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ME Bank
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ME Bank
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ME Bank, also known as ME, is an Australian direct bank based in Melbourne. It became a subsidiary of Bank of Queensland in July 2021.

Key Information

Founded in 1994 as Super Member Home Loans (SMHL) by Australia's industry superannuation funds, SMHL became Members Equity Bank in 1999, and received a banking licence from the Australian Prudential Regulatory Authority (APRA) in July 2001 and was approved by APRA to act as an authorised deposit-taking institution, authorised to accept deposits from the public.

Initially founded to offer access to home loan products, ME Bank today offers a range of low-cost banking products including home loans, savings accounts, credit cards, term deposits, and transaction accounts.

History

[edit]

Industry Funds Services (IFS) was founded in 1994 by a group of industry super funds.[1]

Also in 1994, Super Member Home Loans (SMHL) was launched by the ACTU in partnership with National Mutual (later to become Axa). The primary focus of SMHL was on providing home loans to Australian members of industry super funds.

In 1998, SMHL achieved $1 billion in funds under management; and in 1999, IFS entered into an agreement with AXA to establish a 50/50 joint venture company. In 2000, IFS and Axa launched Members Equity Bank Limited, that offered other banking products as well as home loans. Members Equity Bank obtained an Australian banking licence in July 2001, and was approved to act as an authorised deposit-taking institution, authorised to accept deposits from the public.

In 2002, AXA withdrew from the joint venture, and Members Equity Bank became 100% owned by industry super funds.

In 2003, Members Equity Bank obtained a financial services licence and began offering financial services, in addition to bank deposit accounts. Also in 2003, the bank achieved $10 billion in funds under management.

In 2009, Members Equity Bank was re-branded to "ME Bank", and in 2015, 'ME Bank' was shortened to 'ME'.[citation needed]

IFS continues to provide fee-for-service financial planning advice for members of industry super funds.

In July 2021, the 26 industry superannuation funds that owned ME Bank, including AustralianSuper, UniSuper, Cbus, HESTA and Hostplus sold the bank to Bank of Queensland for A$1.325 billion.[2][3][4][5]

Controversy

[edit]

In April 2020, ME Bank, owned by 26 industry super funds, altered the redraw facilities on certain legacy home loan products without prior notification to customers. This change reduced the accessible funds in these accounts, causing significant customer dissatisfaction.[1]

The bank stated that the adjustment aimed to prevent customers from inadvertently exceeding their original repayment schedules, which could lead to financial hardship. However, the lack of communication led to regulatory scrutiny from the Australian Prudential Regulation Authority (APRA) and the Australian Financial Complaints Authority (AFCA).[2]

In response to the backlash, ME Bank apologized and offered to reinstate the original redraw limits for affected customers upon request. Despite these efforts, the Banking Code Compliance Committee (BCCC) found the bank’s actions constituted serious and systemic breaches of the Banking Code, citing poor communication and failure to rectify longstanding system issues.[3][4][5]

The controversy culminated in the resignation of CEO Jamie McPhee in July 2020.[6]

Retail banking services

[edit]

ME Bank offers customers a range of banking products and services, including transaction and savings accounts, home and personal loans, term deposits, and credit cards.

ME Bank operates as a direct bank and has no branch network. Services and support are provided over the phone, through online banking, or by a mobile salesforce of banking managers.

See also

[edit]

References

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

ME Bank

View on Grokipedia
from Grokipedia
ME Bank is an Australian digital founded in 1994 as Super Member Loans by industry superannuation funds to provide affordable home financing options for members. It rebranded to Members Equity Bank and later ME Bank, operating without physical branches and emphasizing , home loans, savings accounts, and term deposits tailored to promote homeownership and financial accessibility. In July 2021, ME Bank was acquired by (BOQ) for A$1.325 billion, becoming a within the BOQ Group, Australia's sixth-largest banking entity by assets, which enhanced its scale while preserving its digital-first model. Key characteristics include competitive interest rates, a charity feature on debit cards where a portion of fees supports nominated causes, and tools for budgeting without traditional overhead costs. The bank's historically involved 26 superannuation fund owners prior to the acquisition, reflecting a mutual-like focus on member benefits over dividends, though it has not distributed profits to shareholders in its independent era. ME Bank's digital strategy has positioned it as a challenger to major banks, prioritizing low-cost operations and customer-centric innovations amid Australia's competitive lending market.

