This was posted 1 year 10 months 17 days ago, and might be an out-dated deal.

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Everyday Transaction Account 1.5% p.a. Interest on Balance up to $250,000 @ Macquarie Bank

1622
Everyday Transaction Account 1.5% p.a. Interest on Balance up to $250,000 @ Macquarie Bank
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wei13 on 09/06/2022 - 08:21 macquarie.com (1695 clicks)
Last edited 09/06/2022 - 08:42 by 1 other user

Title says it all. Transaction account free to open. Macquarie’s transaction account also has no minimum balance or deposit requirements, no transaction conditions, and no need to lock money away for a set period to receive the interest rate.

"Macquarie will offer an interest rate of 1.5 per cent on its transaction account… The offer, available to customers with balances up to $250,000, is not an introductory rate and does not come with the conditions typical to higher-interest savings accounts, such as a requirement to transfer a certain amount of money into the accout each month." (AFR, 9/6/22)

Financial Bank Account Transaction Account

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Macquarie Bank
Macquarie Bank

closed Comments

  • Bambalam on 09/06/2022 - 08:28
    +7

    Good deal. A reminder that this deal exists for under 35's.

    • Settero on 09/06/2022 - 08:38
      +4

      This one is for a transaction account, so odd but good

    • paloverde88 on 09/06/2022 - 09:30
      +10

      Banks must hate 36 year olds

    • payless69 on 09/06/2022 - 10:57
      -1

      Why is this not in the title?

      • wei13 on 09/06/2022 - 21:29
        +2

        No age limit with Macquarie. Bambalam is referring to age limit in a different deal.

    • timwog on 11/06/2022 - 13:35
      +1

      Plenty of people confused by this. Strongly suggest you edit to include 'other' after 'this'.

  • IpGem on 09/06/2022 - 08:59
    -5

    No joy for existing customers?

    • hammo on 09/06/2022 - 09:03
      +12

      Linked page clearly details that it will be applied to current customers.

      "The new 1.50% rate will also be applied to Macquarie’s existing customers with a transaction account."

    • reg401 on 09/06/2022 - 09:04

      The new 1.50% rate will also be applied to Macquarie’s existing customers with a transaction account.

  • FujiFruit on 09/06/2022 - 09:03
    +7

    I hope amp beats them so then I don’t need to move my money

    • WhyAmICommenting on 09/06/2022 - 09:20
      +1

      Do they offer anything right now on transaction account?

    • KangaDrew on 09/06/2022 - 09:48
      +16

      Agreed. I bounce my savings around so often I feel like a money launderer.

    • payless69 on 09/06/2022 - 10:59
      +1

      amp delays every interest by a month so good luck with them crooks!

  • fiveferrari on 09/06/2022 - 09:37
    +19

    Implement OSKO you cowards.

    • sickllama on 09/06/2022 - 09:51

      This is literally my issue too. Although getting interest on my account might sway me…

    • Edeena on 09/06/2022 - 10:46
      +1

      My transfer from Nab to Macquarie always instant though.

      • mister_snrub on 09/06/2022 - 10:53
        +28

        That's because NAB supports both Osko and Single Credit Transfers (SCT) via the NPP. Macquarie only supports SCT. Most banks support SCT, so most banks can make instant payments via the NPP to Macquarie. However Westpac only supports Osko, so Westpac to Macquarie will be a slow transfer.

        • fiveferrari on 09/06/2022 - 13:39
          +17

          This man Banks.

        • dsar on 09/06/2022 - 15:46
          +1

          Do you have a blog?

        • foxxo on 09/06/2022 - 16:52

          Now do Commonwealth and ING

        • tonydarcy on 10/06/2022 - 09:20
          +1

          Thanks for clarifying that. I've always wondered why I can't pay to my Macquarie PayID from Westpac - I had to make it go though my ING account first. At least now I know why.

        • bamzero on 10/06/2022 - 11:44
          +1

          Up also only supports Osko. How I discovered that PayID was just a layer upon layer when I tried to transfer to Macquarie PayID and said it wasn't valid and digging deeper learned about Osko and SCT behind PayID. Couldn't make things simple could they.

