This was posted 1 year 4 months 17 days ago, and might be an out-dated deal.

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High-Interest No Fees Savings Account: 1.35% pa for 4 Months, Then 1.2% pa ($0-$250k)/ 0.95% pa (over $250k) @ Macquarie Bank

1871

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*.

Related Stores

Macquarie Bank
Macquarie Bank

closed Comments

  • +4

    Aren’t the big 4 only doing 0.45%?

    • Yes.

      • +5

        So a lot better than the big 4. Almost 2.5x.

      • Hi OP what is their method of withdraw ? POLI, Osko, PayID ect ?? Thx

        • +1

          I use PayID on my account. Have not used others

        • PayID

          • @corgicorgi: Looks like Macquarie bank won't allow to have a Payid other than a phone number. I can't use ph number as payid as it's engaged with other bank, what are my options?

            • +1

              @IpGem: You need to change the other bank to email then use your phone number for Macquarie one. Personal experience here

            • +4

              @IpGem:

              Looks like Macquarie bank won't allow to have a Payid other than a phone number

              That is annoying. I will never use a phone number as a payid as it is open to abuse and people can easily do a reverse-look up of the phone number and get a your name (aka Westpac scandal a few years back).

              Other banks such as CUA & CBA allow you to set arbitrary emails as payids. No account information such as email or phone number needs to be divulged.

              • @mtg: Couldn't agree more, but that's the catch with these banks, if you're getting something for free or as a fast service then precisely you're the product.

                • +1

                  @IpGem: It sounds more like a technical limitation in their payid implementation. Your bank already has 100 points of ID and your contact number, I don't know why you think this is them turning your into a product?

                  • +1

                    @OzzyBrak: Why would someone need a phone number, email etc. which is classified as a personal info to get paid fast? I mean you can simply choose a unique username/ number / combination restricted to that bank and get paid using that, how hard is that?

                    Technical limitation could also be seen as they want to use your phone number or email for advertising other services. I get around 2-3 spam/ad calls/texts per day, and I have a second phone that I only use as a PayID for a bank. How else I should look at this?

                    • @IpGem: UP gives you an [email protected] address for use as PayID. If i had know that before I signed up, I would have used a completely unassociated username.

                      • @annarchon: I'll try this and see if it works. But looks like in case of Macquarie we have no choice other than ph no. to activate payid.

              • @mtg: I feel the same way, so I do not register a PayID at Macquarie. Fortunately, you can still send funds instantly, say, from CUA, CBA, etc to Macquarie using the BSB/Acct number. If someone wants this mainly for transfers between their own accounts, this may not be ideal, but better than nothing.

          • @corgicorgi: For transferring with payID, how fast is it when compare to Osko, POLI ?

            • +1

              @frewer: For me to transfer to a nominated account it seems instantaneously but I think it depends on whether the other bank accepts pay id

              • @corgicorgi: hi corgi sorry can i please ask you a question, if i am wanting to send to the savings account do i have to transfer to the everyday account first then switch it? or can i send directly to the savings account?

  • +4

    You kidding me? It's heaps better! Nab is only 0.45!

    • No, not kidding.

      • +9

        Username checks out

    • -1

      That's odd… because NAB = UBank, and UBank is 1.1%

  • +4

    After the 4 months honeymoon rate it's

    1.20% pa $0.00 ‐ $249,999.99
    0.95% pa $250,000 and above

    • +1

      Thanks will add that to the description.

  • +12

    More importantly, access the the Macquarie Marketplace and discounted gift cards…

    • +2

      Just noticed that when I logged in. Discounts on wollies, ebay, jbhifi, target gift cards just to list a few.

    • +7

      Their gift cards aren’t super competitive but it’s free to join. But you do get 4% woolies which is good and 3% amazon which isn’t offered at many places.

      • The gift cards are great when you use their Black card to earn points.
        Works out to be a lot better value than other reward schemes (only taking into account gift cards and such, not flight redemptions).

        At least it was a few years ago, don't know how much the earn rate has changed since then.

  • +4

    Market place Suncorp is so much better for discounted gift card. Suncorp has better discount rate, and can be paid using credit card. Macq can only be paid using saving/debit.

    • +7

      Better for discounted gift cards but not so much better for savings interest rates.

  • +3

    What I find strange is that Macquarie don't appear where the should in all the rankings from the savings account comparison sites. Their bonus is pretty impressive (the only ones that do better are for a much smaller amount of around $30k) and their standard rate is also pretty competitive and weirdly they don't feature highly when you order by rate.

    • +18

      Those comparison sites are heavily influenced by how much the listed banks are paying (either directly or by quality of referral)

      • +3

        That's what I figured from seeing distorted rankings - it's a shame they're able to get away with this as many people will buy the PR of complete independence

    • +25

      i thought this was the only comparison you ever needed https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e...

      • +2

        Awesome spreadsheet thanks. Love the attention to detail

      • Top notch spreadsheet! Would be a great resource if its maintained continuously for the community!