History

Founding and Initial Operations (1994–2010)

Members Equity Bank, operating as ME Bank, was founded in as Super Member Home Loans (SMHL) by a of Australia's industry superannuation funds. The initiative aimed to deliver cost-effective home loans specifically to superannuation fund members, who often faced higher borrowing costs from traditional banks. As a customer-owned entity, SMHL focused on minimizing overheads to pass savings onto borrowers, operating without physical branches and relying on telephone-based services for customer interactions. In 1999, SMHL transitioned to Members Equity Bank, expanding its scope beyond specialized home lending. This restructuring positioned the institution to pursue a full , which was granted by the Australian Prudential Regulation Authority (APRA) in July 2001. The license enabled the acceptance of deposits and the introduction of additional banking products, such as savings accounts, while maintaining the core emphasis on competitive home loans tied to super fund affiliations. From 2001 to 2010, the bank's operations emphasized growth in its home loan portfolio through direct distribution channels, leveraging its low-cost, branchless model to offer lower interest rates compared to the major banks. This period saw steady expansion of its customer base among superannuation members and beyond, supported by partnerships with industry funds that directed members to its products. The absence of a network kept operational costs low, allowing reinvestment into competitive pricing and early adoption of online servicing capabilities as usage grew in .

Expansion and Digital Focus (2011–2020)

In 2014, ME Bank expanded its market reach by removing home loan eligibility criteria previously limited to industry super fund and union members, effective August 2014, thereby offering products to all Australians. This strategic shift aligned with a effort to reflect the institution's digital orientation and growth ambitions, including the introduction of the low-rate 'Frank' Mastercard. Concurrently, the bank completed a $60 million IT transformation program, enabling online account openings for new and existing customers and laying the foundation for scalable digital operations. Digital enhancements accelerated in subsequent years, with the launch of a redesigned in 2016 and a new banking platform in October 2016, improving user and features. By January 2017, automated credit assessments for home loans were implemented, followed in March 2017 by nationwide over-the-phone application capabilities, streamlining processes and reducing reliance on physical branches. These initiatives supported robust expansion, as evidenced by a 15% customer base increase to 420,000 by June 2017 and record home loan settlements of $6.2 billion that . Total assets grew 7% to $26.5 billion by FY17, with retail deposits rising 20% to $12.6 billion. The period saw sustained growth through digital channels, with customer numbers reaching 517,868 by FY19 (a 9% year-over-year increase) and total assets expanding 10% to $31.1 billion. Household deposits grew 13.4% to $8.6 billion, funding 43% of assets, while the home portfolio increased 7.3% to $26.3 billion—outpacing the broader market's 3% growth. Tech migrations, including decommissioning legacy systems like Ultracs in favor of T24 , enhanced efficiency despite elevated implementation costs. By 2020, amid economic challenges, ME Bank integrated advanced digital tools, including and support, virtual customer verification for remote onboarding, and faster payments via the New Payments Platform (NPP) launched in March 2020, processing over 400,000 transactions worth $330 million. The bank became Open Banking-enabled on July 1, 2020, facilitating for product reference. Customer numbers rose 7% to 551,559, total assets edged up 2% to $31.5 billion, and new home loan settlements exceeded $5.5 billion, underscoring resilience in digital-driven expansion.