          • Kyle-K on 11/06/2022 - 14:30

            @bamzero: Yep it's a giant mess.

            The good news is the situation may improve now that it's not all broken up a separate organisations and they're all coming under the one organisation payments plus but it's going to take a while before things start moving in a unified direction.

        • Gazpacho on 11/06/2022 - 18:21

          You dropped your crown king

  • povertytrap on 09/06/2022 - 09:41
    -1

    I think they had it until recently then it stopped

  • ufwpd on 09/06/2022 - 09:53
    +7

    I switched from ANZ to Macquarie about 18 months ago for a similar offer. Macquarie's app is great, their customer service is good, and they don't charge international transaction fees.

    • Tenzin on 09/06/2022 - 13:17

      Hmm, may just consider this myself. If, hypothetically, the savings interest rates were the same at both, would you still prefer Macquarie over ANZ?

      • ufwpd on 09/06/2022 - 15:54
        +2

        Yup, the app is miles ahead. I kept my ANZ account open just so I could easily deposit cash into my account at any ANZ branch, but I otherwise bank with Macquarie.

        • Tenzin on 10/06/2022 - 07:49

          Nice, thank you. I will look into this.

        • timhn on 10/06/2022 - 08:39

          I'm keeping my ANZ account to make easy to apply CCs.

        • bamzero on 11/06/2022 - 17:25

          ANZ always seems to be well behind other banks (except for raising the interest rates on your loans). You still don't get real-time notifications of transactions like you can with Macquarie. The app is slowly getting a bit better though.

          They've only just recently enabled Osko payments from offset accounts (was a PITA before, would have to transfer to another savings account first before you could send to a PayID or transfer via Osko.)

          Macquarie is fee free so doesn't hurt to give it a try.

    • povertytrap on 11/06/2022 - 15:55

      Osko

  • mister_snrub on 09/06/2022 - 09:57
    +19

    FYI for newbies to this account/card, the included Debit Mastercard can only route transactions via the Mastercard network. You cannot use the cheque or savings buttons on payment terminals to route transactions via EFTPOS.

    This means you cannot avoid the 0.5% surcharge at ALDI (or higher surcharges at some independent retailers).

    • drakdaystar on 09/06/2022 - 10:14
      +9

      Also no Beem

    • Tenzin on 09/06/2022 - 13:18

      Thanks for the heads-up.

  • timhn on 09/06/2022 - 10:18
    +6

    This is great. Expecting UBank will raise their rates.

  • lastkey on 09/06/2022 - 10:31
    +4

    While our 'favourite' Up Bank is chugging along with 0.5% rate.

  • ilovefullprice on 09/06/2022 - 10:36
    -1

    So banks preparing to cash up to cover for potential mortgage repayment arrears

  • Korban Dallas on 09/06/2022 - 10:58
    +2

    Remember the days we used to get over 5% interest on our savings

    • hammo on 09/06/2022 - 11:11
      +6

      I can remember 15-18% interest on savings. To be fair though, I am old and grey.

    • payless69 on 09/06/2022 - 11:35
      -8

      Won't be long! The greenies need coal to print their flyers.
      Wealth will follow the places who loves it! Dubai is getting flooded with money right now, not only Russian money!

      • Drakesy on 09/06/2022 - 13:48
        +1

        ?

    • dtc on 09/06/2022 - 11:47
      +2

      My dad still reminisces about his great financial decision to put some money into a 5 year term deposit at 16%, then interest rates fell to 7% or something before the end of the 5years.

      • mitty on 09/06/2022 - 22:51
        +3

        Was that Pyramid and he never saw the money again?

  • tzar on 09/06/2022 - 12:16
    +3

    Macquarie have been known to close accounts with no warning, even with money in them. Not even a letter, your online banking login just stops working and you only find out after you phone them to find out what gives. No further explanation or request for clarifications are given, they just point you at their ToS saying that they can close accounts for whatever reason they want and they do not need to divulge that reason to you. There are accounts of this happening on reddit, ozbargain, whirlpool, google reviews if you search.. I would not be comfortable storing large deposits with them.