        • +7

          it is maintained continuously. btw it is not mine. it is from whirlpool forums

      • wow, what an epic effort, will be great if we have one for home loans

      • Thanks… looks like Macquarie fits my needs. No conditions like monthly deposit and transaction requirements.

    • +1

      Canstar have them top of the list for ongoing base interest (based on $10,000) and fourth for total interest including bonus offers (again based on $10,000).

      Who has the highest-interest savings accounts in February 2021?

  • +4

    as a bonus, the transaction account also offers 0.20% interest

  • +2

    Looks like a good second account to have for those with ING and already hit AUD$100K in their Saving Maximiser account.

    • Been there done that or can you rinse and repeat?

      • +2

        What do you mean by rinse and repeat? Not there yet as my current Saving Maximiser account hasn't reached AUD$100K, but will reach there after April when my term deposit matures, then I'm looking to transfer any excess money above AUD$100K to another saving account with comparable interest rate like this Macquarie Bank one.

        • he probably means: Additionally from 1st March 2021, grow their nominated Savings Maximiser balance.
          - next month's balance must be higher than previous, which makes it difficult, when you are already almost maxed it to 100k.

    • +12

      I am looking to move away from ing after they brought in even more hoops to jump through to get the special rates and features. Does Mac bank still have the same benefits as ing for international purchases and withdrawals etc?

      • Yep.
        No international purchase or transaction fees.

        • Do you know if they also do the cashback of the international / foreign bank fees for ATM withdrawals. I found this particularly useful when i am in some countries that have foreign banks that charge quite a high amount for ATM withdrawals (In thailand the local banks charge up to $10AUD per ATM withdrawal, thats before your bank charges its own ATM withdrawal fees as well as foreign transaction fees).

          • +1

            @lonewolf: ATM fee refunds for domestic ATMs only. This is the only reason I’d keep my ING account.

          • @lonewolf: Unfortunately I don’t think they refund ATM fees for international transactions.

          • @lonewolf: They don't do the cashback thing that ING does for international withdrawals. That's pretty much the only advantage ING has over Mac. Still no fees on international withdrawals though.

            • +1

              @whapkaplit: Still international ATM fees can be pretty hefty so ING have a major advantage here.

              • +1

                @povertytrap: Not to hard to hold onto ING for that sole purpose and move money in a before travel to tick the boxes jump through the hoops

  • +2

    Finally an account that is similarly matched to ING savings maximiser without all the conditions that ING has to earn top tier interest.. Looks like i'll be moving some money into Macquarie.

    • +3

      But it's only for 4 month at 1.35, quite a few others are at 1.2 and lots more at 1.1.

      • +1

        Well Macquarie is one of the bigger banks in the country. What other ones offer 1.2% that a decent size / reputable?

    • +9

      No deposit requirements. No tap purchase requirements. The Macquarie saver is a good one.

      • Agree.. Please post if there is any better deals out there.

  • +1

    This seems much better than the Westpac 0.4% p.a savings one

    • 3% p.a for 18-29 yo

  • +21

    Hilarious that 1.35% is considered relatively high for a savings account these days. Yay debt bubble

  • Samsung Pay, Google Pay, Garmin Pay support?

    • Yep. All of the above

      • Nice. Couldn't see Samsung or Garmin.

        • Actually, you're right. My apologies.

          They used to support all the mobile wallets but seems like they decided to consolidate and just support the two majors (Apple Pay & Google Pay):'
          https://www.macquarie.com.au/digital-banking/mobile-payments...

          • +2

            @ginmi: It says at the bottom of that page "Our debit card is also available on Fitbit Pay and Garmin Pay enabled devices"

            • @jh89: There ya go. Still there then :)

  • +13

    Not much incentive to save in this environment, every incentive to invest.

    • +3

      Unless you're saving for a house deposit…

    • +1

      Amateur question. Where can we really invest? Can you give some examples.

      • +2

        Start reading this: https://passiveinvestingaustralia.com

        TL;DR: Buy passive index tracking ETFs and leave it there for years to grow, will almost certainly beat any savings account. Look up Selfwealth here for a ref code for some free trades on their brokerage platform (or pm me). Other options are the Starship Voyager app for free brokerage on accounts below $5000.

        There are of course higher risk, higher reward options but this is a nice conservative way to start.

        • +1

          Thanks champ, will look into this further and PM if I need more info.

  • Better than mine even after rate dropped, ubank 1.1%

  • Would this be a good option for the kids savings accounts?

    • Im also interested to know! I have 3 kids and at the moment their money is just sitting with me not doing much. Was thinking some sort of long term vanguard style account would be better - anyone got any ideas?

      • 50%+ returns with Spaceship

        • +1

          Past returns are not an indication of future performance.

          • +1

            @dust: That certainly is the case for High Interest Savings Accounts too.

            • +1

              @muncan: How long before they're reclassified to low interest?

              • @BartholemewH: I already have a low interest in HISA. Especially in bouncing between them for honeymoon rates.
                Now I’m on my way to the moon. 🚀 💎 🙌

  • +1

    ING is also 1.35, but many restrictions.

  • +4

    I use this alongside the Macquarie transaction account, fantastic app and great customer support. Highly recommend it.

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