Acquisition and Ownership Changes

Announcement and Regulatory Approval (2020–2021)

On 22 February 2021, Limited (BOQ) announced it had entered into a binding agreement to acquire 100% of the shares in Members Equity Bank Limited (ME Bank) for a cash consideration of A$1.325 billion, funded through an underwritten capital raising of A$1.35 billion. The deal positioned BOQ to combine its physical branch network with ME Bank's digital-first customer base and home lending expertise, targeting growth in a competitive Australian banking landscape dominated by the "big four" institutions. ME Bank, founded in 1994 and focused on , operated with approximately A$17.5 billion in assets and served around 500,000 customers at the time of the announcement. The acquisition required regulatory approvals, primarily from the Australian Treasurer under the Financial Sector (Shareholdings) Act 1998 (Cth), which limits individual shareholdings in authorised deposit-taking institutions to ensure financial stability. No approval from the Australian Competition and Consumer Commission (ACCC) was anticipated, as the transaction did not raise significant competition concerns in the concentrated Australian banking sector. BOQ indicated that completion was targeted by the end of its 2021 financial year, subject to these approvals and other customary conditions, including court and shareholder approvals. On 21 June 2021, Federal Treasurer granted approval under the Shareholdings Act, clearing the primary regulatory hurdle and satisfying the key for the deal. This approval followed a review process focused on prudential risks, with no public indications of substantive opposition from regulators like the Australian Prudential Regulation Authority (APRA). The transaction proceeded without notable delays or modifications, reflecting the strategic fit between the two mid-tier banks amid post-COVID economic recovery pressures on smaller lenders.

Post-Acquisition Integration and Operations (2021–Present)

Following the completion of the acquisition on July 1, 2021, ME Bank initially continued to operate as a separate authorised deposit-taking institution (ADI) alongside Bank of Queensland (BOQ), with no immediate alterations to customer products, services, or access. This transitional phase allowed for phased integration while preserving ME Bank's digital-first model, which complemented BOQ's owner-operated branch network by targeting tech-savvy customers. Integration advanced steadily in the ensuing months, with ME Bank surrendering its independent ADI licence on February 28, 2022, and shifting operations under BOQ's regulatory to streamline compliance and reduce duplicate . By mid-2022, core integration efforts—including harmonization and back-office consolidation—were reported as well progressed, though incurring ongoing costs for system migrations and staff realignments. ME Bank retained its branding within BOQ's multi-brand portfolio, focusing on online home loans, savings products, and transactional services without branch reliance. Subsequent years emphasized technological upgrades, with ME Bank's platform migrating to a cloud-based architecture by 2023 as part of BOQ's broader , enabling enhanced scalability and data analytics for retail operations. Integration costs persisted into fiscal 2024, reflecting final adjustments to lending systems and unification, but contributed to expanded scale, doubling BOQ's retail customer base to approximately 1.7 million. Operations under BOQ have maintained ME Bank's emphasis on competitive variable-rate home loans and app-based banking, with recent enhancements to broker tools for loan processing efficiency as of 2024. Despite these advancements, post-acquisition challenges emerged, including customer attrition in ME Bank's segment—declining from pre-deal projections—and execution risks in merging divergent cultures and systems, as flagged by analysts at the time of announcement. BOQ's half-year results through 2024 noted stabilized operations but highlighted margin pressures affecting integrated retail earnings. As of 2025, ME Bank functions as a specialized digital arm of BOQ, supporting the group's strategy for diversified retail delivery amid competitive Australian banking dynamics.