    • Tenzin on 09/06/2022 - 13:21
      +2

      Thank you for the info.
      Sounds like what VirginMoney does too.

    • izkai67 on 09/06/2022 - 18:28
      +6

      All banks do that, it's in their T&C, I suspect those have their acc closed had some dodgy or questionable transactions. I they close your, acc they 'd return your money, you won't lose anything.

    • RotundPolarBear on 09/06/2022 - 18:40
      +2

      Did a Google search as suggested but can't find much about this?

    • KanTakahashi on 29/06/2022 - 23:33

      vouch for this, mine got closed for no reasons at all, called customer service and they got no clue what's going on then just transferring back and forth between different agents. Made a complaint to AFCA and request to cancel the account then a week later the 'case manager' called and unlock my account for 24hrs to transfer my funds out.

  • M00Cow on 09/06/2022 - 12:23
    +9

    the added bonus is their marketplace… 3% off Amazon GC, 4% off Woolies (not wish)

    • danielh on 20/06/2022 - 18:53

      Thanks. I did not realise about the marketplace. I thought it was more a link to look at the 'markets' lol. The Amazon 3% and OPSM 7% ones might be interesting but the rest for me are probably better served when the old 10% Supermarket deal comes in. The 2% Uber ones might be handy for those who use it though.

  • Shane34 on 09/06/2022 - 12:36
    +1

    What's ubank and 86400 paying at the moment?

    • Kyle-K on 09/06/2022 - 12:52
      +3

      As of first of June.

      • Base: 0.10%
      • Max Bonus: 1.25%
      • Max Total: 1.35%

      Powered by OpenComparison
      https://opencomparison.xyz/d/savings/

    • Tenzin on 09/06/2022 - 13:23

      Can confirm 1.35% activated for this month in ubank account. (ubank and 86400 being the same following merge into ubank)

      • Al1en8r on 09/06/2022 - 14:41
        +1

        Zero interest on spend account though

        • Tenzin on 09/06/2022 - 16:27

          True, that could be a sticking point for some.

  • JohnnyP on 09/06/2022 - 14:49

    1.5% isnt bad. For 200K its something like 250 a month

    • rektrading on 09/06/2022 - 14:50
      -2

      How much is left after taxes and CPI?

    • FrankAbagnaleJr on 09/06/2022 - 15:10
      +7

      Nice, now I just need to work out getting the $200k part.

      • timhn on 09/06/2022 - 17:46

        I'm already ahead of you. Have $1K stashed under bed , just need get $199K.

        • FrankAbagnaleJr on 09/06/2022 - 20:51
          +1

          Where do you live? I mean… wait what?

  • povertytrap on 09/06/2022 - 15:14

    Thanks OP.

  • mirz on 09/06/2022 - 18:46
    -1

    So this offer doesn’t apply on people 35+ years old?

    • Hiphopopotamus on 09/06/2022 - 19:09
      +2

      I don't believe it has an age limit, the first comment is in relation to this deal.

  • necklessgiraffe on 09/06/2022 - 19:26

    Is the interest stepped?

    • Kyle-K on 10/06/2022 - 14:11
      +1

      Yes on higher amounts you get paid less.

      1.50% pa Up to $250,000 
      1.00% pa $250,000.01 - $1,000,000 
      0.85% pa $1,000,000.01 and above.

      Powered by OpenComparison

  • scixxor on 09/06/2022 - 21:44

    ING has entered the chat

  • jmys01 on 09/06/2022 - 22:26

    Is it possible to disable contactless payments on your card in the Macquarie app or on the internet banking website? I see their website mentions you can lock your card, but I assume that would disable it altogether. With NAB I have the option to lock the card, but I can also disable online transactions, contactless payments, overseas payments/card use and gambling transactions.

    • tonydarcy on 10/06/2022 - 09:26

      I don't think so. I can't see any option like that in the Macquarie app.

      • jmys01 on 10/06/2022 - 11:45

        Thanks. I always hear about how great the Macquarie app is. It's disappointing that they don't have this functionality. I would have thought options like these would be fairly standard nowadays.

        • Kyle-K on 10/06/2022 - 14:12

          Yeah unfortunately their app isn't really that great any more since the likes of up in 86 400 of come along.

