These rates apply to Macquarie Personal Banking clients only and your minimum investment is $5,000
Term Deposit 2.75% p.a. for 12 Months, 1.90% p.a. for 6 Months, Pay at Maturity, $5,000 Minimum Deposit @ Macquarie Bank
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TRDSupra on 27/05/2022 - 15:53 macquarie.com.au (999 clicks)
Last edited 27/05/2022 - 21:11 by 1 other user
Last edited 27/05/2022 - 21:11 by 1 other user
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Judo Bank - never heard of it.
Caution with Judo Bank still Warranted for Conservative Investors
https://www.amicusadvisory.com.au/caution-with-judo-bank-sti…
OK now I've heard of it.
It makes no difference as long as your term deposit is less than $250k. The government guarantee applies to all banks.
If there was a major financial crisis and a large number of these shitty small budget banks all went bust at the same time, do you honestly believe the government would cover every last cent?
Here’s how the government themselves describe the scheme:
The scheme aims to return deposits to account holders within seven days of activation of the FCS.
Aims doesn’t mean they will.
The FCS can be activated by the Australian Government in the unlikely event that an ADI or general insurer fails.
Can doesn’t mean they will.
Legislation can be changed by a government at any time. If the scheme became not realistic due to a massive crash, do you really think the government wouldn’t just reverse the legislation?
In my opinion the scheme is there to create the illusion of security so people are less likely to panic and sink a bank early by rushing to withdraw everything…not to actually provide security.
@PainToad: Only one bank has gone bankrfupt in aus. And it was a neo bank. And they returned the money so gov didn't need to step in.
@PainToad: @PainToad you seem to be not trusting of the scheme. Do you hide your money under your mattress?
Nothing is 100% iron clad guaranteed, yet if you can never accept a minimum level of risk in anything in life then you can’t live.
@PainToad: You read things from a glass is half empty perspective.
Here's why:
"The scheme aims to return deposits to account holders within seven days of activation of the FCS."
So in relation to the above the aim relates to how quickly it's returned.
In relation to:
"The FCS can be activated by the Australian Government in the unlikely event that an ADI or general insurer fails."
The FCS is an insurance policy. So it can only be activated, in other words a claim made, after the ADI fails.
Nothing of concern there. Australia has the best and most regulated financial institutions in the world. That's why the GFC did not affect our financial system.
@[Deactivated]: Important word is activated.
If the government takes 3 months to pull their figure out and activate it.
For big banks like top 5 or 6 they would do it pretty quickly. Smaller banks they might drag their feet a little.
Usually you will find for smaller banks the government will try to push bigger banks to take them over like BankWest taken over by Commonwealth when RBS got into trouble.
There is some comfort the government will pay at some point.
@PainToad: It's insured by the Government, you can't get any more secure than that.
The government isn't going to go broke. As you said the whole point of the scheme is to create the illusion of security. If the government doesn't cover your deposit with this bank if the time comes, it would trigger a much larger crash across the entire banking sector - so there is no reason they would end the scheme
@w37hsyea: Somebody has to eventually pay for his spending. Rich people are leaving this country in droves!
do you honestly believe the government would cover every
Do you honestly believe they will cover for some of the people, and not others? Either they becomes real dick and cover nothing for no one, which is extremely unlikely, or they'll cover for everyone even if that means printing more money.
@PainToad: Just to correct the record here, Judo's recent loss was due to a charge for its IPO. It's run by really experienced executives, they're anticipating fast growing credit, and of course the S&P rating will assist their expansion on top of the 40% YoY they've had (for a four year old bank). See here.
Also check customer reviews, looks rather solid.
Yes. I will keep my money at the Lutheran Laypeople's League of Australia.
Not really. I was looking at all the institutions covered by that scheme, including that one.
https://www.apra.gov.au/list-of-authorised-deposit-taking-in…
Despite its limited profitability, Judo Bank appears to be well capitalised. Since Judo’s creation in 2016, the bank has raised $1.2 billion in equity from investors, with the latest equity raising of $124 million completed in June 2021. Capital raising is supporting Judo’s continued loan growth. Judo’s loan book is $4 billion (which has more than doubled since the start of the pandemic), while its deposit book is $2.8 billion as at September 2021.