Products and Services

Home Loan Offerings

ME Bank provides home loan products primarily for owner-occupiers and investors, with a focus on variable and fixed-rate options, offset accounts, and digital accessibility through its app and online platforms. Offerings include the Basic Home Loan for straightforward borrowing and the Flexible Home Loan, which supports variable, fixed (1-5 years), or split structures, along with features like 100% offset accounts linked to transaction accounts and fee-free redraws (minimum $500). The Basic Home Loan operates on a variable rate basis with no annual or monthly service s, targeting principal-and-interest repayments for of at least $150,000 and up to 80% (LVR). It allows unlimited extra repayments without penalties and includes free redraw facilities. In contrast, the Flexible Home Loan under the Member Package ($395 annual ) offers enhanced customization, such as interest-only periods up to 5 years (or 10 years for investors), repayment holidays for eligible borrowers ahead on payments, and discounts on select rates, with a minimum of $400,000 and maximum 60% LVR for the packaged version. Exclusive to the ME Go , the ME Go Home introduce two streamlined variants: a fee-free basic option for simplicity and a full-featured flexible with offset and redraw capabilities, enabling fully digital application and management without visits. Fixed-rate home provide repayment certainty for periods of 1 to 5 years, applicable to both owner-occupier and investment properties, with no changes to scheduled payments during the fixed term. Investment-specific loans mirror owner-occupier features but accommodate longer interest-only terms and are available at designated rates. As of October 2025, ME Bank promotes refinance incentives, including a $3,000 cashback for eligible refinancers switching from other lenders on loans of at least $700,000 with maximum 80% LVR, applicable to both owner-occupiers and (excluding interest-only owner-occupier loans), provided settlement occurs within 120 days of application starting from June 15, 2024. First home buyers can access tailored options like the Basic or Flexible loans with competitive entry features, though no unique government-guaranteed products are highlighted.
ProductKey FeaturesMinimum LoanMax LVRFees
Basic Home LoanVariable rate, fee-free redraw, extra repayments$150,00080%None (annual/monthly)
Flexible Home Loan (Member Package)Variable/fixed/split, 100% offset, interest-only option, redraw$400,00060%$395 p.a.
ME Go Home LoansApp-only, fee-free basic or flexible with offsetNot specifiedNot specifiedFee-free options available
Fixed Rate Home Loan1-5 year fixed term, repayment stabilityVariesVariesStandard application fees apply

Deposit and Savings Accounts

ME Bank provides deposit and savings products primarily through its digital platform, emphasizing fee-free structures and conditional bonus interest rates to encourage saving behaviors. These include variable-rate savings accounts linked to transaction activity and fixed-rate term deposits for guaranteed returns. All eligible deposits are protected up to $250,000 per account holder under the Australian Government's Financial Claims Scheme. The SaveME savings account offers a variable base rate of 0.05% p.a., with a bonus rate of 3.60% p.a. applied when bundled with a SpendME everyday and conditions are met, such as conducting at least four tap-and-go purchases monthly using the linked . This account supports goal-oriented saving via the ME Go app, including features for tracking progress and automated transfers, with no minimum balance or monthly fees. HomeME, positioned as ME Bank's highest-yield consumer savings option, delivers up to 4.60% p.a. variable interest on balances up to $100,000 when monthly criteria are satisfied, including no withdrawals from the account and at least $200 in eligible purchases via the linked SpendME account; tiered rates apply thereafter at 2.60% p.a. for $100,001–$1,000,000 and 0.05% p.a. above $1,000,000. Additional tools include Round ME Up for micro-deposits from rounded purchase totals and budgeting insights, with zero account-keeping fees. Term deposits at ME Bank lock in fixed rates for terms ranging from one month to five years, with a minimum of $5,000 and no establishment or ongoing fees. Funds mature into a nominated account or can be reinvested, with early withdrawal options subject to reduced calculations. Rates are competitive within the Australian market but vary by term length and investment amount, as detailed on the bank's term deposit calculator tool.

