It's not much but better than the big 4.
Savings account
1.35% pa
Welcome variable rate for 4 months.
After the 4 months honeymoon rate it's
1.20% pa $0.00 ‐ $249,999.99
0.95% pa $250,000 and above
A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking*.
Rates updated
0.95% for under $250k
0.70 for amounts above $250k
Edit: Corrected rate
0.95% not 0.9%.
UP is down to 0.7 from next month.
Looks like its just the start of the cutting wave.
where did you see the new rates? I just checked their website and it still shows 1.2% effective 13 Nov 2020.
They gave a heads up to existing depositors. which they did not have to do and is quite unusual.
Reeks of bait and switch
Cannot agree.
Rate has been around for months and was way above the market and way due for a cut.
You may as well apply that comment to every other bank that has cut rates over the past months on these type
of accounts
I don’t want to get into an OZBslinging match but I do suspect the bank wanted funds, it got what it wanted and then backed down the rates. But I agree that they remain attractive,esp when compared to the Big4 and INGs hoops and hurdles. And yes my money is with ING and Mac bank
No problem roomie and no slinging match at all.
I don't think the Millionaires Factory needed funds They are awash with cash.
They just put out a Hybrid Notes 5 offer with an indicative rate of 3 % plus BBSW and were so
swamped with money they were able to further reduce the rate to 2.90% within 3 days and there
will still be huge scale backs for those applying.
not my neg.. sigh
the email also says "if you’re currently earning a welcome variable rate on your Macquarie Savings Account, you’ll keep that rate for the remainder of your welcome period."
so for those on the honeymoon rate you keep it. if you open an account today (before 26 feb) i suppose you get the honeymoon rate as well
I would read that as it says.
"if you are CURRENTLY"… if you are not joined up now you do not currently have an account imho.
the rates changes are effective 26 feb 2021. tomorrow the welcome rate might drop or it might stay the same. who knows.
agreed and hope you are right for the sake of ozbargainers who fled there in last few days after
waking up to this rate
Did everyone submit "certfiied" docs????
They asked me to do so.
In the end I started again and didn't choose passport. Nothing to send now.
I posted on the 17/2/21 "They might just drop their standard rate if there's a sudden influx of signups. You read it here first." and got downvoted to oblivion! And look what happened to Macquarie savers rates today. Sheesh fellas
Yep that's exactly why they dropped their rates…
These fkers, At least they said they will keep the welcome variable rate..
Yeah, so the poster should change username to “dumbarse”.
Why's that?
Yes …good call.
I'm sure that the MQG Board called an emergency meeting and pondered deep into the night due to massive
influx of money from Ozbargain members.
The effect of the flood of money from maybe 20new accounts @ maybe 20K each on a company that has a
market cap of $53 Billion and a profit of $2.71 Billion year 19/20 must have shaken the group to its foundations.
They will probably have to cut the rates again next week
market cap of $53 Billion and a profit of $2.71 Billion yea
While this is just an reaction to the current policy of just printing more money to keep the economy afloat, the size of the business doesn't matter, its the particular divison's KPI that matters. Remember how ebay having an non-existent boxing day because they blew their budget at Black Friday?
The reason for the adjustment in rates being to due Ozbargainers is possibly open for discussion.
Perhaps Board Members will have to declare Ozbargain membership in their pecuniary interest
declarations and abstain from voting on savings account interest rate matters.
IanC on 17/02/2021 - 11:34
This rate from Macquarie has been around for months and will probably fall soon as it is way better than anything else around.
With respect you need to check daily not monthly.
RATES SLASHED… only took 8 days.