Earn a 2.65% welcome variable rate for the first four months from account opening, on deposits up to $250,000 in your first savings account.
After four months, earn a great ongoing variable interest rate, currently 1.35% pa on balances up to $1m
Macquarie Bank Saver Account 2.65% Pa for 4 Months Then 1.35% Pa
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donga100 on 28/03/2020 - 16:19 pages.communications.macquarie.com (2737 clicks)
Last edited 02/05/2020 - 23:43 by 1 other user
Last edited 02/05/2020 - 23:43 by 1 other user
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Porque no los dos?
Do one then the other
what is the withdrawal limit at AMP? heard it is 25k but you can increase that by submitting a form? is that correct
Looks like it - You can increase the limit up to 250K
https://www.amp.com.au/content/dam/amp/digitalhub/common/Doc…
thanks mate. this was super helpful
The late time I checked, you need to have a transaction account on Macquarie Bank in order to qualify
It’s free account mate
Hi mate, i opened Macquarie savings for 2.65% but somehow there's platinum as well opened for me. Which one is the one giving 2.65? Savings or platinum? Thanks
I might ask to see if they can apply this for existing customers as well.
Keen to hear how you go with that, I recently got told no dice.
Yeah same. I signed up just after the new year and my intro rate is up soon. Let us know how you go.
A great ongoing rate would be the 1.85% offered by U-Bank (yes, you have to deposit $200 a month to get the bonus interest). There are countless others offering similar or greater rates (with conditions).
Also, the Australian Government Guarantee Scheme will only back your bank deposit to a maximum of $250k per person per bank. If you are lucky enough to have a lazy $1m laying around then don't put it all in one bank, spread it over several… you never know what might happen.
I think most people that have $1m+ would not actually have them in cash man.
Then I suggest you tell Macquarie Bank as their blurb states that they pay it on deposits of up to $1m
I don't see how that's relevant?
I got nowhere near that $1m and only about 1/8 in cash for a rainy day. People with $1m+ got access to many more channels. Macquarie themselves has exclusive channel for such individuals.@rookie317: If people didn't do it they wouldn't offer it. Yes, there are plenty of alternative money market instruments (i.e. government bonds and bank bills). At times like the present, people cash in their riskier investments and the money has to go somewhere. Tying it up in something that cannot be easily liquidated means that they can't quickly jump in when the market improves.
@cryptowiz: I watched an interesting podcast recently that highlighted bank deposits are simply unsecured loans made by the depositor to the bank. Unsecured being the key word here. Also the gov guarantee has to be 'activated' before coming into effect. That, and the fact that our gov has not paid any insurance on the guarantee means they may struggle to find the dollars to pay up.
All that being said, it’s not like we have too many lower risk options. :)
https://youtu.be/4zJIhpM6qd8@cryptowiz: Just because they offer it, doesn't mean most people deposit up to that amount though.
My wife worked in Singapore for EY/Standard Chartered for 10 years as a financial advisor. We just moved here last year (the opportunity was too good) and she was shocked at how limited and less diverse the Australian financial market is. That's why the bulk of our asset is still in Singapore in multiple channels, mostly ETFs, Trusts and etoro CopyTrader. She's been lucky to have some connections that have guided us to proper funds/trusts which has consistently helped us stay ahead of the curve. Our average over the last 8 years is 8% pa (low 2% pa high 11% pa). Yes it's a fairly modest number but we prefer a low-risk, hands-off approach since we both got full time jobs and a kid so we're happy at where we are.
Even after moving to Sydney, we still stick to our portfolios thanks to service like Transferwise. It's fairly easy to access the global market in Australia if you actually look imo. I believe there are several robo advisors in Australia that let you invest in other markets too.
And yes, at the present, "cash is king" is being thrown out everywhere, but nowhere did I say invest most of your wealth now, we are not investors who actively look for opportunities nor do we try to time the market. We have simply put aside 80%+ of our incomes into channels other than bank deposit over the years and I'm sure we aren't the only ones who've been all the better for it.
Sorry for the long reply but I just want you to see my POV regarding my OP.
My grandfather does. It's also in a cash account rather than savings, and has been for almost a decade.
I did say "most" though. There're always people who always keep cash and while I don't agree, I respect their decision.
Just think about the dropping AUD should give anyone a second thought about keeping cash though.