Digital and Transactional Banking Features

ME Bank's services are accessible via the ME Go mobile application and a dedicated internet banking platform, both emphasizing user-friendly interfaces for account management without physical branches. The ME Go app, updated as of September 13, 2024, enables users to check balances, pay bills, and access live chat support in a single interface. banking complements this by allowing secure logins for viewing transactions, downloading statements, and setting alerts. Transactional features include the SpendME everyday transaction account, available exclusively through the ME Go app, which supports instant payments via Australia's New Payments Platform (NPP) and Osko, enabling near-real-time transfers using PayID linked to mobile numbers or email addresses instead of BSB and account numbers. This account incurs no account-keeping fees and waives international transaction fees, though it applies a $4 fee for overseas withdrawals, 1.5% for international transactions, and 0.8% for cross-border fees. Users can transfer funds between ME accounts or to external parties, schedule payments, and track upcoming bills directly in the app or portal. Additional functionalities promote savings integration with transactions, such as automatic round-up of payments to deposit into linked savings accounts and tools for setting spending budgets and goals. options are supported through and for over 450,000 digital and physical cards issued via third-party processors. SpendME also allows users to direct a portion of transactions to one of five supported charities, enhancing transactional flexibility without extra costs. These features align with ME Bank's digital-first model, prioritizing fee-free domestic operations while maintaining compliance with NPP standards for fast, secure payments.

Financial Performance

Profitability and Growth Metrics

Prior to its acquisition by (BoQ) in 2021, ME Bank demonstrated steady growth in key financial and operational metrics, driven by its focus on and customer acquisition among member organizations and individuals. In the financial year ending June 2020 (FY2020), underlying net profit after tax reached $123.9 million, reflecting a 24% increase from the prior year, despite provisions for bad debts totaling $42 million. Statutory net profit for the same period stood at $80.8 million. This profitability was supported by a 7% expansion in the customer base and 2% growth in total assets. Asset under management (AUM) expanded consistently in the years leading to the acquisition. By the end of FY2018, total AUM (on and off-balance sheet) had grown 7% year-over-year to $28.3 billion. This trajectory continued, with AUM reaching $31.5 billion by the close of FY2020, underscoring ME Bank's ability to scale its book and deposit base amid competitive pressures in the Australian sector. The customer base surpassed 550,000 by FY2020, building on earlier gains such as an 8% increase to 338,000 customers in FY2015.
MetricFY2018 ValueFY2020 ValueGrowth Notes
Total Assets/AUM$28.3 billion$31.5 billion7% YoY in FY2018; cumulative expansion pre-acquisition
CustomersNot specified>550,0007% growth in FY2020
Underlying NPATNot specified$123.9 million+24% YoY in FY2020
Following the $1.325 billion acquisition by BoQ, completed with regulatory approval in mid-2021 and full integration by early —including the surrender of ME Bank's authorized deposit-taking institution license—ME Bank's operations were absorbed into BoQ's portfolio, ceasing standalone financial reporting. The merger contributed significantly to BoQ's scale, combining ME's $31.5 billion in assets and $26.7 billion in loans (as of June 2020) with BoQ's existing to exceed $88 billion in total assets. Post-integration, ME's digital infrastructure supported BoQ's retail lending and , though specific isolated profitability metrics for the former ME operations are not publicly delineated in BoQ's consolidated results, which reported group cash earnings growth amid integration challenges.

Key Achievements and Strategic Milestones

ME Bank achieved significant financial growth in the late , with customer deposits rising 18% to $14.8 billion in the financial year ending June 30, 2018, representing 57% of and enabling home loan book expansion at 1.3 times the system average. Underlying net profit after tax reached $96.5 million that year, a 13% increase from the prior period, yielding a of 8.1%. In 2019, the bank issued $100 million in Additional to the general market, bolstering its capital base amid marking 25 years since its founding in as Super Members Home Loans by industry superannuation funds. Profitability continued upward, with statutory profit after tax climbing 20% to $80.8 million for the year ended June 30, 2020, supported by exceeding $31.5 billion and a base surpassing 550,000. This period also featured operational milestones, including the completion of a $90 million, five-year IT transformation to maintain a single customer record for its then-320,000 clients, enhancing digital efficiency. Earlier, in 2016, ME Bank received accolades as Australia's Best Bank in Mozo's Experts Choice Awards, alongside wins for Online Bank of the Year and Best Overall Bank, reflecting its competitive positioning in low-fee, digital-first banking. A pivotal strategic milestone occurred on July 1, 2021, when (BOQ) acquired ME Bank for $1.325 billion, following regulatory approval and a $1.35 billion equity raising by BOQ, integrating ME's digital capabilities and customer base into a combined entity with enhanced scale. Pre-acquisition profit for the year ended June 30, 2021, stood at $112.6 million. Post-acquisition, BOQ leveraged ME's infrastructure for digital advancements, launching the ME Go app in July 2023 as its third cloud-based application, migrating customers to a unified platform and supporting over 260,000 users by 2024. Overall, ME Bank has facilitated homeownership for more than 300,000 Australians through its focus on competitive home loans and transaction accounts.

