Members Equity Bank or ME Bank was formed in 1999 as the result of an initiative by the Australian Council of Trade Unions (ACTU). ME Bank received its banking license in 2001. The unions had previously mobilised to create industry super funds for their members and based on the same concept, aimed to provide a banking solution for them as well.
The primary aim of ME Bank is to provide low cost and simple banking products that offer value for money.
Members Equity Bank is 100% owned by Industry Super Holdings Pty Ltd (ISH) which in turn is 100% owned by approximately 40 not for profit superannuation funds collectively known as Industry SuperFunds. Some of the better known funds include AGEST, CBus and Australian Super.
ME Bank employ approximately 800 staff through out Australia and have offices in all state capitals as well as mobile banking managers in major population centres.
Members Equity Bank offer a range of personal products and services including:
- home loans
- credit cards
- personal loans
- transaction accounts
- savings accounts
- term deposits
- financial planning
They also offer a range of business services including:
- business finance
- novated leases
- development and construction
- asset finance
- deposit products
Members Equity bank products have won a number of awards from:
- AFR SmartInvestor
- Your Mortgage Magazine
- CANSTAR CANNEX
- Money Magazine