Macquarie knows for a fact that this is wrong, and thats why its only up to $250K. If they made it unlimited all those big moneys (sic) would jump in on this.
This is not generosity on the part of Macquarie Bank. Its a business decision, maybe to either shore up its books or diversify its funding (such as reducing its reliance on wholesale funding). It could also be a way to maybe bring in more of a certain kind of customer (say retirees with cash) who may be predisposed to keep the cash parked in the bank beyond that period.
Of course they do, if you have something like 40 million in assets, why would it be weird to have (at least) 2.5% of that in free cash flow?
Rookie 317. It may depend on how much money they have in shares.
If i had a lazy 1m, I'd be buying bhp & rio. China is starting back up and they want iron ore!
You can do the same with a lazy $500.
Too lazy.
Not worth it unless supernormal returns predicted.
On that principal sum, it would be at least 4.4% fee just to do the trade (entry and exit costs).@gud2cu: Why exit? Just do the conservative thing and be a dividend investor with a dollar cost average strategy.
But yes, you're better off buying in larger parcels.
@gud2cu: Commsec charges $10 on a $1000 trade which is only 1%
If you expect big returns then this would be negligible…@Memo14: I was using the $500 figure in my initial comment, Memo.
$20 to enter + exit at $500 invested sum = 4%
And re:negligibility, this is why I said "supernormal returns"
Wouldn't Up be better? 2% if you have 5 transactions a month?
50k max with Up though so depends on how much you have
That's true. What's the limit with Ubank?
If your worried about losing your money to a bank, bail in would likely happen before they collapse. Sudden and without warning, nor any gov guarantee.
That guarantee only works AFTER the banks "bail in" your savings and the bank still fails.
Both this and AMP are variable
Up bank had it at 2.25% since forever. They just dropped it to 2% after several rate cuts.
The difference is UP needed transactions and deposits. This does not.
No monthly deposits. Just 5 transactions on the card.
But doesn’t this need 200$ a month deposited ?
It's going to be pretty hard to maintain transactions now that we're locked in our homes unless you're doing all the groceries.
Cheap money for MQG. They will make a 10 bagger with it in this market.
or 5 TP rolls worth
under $250,000
Will this account pay interest in the month when money is withdrawn from the account?
I'm with 86400 but I'm thinking to send it to bigger banks. Some friends talking if neo banks can ride through the current climate.
If you're old (like me) you would remember back in 1979 when someone rang John Laws talk-back radio show and said they had heard that St George Building Society were in difficulty. Within a matter of minutes, people were queued outside St George offices to close their accounts. It very nearly sent them under and it was totally unfounded.
It's government guaranteed up to $250,000 anyway right?
This needs to stop being posted everywhere. Its 20 billion per institution. If the bank crashes and you have 250k, it doesn't mean your going to be seeing that 250k back.
That's interesting. Source?
@dsar: "Payouts of deposits covered under the FCS are initially financed by the Government through a standing appropriation of $20 billion per failed ADI (although it is possible that additional funds could be made available, if needed, subject to parliamentary approval)."
If Shit were to hit the fan I wouldn't pray for the additional funds though.
Assuming everyone has $250K (or more) in their savings accounts, then that’s 80,000 people per financial institution that can be bailed out.
($20B/$250K=80,000)
Some talk among in the savings thread that Macquarie are due to drop their bonus rate in April after recently increasing the base rate to 1.35%. Anyone can verify if this is true? Bit of a hassle to keep opening new accounts.
Not as much hassle as moving 250K between banks.
20K limit per day on most banks NAB/ UBANk / ING
HSBC has 50k
Call them up they will raise the limit higher.
Do you have to go branch to verify ID?
No. Just opened one. ID was successfully verified online.
Since "Interest is credited to your Account monthly on the last day of a calendar month" they'll probably count month of March into 4 months of promotion, effectively reducing it to 3 months and 3 days.
Great point!
Isn’t interest still calculated daily then paid monthly? So you would still get 4 months of the higher interest rate just like the promotion says regardless of when it is paid.
It does say 4 months from account opening so if you opened on 29 March you’d get the higher rate on each day until and including 29 April, but the interest isn’t paid until 30 April.