Controversies and Criticisms

Regulatory Penalties and Breaches

In September 2021, the Australian Securities and Investments Commission (ASIC) filed 62 criminal charges against Members Equity Bank Limited (ME Bank) in the Federal Court, alleging misconduct in its home lending practices between January 2015 and December 2018. The charges centered on ME Bank making false or misleading representations to approximately 191 variable-rate home loan customers, informing them that their minimum monthly repayments covered only interest charges, when in reality these amounts included both principal and interest components. This misrepresentation resulted in customers underpaying their loans, potentially leading to capitalized interest and increased total debt. Additionally, ME Bank contravened the National Credit Code by failing to provide required statements to customers on 38 occasions. ME Bank pleaded guilty to one charge under section 12DA(1) of the Australian Securities and Investments Commission Act 2001 (ASIC Act) and seven charges under the National Credit Code. On 19 January 2024, the Federal Court imposed a total penalty of $820,000, comprising $750,000 for the ASIC Act contravention and $70,000 for the Credit Code breaches, reflecting the maximum penalties available at the time of the offenses (up to $1.1 million per ASIC Act charge and $222,000 per Credit Code charge). The court considered factors including the bank's cooperation, remediation efforts—such as compensating affected customers—and the acquisition of ME Bank by Bank of Queensland (BOQ) in July 2021, with BOQ agreeing to cover the penalty. No other significant regulatory penalties or enforceable undertakings against ME Bank were recorded from the Australian Prudential Regulation Authority (APRA) or ASIC prior to its integration into BOQ.

Customer Service and Operational Complaints

ME Bank has faced significant customer dissatisfaction with its service, as evidenced by low aggregate ratings on review platforms. On ProductReview.com.au, the bank scores 1.9 out of 5 stars from 1,088 reviews, with frequent criticisms centered on protracted response times and inadequate support resolution. Similarly, rates it at 1.4 out of 5 from 89 reviews, highlighting persistent issues in accessibility and staff effectiveness. Common customer service complaints include extended telephone wait times, often exceeding 45 minutes to over 1.5 hours, and instances of disconnected calls or unreturned callbacks. Customers have reported unhelpful interactions, such as automated replies substituting for substantive assistance and difficulties escalating to specialized teams like handlers. For example, in October 2025, reviewers described waiting nearly 30 minutes only to be transferred without resolution. Operational complaints predominantly involve disruptions to digital platforms, including app crashes, glitches, and security code failures that hinder transactions. A notable incident occurred in late January 2024, when ME Bank's internet and services experienced a nearly 29-hour outage affecting thousands of users, prompting complaints of unacceptability ahead of a . Account handling issues, such as delayed processing of adjustments, missing transactions, and protracted discharge timelines spanning 20-23 business days, further compound these problems. The bank maintains a structured complaints mechanism through its Relations team, accessible via phone at 13 15 63 or online forms, with unresolved matters eligible for escalation to the Australian Financial Complaints Authority (AFCA). Despite this, reviewers often express frustration with internal resolution efficacy, leading to external referrals. The bank monitors system status and provides 24/7 online support during disruptions, though feedback indicates gaps in proactive communication.

