Macquarie Bank as Primary Bank Account?

Lcartwheelz623 on 21/02/2017 - 12:40

Does anyone here use Macquarie as their day to day transaction and savings account?

Jumped on the free $40 bandwagon and have been impressed with their app and services so far. Transfers from my current bank account to Mac have been fast as well. Was looking at their savings account rates and its currently at 1.30% , my current bank is at 1.25%, so was thinking of jumping ship..

Anyone have any experience, positive (and especially negative) that would be helpful in making the decision?

Cheers guys!

Financial

Related Stores

Macquarie Bank
Macquarie Bank

Comments

  • nickomac on 21/02/2017 - 14:40
    +1

    I completed the move to Macquarie as my primary bank about a month ago and currently don't have anything negative to report on. I've only had to call once to ask a question and the call was answered within 2 minutes.

    I'm pretty impressed with their app and online banking as well, so haven't looked back once :)

  • aragornelessar on 21/02/2017 - 14:46
    +1

    As with most things, you have just got to be an alert consumer. We have our mortgage with them that includes an offset account and credit card.

    We found that we BOTH got slugged the paper bill fee, even if only one of us had paper bills on. Six months later, we both got charged again for the paper bill fee, even though neither of us had paper bills on. To their credit, they reversed those charges after we let them know.

    We were told by our broker that Macquarie now offers multiple offset accounts and that we should contact them - we had originally wanted multiple offsets, but the broker steered us towards Macquarie due to the 'urgent need for finance'. Macquarie has told me since that they are unable to do multiple offsets for existing customers - even when I threatened to move the mortgage elsewhere. That seems standard in that the new customers will get the better offers.

    • aragornelessar on 21/02/2017 - 15:11
      +1

      Oh, and just today I received both email and SMS messages regarding approval for a credit card and that it's on the way. I didn't apply for one, and have just received a message saying that it was an error.

      • cartwheelz623 on 21/02/2017 - 15:45

        jesus thats good to know haha thanks mate!

  • universe on 21/02/2017 - 14:52
    +1

    I have a transactions and savings account with them. Really good so far. 1.3% is low. i was on 1.8% with westpac. But i have enough to get the 2.3% interest rate now so win win. They way they track and budgetise your spending is really handy.

    • cartwheelz623 on 21/02/2017 - 15:46
      +1

      yes and i also like the feature where you can ask questions like "how much did i spend on concert tickets last year". so handy! cheers, thank you.

  • akd on 21/02/2017 - 15:39
    +1

    MB app and customer service is OK, but their money transfer is bit slow even transfer among MB accounts. Their Home Loan and Credit card departments are separate and it is very annoying sometimes for balance transfer. If you don't have their credit card then don't worry.

  • hashtagbargain on 21/02/2017 - 15:57
    +3

    Just remember, with Macquarie bank you wont be able to deposit any cash or cheque - they have no branches or have Bank@Post.

    • cartwheelz623 on 21/02/2017 - 16:22

      wow i did not even think about that haha. everything electronic these days.. hmm good call though, so will have to keep another bank a/c either way!

  • bluesky on 21/02/2017 - 20:05
    +1

    Hi OP, I assume you used this Macquarie deal recently to sign up. You will have 4 months of bonus rate - 2.65% before it gets back to the tiered rates.

    I have been using them since I signed up, and got to say, pretty happy so far. I like that you do not have to move money from savings to transaction account, before being able to bpay or pay an account in another bank. I was told I can arrange direct debit straight from the savings account too.

    • cartwheelz623 on 21/02/2017 - 21:53
      +1

      yes, very handy! thanks bluesky

    • nickomac on 22/02/2017 - 07:46
      +2

      can confirm direct debit from savings works :)

    • [Deactivated] on 12/03/2017 - 09:20

      Why not banking with ING that gives you 3% saving?

      • bluesky on 12/03/2017 - 14:58
        +1

        I completely agree with you that ING is great to have (as per my comment below).

        I was sharing my experiences about the Macquarie account here, as per OP request. I generally do not mind using different accounts, taking advantage of the best features of each, and to have some sort of backup, if/when one is down.

  • E5TOQUE on 21/02/2017 - 23:50
    +5

    I dont get why you wouldnt just go with ING Direct?

    $0 monthly fees
    FREE ATM width-drawls from any ATM in the country
    Android and Apple Pay
    great online banking website
    great Apps
    Pending transactions show up straight away.
    BPAY
    Bank@Post
    Cheque Deposits accepted
    24x7 telephone support
    Only need to deposit $1000 per month.

    3% interest on their savings account too and they are pretty consistently up at the top end with their interest rates.

    • cartwheelz623 on 22/02/2017 - 20:02
      +1

      just looked into it, ing looks great!

      • bluesky on 22/02/2017 - 22:23
        +1

        Yes, ING is great, certainly worthwhile to have. But always good to have more than one account anyway. Those incidences where a bank's internet banking/cash withdrawal unexpectedly goes down (and sometimes for more than a day) seems to be in the news every so often. So having backup accounts is probably a good idea.

  • jimbobaus on 23/02/2017 - 03:14
    +1

    Apart from them emailing after 4 weeks of arguing with the agent that our rent was paid, and Mac informing us that the rent had not been transferred and had been "missing" for weeks i have had no issues, after that incident i switched back to ING and now they have Apple pay am a happy camper

  • bnjmn on 10/03/2017 - 16:25

    May i please ask if this account has an overdraft?

    My Bankwest account has a $100 overdraft, which is great for automatic debits - for when i have forgotten to transfer $ from savings.

    Looking to get out of Bankwest asap!

    • cartwheelz623 on 11/03/2017 - 12:42

      I dont think so, my ANZ does but ive had a couple transactions on my Mac decline even if it was a couple dollars over; but I just started using this a/c so someone else might know better!

      • bluesky on 11/03/2017 - 21:32
        +1

        My comment about the overdraft question is here.

  • robbo135 on 11/03/2017 - 15:28

    What the funds transfer times like with Macquarie? Similar to the other big 4 banks?

    • bluesky on 11/03/2017 - 21:12

      So far, transfers before cut-off time will reach the other bank next day, same as the other banks. But haven't looked more closely than that, whether funds will be there in the morning, or afternoon etc.

Login or Join to leave a comment
Login Join