- Company
- ME Bank (a division of Bank of Queensland Limited)
- Licence
- ACL 241656
- Type
- Digital bank (BOQ group)
- Founded
- 1994
- Headquarters
- Melbourne
- Products
- Variable and fixed home loans, Investor home loans, Transaction and savings accounts
ME Bank (Members Equity Bank) is an Australian digital-first bank that was acquired by Bank of Queensland in 2021. The bank writes home loans, personal loans, transaction accounts and savings products through a digital-first model with no physical branches. As at mid-2026, ME Bank operates as a separate brand within the BOQ group but the integration is progressively aligning product strategy and credit policy.
ME Bank inside the BOQ group
ME Bank was founded in 1994 as Members Equity Bank, originally owned by a consortium of industry super funds and serving union members. The bank operated as a customer-owned-style digital bank for over 25 years before being acquired by Bank of Queensland in 2021.
Under BOQ ownership, ME Bank continues to operate as a separate brand with its own digital experience, customer base and home loan range, but the underlying credit policy and product strategy is progressively aligning with the BOQ group. The mutual ownership history is no longer current; ME Bank is now a commercial subsidiary of an ASX-listed bank.
Home loan range
ME Bank's home loan products cover variable rate (Member Package and Flexible Home Loan variants), fixed rate (1 to 5 years), and investor variable and fixed. The bank participates in the federal First Home Guarantee scheme.
On rate, ME Bank is typically competitive against the Big 4 packaged products and the digital majors (Athena, ING, UBank) for clean-credit owner-occupier P&I files at low LVR. The trade-off versus the digital majors is brand recognition; ME Bank's consumer marketing is less prominent than Athena or UBank.
When ME Bank is the right pick
ME Bank is a reasonable choice for borrowers who: are prime credit profile with standard income, value a digital-first application path, are comfortable with the BOQ group ownership, and are comparing across the digital lender set (Athena, ING, UBank, Tic:Toc).
It is not the right pick for borrowers who: need branch support, have complex income or credit, or specifically want a stand-alone independent digital lender rather than a Big-4-adjacent subsidiary.
The customer experience question
ME Bank has historically had mixed customer experience ratings, including a 2020 redraw controversy that drew significant media attention. Under BOQ ownership, the bank has made progress on customer experience metrics, but it is worth checking current customer satisfaction data from sources like Mozo, Canstar and Finder before committing.
The honest pros and cons
- Competitive rates against Big 4 packaged products
- Digital-first application path with fast settlement on clean files
- BOQ group balance sheet provides ADI protection
- Member Package product is bundled with offset for active offset users
- No physical branches; digital and phone only
- BOQ ownership ended the mutual ownership history
- Historical customer experience issues including 2020 redraw controversy
- Smaller brand recognition than the digital major competitors
Frequently asked questions
Is ME Bank still a bank?
Yes. ME Bank operates as a division of Bank of Queensland Limited, which holds ADI status. Customer deposits at ME Bank are protected by the federal Financial Claims Scheme up to $250,000 per account holder, in the same way as deposits at any other ADI.
Is ME Bank owned by BOQ?
Yes. Bank of Queensland acquired ME Bank in 2021. ME Bank now operates as a separate brand within the BOQ group, with its own product range and digital experience, but the underlying balance sheet and credit policy is BOQ's.
What is the ME Bank home loan rate?
ME Bank publishes current variable and fixed home loan rates on its home loans page. For clean-credit owner-occupier P&I files at reasonable LVR, the bank is typically competitive against Big 4 packaged products and the digital major alternatives.
Does ME Bank have branches?
No. ME Bank operates as a digital-first bank with no physical branches. Customer service is via phone, online chat and the digital banking app. For borrowers who want branch support, BOQ or another tier-2 lender with physical branches is a better fit.
How does ME Bank compare to Athena or UBank?
ME Bank, Athena, UBank and Tic:Toc are four of the main digital-first home loan options in the Australian market. Each has slightly different positioning: ME Bank is BOQ-owned, Athena is independent non-bank, UBank is NAB-owned, Tic:Toc is independent fintech. The rate gap between them varies week to week.