Market Position and Reception

Competitive Landscape

The Australian banking sector remains dominated by the "Big Four" institutions—Commonwealth Bank of Australia (CBA), (NAB), Westpac Banking Corporation, and Australia and New Zealand Banking Group (ANZ)—which collectively control over two-thirds of new residential originations as of mid-2025, including loans through their subsidiaries. These majors leverage extensive networks, established brand trust, and diversified revenue streams to maintain market leadership in home loans, deposits, and transactional services, with home loan portfolios growing 5.7% year-over-year in 2024 driven by business and owner-occupier lending. ME Bank, as a branchless digital provider emphasizing low-fee home loans and savings products, primarily competes with challenger and neobanks such as , UBank (a NAB ), Up Bank, and Macquarie Bank, which target similar demographics of tech-savvy, fee-averse customers. In the digital segment, these newer entrants have collectively captured about 2% of the overall financial institutions by early 2025, up modestly from prior years, by prioritizing mobile-first interfaces and competitive variable rates amid rising from major banks' digital arms like ANZ Plus. ME differentiates through its focus on straightforward, no-frills offerings but operates at a scale disadvantage against larger rivals' marketing budgets and data analytics capabilities. Non-bank lenders like and Firstmac also vie for home loan market share, particularly in specialist segments such as investment properties or non-conforming borrowers, where they originated a growing portion of broker-channeled loans in 2024-2025; however, ME Bank's mutual-style ethos and integration within and Bank's ecosystem positions it more as a direct rival to customer-owned peers like and in the savings and offset account niches. Overall, regulatory pressures for openness and the shift toward broker-mediated lending—reaching record levels in 2025—have intensified price , benefiting smaller players like ME in niche digital adoption but underscoring the entrenched oligopoly's resilience.

Customer Feedback and Reviews

Customer feedback on ME Bank, an Australian digital bank, varies across review platforms, reflecting a divide between self-selected user experiences and broader satisfaction surveys. On ProductReview.com.au, ME Bank holds an average rating of 1.9 out of 5 stars based on 1,088 reviews as of late 2025, with 79% rated negative, primarily citing operational frustrations. In contrast, reports a lower TrustScore of 1.5 out of 5 from 89 reviews, dominated by complaints about service responsiveness. Finder's 2025 customer satisfaction survey, however, yields a higher overall score of 4.12 out of 5—exceeding the industry average of 4.11—based on responses from Australian consumers, with strong marks for trust (4.56/5) and service (4.11/5). Positive reviews frequently highlight competitive interest rates on savings accounts, absence of excessive fees, and occasional encounters with helpful staff. Customers appreciate the bank's cost-saving model, which passes benefits to users through lower rates compared to major banks, and some praise the app's intuitiveness when functioning smoothly. Isolated commendations note efficient resolutions from specific representatives, contributing to perceptions of value in basic transactional banking. Criticisms dominate larger review volumes, centering on unreliable digital infrastructure and inefficiencies. Frequent reports detail app crashes, blank screens, and outages, including disruptions around the October 2025 MEGo app launch and slow inter-account transfers taking up to three business days. Long hold times—often 45-60 minutes—unreturned calls, and delays in complaint resolutions, such as discharges or refunds, erode trust, with users describing service as unresponsive or unprofessional. These issues persist into 2025, amplified by scam alerts and pending transaction inaccuracies affecting budgeting. The disparity in ratings may stem from methodological differences: complaint-heavy platforms like ProductReview and attract dissatisfied users, while Finder's polled data captures a wider demographic, potentially underrepresenting acute operational pain points. ME Bank lacks recent independent satisfaction awards, with 's 2024 honors going to competitors like P&N Bank. Past high marks, such as primacy in Roy Morgan banking research noted in ME's 2020 annual review, have not translated to sustained acclaim amid ongoing digital and service challenges.