@meumax: Where you have not held a Macquarie Savings Account before, the welcome variable rate applies for four months from account opening, for the first $250,000 you deposit. The welcome variable rate applies instead of (not in addition to) the standard stepped variable rate that would otherwise apply to that portion of the balance of your Savings Account. Offer available on one Savings Account per person (whether the Account is in single or joint names). After four months, the standard stepped variable interest rates above apply to your Savings Account balance.
So I must admit I don't know what they mean under "month" here but I can wait couple of days to remove that risk, just open a transaction account and savings account after that is just a button press away in the app.
@[Deactivated]: Wonder if we got bsb n account means the account alr opened and activated or we need to register first? I don't mind waiting a couple of days to get full 4 months. Thanks.
Hi did anyone confirm if it was based on 4 calendar months, or timed from the opening date?
@maccam01: I have opened many of these accounts. All except one were timed from the opening date but you are best to call them.
@maccam01: I phoned macquarie and they confirmed it is applied 4 months from opening ie open on 20 May and the welcome rate would be applied to 20 September.
Yes. For me I have to go and get ID verified then upload.
Thanks for replies. I was asked to but after talking with them abut middle name I forgot to add, it went through. Cheers guys.
So no monthly deposits are need ? no minimum transactions per month? no monthly fees? I can put money and forget about it for 4 months?
Yes
Everyone’s talking about moving $250,000k around
Who the (profanity) has that kind of cash floating around to even worry about the limits ? Blows my mind unless I’ve missed something. 🤷♂️
Not as easy as you think actually. The easiest way is to buy bank cheque but it'll cost you $10-12 and you'll lose $18 in interest for each day while it's being cleared, around 3 working days. And if there's no branch of receiving bank around it makes it even harder.
Those that had house deposits ready and parking their cash till supply of houses increases.
** And are frugal/TA
Can you combine it with ANZ 2.19% Residential Home Loan and essentially have Macquarie pay your mortgage?
Just kidding, I know it does not work that way, but it's the first time in my life I'm seeing interest on savings being higher than on mortgage and that's probably not a good sign.
Better off buying shares.
In the long term sure, but if you need this money in the next 5 years, not really.
Can't achieve 1.35% in 5 years?
Anyone know if this allows instant transfers to/from Macquarie's own Cash Management Account?
I use that for investing in shares and forgo quite a bit of interest on account of 'needing' to have the money there if a trade or investment opportunity were to suddenly arise, but if I can switch between the two at immediate notice, would obviously prefer funds parked in the (linked?) higher-savings account.
can existing savings account holders qualify for the promo rate if they simply open another new account online?
Interest will be calculated daily for 120 days from the account opening date and the interest is paid when?
I have a cash balance in an Athena mortgage account offsetting a 2.59% owner-occupier loan - I guess I would be better off paying the 2.59% interest and receiving 2.65% from Macquarie with this offer for 4 months 🤔
No, because you will pay income tax on the interest earned from this account whereas your offset is saving you money rather than earning it so no tax payable.
Not if you earn less than 18.200 a year.
True, although you are unlikely to have a mortgage on a PPR with that salary.
Good point, this hadn't occurred to me, definitely not worth it then
Am I correct in assuming the rate 2.65% applies to the first 4 months, i.e. regardless of what the variable rate is? I recently opened a Citibank saver where they advertised 2.3% for first 4 months and yet my March statement says the rate is now 2.05%. Quite disappointed!
With these introductory accounts the rate is variable ie. subject to change. The only accounts where the rate is fixed are Term Deposits.
I know the rate is variable, however, why promote is as "for the first 4 months"? … when rate can and did drop soon after the promo! This smells badly of "false adverising" to me.
How do we know the existing rate? Also what sort of support is available for VIC?
can existing customer close the Saver Account and re opon a new ac still get 2.65%?
Earn a 2.65% welcome variable rate for the first four months from account opening, on deposits up to $250,000 in your first savings account.
As long as it's not your first savings account I suppose?
No these are introductory rates. However many people on Whilpool have reported that a new Citibank Online Saver account can be opened and the introductory rate received again. It seems to be a bug in the system. But not for any others.
https://forums.whirlpool.net.au/thread/360w8x43?p=232
I have just tried to apply for an individual account. Last steps: Need to go and get your ID verified and then upload it.
Has anyone checked that they've been paid the correct amount of interest based on 2.65% on 1/5?
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Better with AMP as they are 6 months rather than 4 months ?