Your account contradicts the article in the post above. It's said the bank make a loss.
AMP bank has a slightly better rate
Tried to open an account here. Hit all wall with non-existent customer service.
Well I appeared to be luckier considering I succeed in opening mine … the only issue was that AMP did it for 4 times so that I ended up with 4 identical accounts before I noticed called AMP to cancel three of them …
And that the transfers*4 resulted in a negative balance in the account I nominated for fund transfer…
AMP is another one you wouldn't want to be in if it all turns to pot and the guarantee isn't a guarantee.
https://www.abc.net.au/news/2021-04-29/amp-woes-come-to-a-he…
Yuck! read fine print and wake up!!
It's about time to slow down the economy.
RBA asleep at the wheel.It was time 18 months ago.
Too many idiots were given money they should never of had and brought houses they’ll never be able to afford long term.
At least 18 months ago.
More like several years ago.
Too many morons have borrowed far too much money for not only houses but consumer goods they can't afford."brought houses"… Where did they bring them?
its actually the politicians giving out free money
Comrade Al wants every kid to become a drag Queen and calls this job creation.
Kids in Dubai are not exposed to become drag Queens!
Applied a week ago for 12 months at 2.75% and I'm still waiting to hear from Macquarie Bank
Applied? This is a term deposit.
To open a Macquarie Term Deposit Account, you’ll first need to complete online application on their website
Hmmm. Tempted to do the 12 months as I only get 1.35% with uBank (albeit unrestricted access). I already have my Macquarie saving account, Platinum Transaction account and Cash Management account but not sure if I am a Personal Banking client with them to qualify.
Government bonds yield about same rate but lower risks
How do you buy gov bonds
UBS offered but I think other brokers probably offer lesser fees. I am still trying to find a cheaper broker.
If you are under 35y.o. this is a better option
Future saver account 3.0% p.a. with some condition
https://www.boq.com.au/personal/banking/savings-and-term-dep…
Up to $50k though
"Enjoy bonus interest* each month when you meet the criteria. Simply transfer a minimum of $1,000 into your linked Everyday Account and make 5 eligible transactions to save faster!"
I can't be the only one looking into term deposits for the 'set and forget' convenience.
I'm not looking to shift all my banking over either.CUA (now called something else) has similar rates to Macquarie and I haven't seen any personal banking requirements there.
Not that hard actually, I haven't done the 5 transactions and I still get the bonus activated each month, not sure why (but I do move money in). U have access to ur money if U need it but U can also add to the pool at any time as it's calculated daily. Pretty good for 3%. Good thing as well is the app tells U if U met the criteria for bonus interest. Pretty happy with the myboq app.
After 8 days my Macquarie TD was still not set up. 20 minute wait and no answer from Macquarie call centre. Ended up using their complaints email service to cancel my TD request. Went to AMP and TD was set up in 20 minutes with a better rate. My first effort in trying to use Macquarie- would not use them again.
Hey, does anyone know how you can move money back out of this bank to your own bank after it matures?
Just wondering if they are going to slug you fees to move large sums to another bank…or if there is a daily internet banking daily transfer limit, that is far too low for large amounts.
I don’t want to get caught out if I put funds on their good term deposit rate but will have trouble getting it back to my bank…..My understanding is that you just advise them of the BSB and account number of your desired destination bank but I haven't done this for a while.
U bank pays 1.35% with less effort, think a $200 dep required per month to get bonus.
It kind of depends on how much disposable income you can spare for say 12 months. Eg I could put $100k for 12 months @ 2.75% or leave it in uBank @ 1.35%.
The difference is $1,135 extra (before tax) with Macquarrie. This is the DIFFERENCE mind you. Total return would be $2,750 (before tax).
Correct! But the time it took me to get one of them organised made me wonder if they had taken on Westpac staff?
Term
3 Months 1.15% p.a.
6 Months 1.85% p.a.
9 Months 2.10% p.a.
1 Year 2.70% p.a.
2 Years 3.40% p.a.
3 Years 3.45% p.a.
4 Years 3.75% p.a.
5 Years 4.00% p.a.
Judo bank rates surely they gonna increase it