Macquarie Bank used to offer two types of transaction accounts, the (no frills) Transaction Account and the Platinum Transaction Account. From 2 April 2020 there will only be one type (to be called Transaction Account), all accounts will have access to Platinum benefits, and the $4,000 monthly deposit requirement for Platinum benefits will be waived.
Platinum benefits include:
- concierge services
- emergency travel assistance
- purchase security cover and wallet guard
- (additional exclusions for purchase security and wallet guard cover will apply from 8 May 2020)
All fees have been removed from Macquarie Bank Transaction and Savings Accounts since 23 March 2020. Previous paid services are now free. These include:
- international cash withdrawal, international funds transfer and Real Time Gross Settlement (RTGS) fees
- voucher request, special clearance and bank cheque fees
- chargebacks, investigation fees and requests for historical or reprint of statements
- (other financial institutions, such as the banks of international merchants and international ATM operators, may charge you fees)
The Transaction Account pays 0.35% p.a. interest from 23 March 2020 on full balance. Previously it paid no interest for balance below $5,000.