References

  1. https://www.mebank.com.au/about-us/
  2. https://www.mebank.com.au/about-us/who-owns-me-bank/
  3. https://www.moneymanagement.com.au/news/financial-planning/boq-completes-acquisition-me-bank
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  35. https://www.canstar.com.au/home-loans/home-loan-offers/
  36. https://www.mebank.com.au/banking/business-banking/business-online-savings-account/
  37. https://www.mebank.com.au/banking/online-savings-account/
  38. https://www.mebank.com.au/banking/savings-account-interest-rates/
  39. https://www.mebank.com.au/banking/compare-savings-accounts/
  40. https://www.mebank.com.au/banking/home-deposit-savings-account/
  41. https://www.mebank.com.au/term-deposits/
  42. https://www.mebank.com.au/the-feed/how-to-save-using-a-term-deposit/
  43. https://www.mebank.com.au/support/changing-your-term-deposit-maturity-instructions/
  44. https://www.mebank.com.au/term-deposits/term-deposit-calculator/
  45. https://apps.apple.com/us/app/me-bank/id657670717
  46. https://www.mebank.com.au/home/banking-on-the-go/mobile-app/
  47. https://www.mebank.com.au/home/banking-on-the-go/internet-banking/
  48. https://www.mebank.com.au/banking/everyday-transaction-account/
  49. https://www.mebank.com.au/home/banking-on-the-go/payid-npp/
  50. https://www.mebank.com.au/support/new-payments-platform/
  51. https://www.mebank.com.au/banking/transaction-account-information/
  52. https://www.mebank.com.au/support/making-a-transfer/
  53. https://www.mebank.com.au/support/transferring-funds-between-accounts/
  54. https://changefinancial.com/client-success/me-bank/
  55. https://www.mebank.com.au/getmedia/38637093-60b0-4624-bf46-d27b5180ddb0/216131-annual-review-2018-v5-WEB-lowres.pdf
  56. https://www.cio.com/article/208130/me-completes-90m-tech-transformation.html
  57. https://www.mebank.com.au/media/2390479/2016-Annual-Review.pdf
  58. https://www.mebank.com.au/getmedia/738e74b5-244d-42f3-ace4-109e127b4ba2/MEB-2021-Financial-Statements.pdf?v=1760486400
  59. https://www.itnews.com.au/news/boq-launches-me-go-app-598028
  60. https://www.itnews.com.au/news/boq-digitisation-efforts-linked-to-hundreds-of-job-cuts-610910
  61. https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-249mr-asic-brings-criminal-charges-against-me-bank-for-alleged-misconduct-against-home-loan-clients/
  62. https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-005mr-me-bank-sentenced-after-pleading-guilty-to-criminal-charges/
  63. https://www.brightlaw.com.au/me-bank-fined-for-home-loan-misrepresentations/
  64. https://www.lawyerly.com.au/me-bank-hit-with-820000-penalty-for-misleading-borrowers/
  65. https://www.apra.gov.au/news-and-publications/apra-revokes-members-equity-bank-limited%25E2%2580%2599s-banking-licence
  66. https://www.productreview.com.au/listings/me-members-equity-bank
  67. https://nz.trustpilot.com/review/mebank.com.au
  68. https://7news.com.au/news/me-bank-outage-affecting-thousands-of-australians-before-long-weekend-slammed-as-unacceptable-c-13350867
  69. https://www.itnews.com.au/tag/me-bank
  70. https://www.mebank.com.au/home/contact-us/feedback-and-complaints/
  71. https://www.mebank.com.au/support/system-status/
  72. https://www.pexa-group.com/content-hub/property-insights-and-reports/lmt-report-june-25/
  73. https://kpmg.com/au/en/insights/industry/australian-big-4-major-banks-full-year-results-2024.html
  74. https://www.roymorgan.com/findings/9811-mfi-share-insights-press-release-february-2025
  75. https://fintechmagazine.com/news/top-10-banks-in-australia-and-new-zealand
  76. https://www.theadviser.com.au/broker/47578-brokers-write-record-share-of-new-bank-mortgages
  77. https://growjo.com/company/ME_Bank
  78. https://www.trustpilot.com/review/mebank.com.au
  79. https://www.finder.com.au/bank-accounts/me-savings-accounts
  80. https://www.roymorgan.com/findings/9912-roy-morgan-customer-satisfaction-annual-awards-2024
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