage specialist offering variable and fixed home loans with offset accounts through a fully online platform. Directly comparable to ME's CompleteME and EconoME home loan products on rate competitiveness and digital origination, though Athena focuses solely on mortgages rather than the broader transaction/savings bundle ME offers.
• Judo Bank: Judo Bank is an Australian challenger ADI focused on SME and commercial lending, with selective retail deposit products. Less direct overlap on retail home loans, but comparable as a digital-first Australian challenger bank operating under similar APRA/ADl regulatory constraints and competing for deposit funding.

Regional players

• Rabobank Australia: Rabobank Australia is a subsidiary of the Dutch Rabobank Group focused on agribusiness banking, with a retail savings and term deposit offering for the broader Australian public. Comparable to ME as a digitally distributed Australian deposit-taker, though with a fundamentally different lending focus (agriculture vs. residential mortgages).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/mebank
• Facebookfacebook.com/MEBankAU
• LinkedInlinkedin.com/company/me-bank

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ME Bank