    • Kyle-K on 10/06/2022 - 14:12

      No you can only choose to lock the card entirely.

  • whapkaplit on 09/06/2022 - 23:09

    Will existing Macquarie customers get this?

    • timhn on 10/06/2022 - 08:40

      It would be suicidal for them if not for existing customers.

    • Clearance Clarence on 10/06/2022 - 12:10
      +2

      Looks like it. The email I got indicated that it would be automatically applied to your transaction account.

    • Kyle-K on 10/06/2022 - 14:15
      +1

      Remember you are already receiving interest on your transaction account the only thing that's changing and will go into affect on 17 June 2022 is the rates will now be matched with their savings accounts, current existing customers will receive the new updated rate after that date.

  • Tenzin on 10/06/2022 - 07:56

    Cheers OP, looks pretty good. Might just wait a while and see if they happen to offer a sign-up bonus of some sort to new customers after this change, as that seems a popular thing these days (unless, of course, this is the sign-up bonus).

    • Kyle-K on 10/06/2022 - 14:19

      Might just wait a while and see if they happen to offer a sign-up bonus of some sort to new customers after this change

      Doubt it that ship has definitely probably sailed at Macquarie is only done signup bonuses initially when they were rolling their new platform out doubt you'll see anything from them other than bonus interest as a honeymoon period which they are doing on their savings accounts.

      as that seems a popular thing these days

      It is with challenges but Macquarie is not really considered challenging anything these days as they have quite a large customer base and market share.

      (unless, of course, this is the sign-up bonus).

      No the only thing that would meet as a bonus right now is the bonus interest you can receive for four months on their savings accounts.

  • chrisharry53 on 10/06/2022 - 08:59

    Effective From 17/06/2022.

  • hsc21 on 11/06/2022 - 00:32
    +1

    Same rate as for the savings account. The way it's worded, sounds like effectively doubling the cap to $500k.

    • hawkeye93 on 11/06/2022 - 18:53

      But that protection we have is only up to $250,000 per customer?

      • IanC on 17/06/2022 - 13:51

        $500000 for joint accounts

  • Gazpacho on 11/06/2022 - 18:22
    +2

    Innovation and competition between banks feels great as a consumer

  • chrisharry53 on 14/06/2022 - 15:28

    And "In addition to the higher transaction account interest rate, new Macquarie customers will also receive the welcome rate of 1.80% p.a. on their first savings account for four months on balances up to $250,000.". ING still the best though from tomorrow despite the conditions and on first $100000.

  • timhn on 14/06/2022 - 20:46

    Anyone know if i can open a joint account if i already have a single account?

    • Kyle-K on 15/06/2022 - 12:38

      Yes and you can even have it under your same login.

  • PvsNP on 16/06/2022 - 21:32
    -1

    Terrible experience with them. I couldn't even get them to close my account. Called them 3 times and each time got passed around from one department to the next.

  • rh on 24/06/2022 - 09:09
    +1

    ANZ Bank has a new product matching this, called ANZ Plus

    • ctan7 on 25/06/2022 - 13:00

      any reviews on ANZ plus?

      • Kyle-K on 26/06/2022 - 01:23
        +1

        It's early, considered a public beta.

  • FujiFruit on 24/06/2022 - 19:17
    -1

    https://www1.citibank.com.au/deposits/savings-accounts/citi-…

    citibank is 2.1%

    i plan to join them however why hasn't anyone put this up on deals?

    • hawkeye93 on 24/06/2022 - 19:39
      +1

      first 4months only. not sure if we can just open a new saving account to enjoy that intro rate.

      • Yola on 25/06/2022 - 03:28

        You can keep opening new ones and get the intro rate.

  • urbancartel on 14/07/2022 - 10:37
    +1

    1.75% from today

    'Exciting news! We’re pleased to let you know that your Macquarie Transaction and Savings Accounts interest rates are increasing.

    This means that from today, Thursday 14 July 2022, you’re earning an increased ongoing variable rate of up to 1.75% p.a. on your transaction and savings accounts.

    You don’t need to do anything to access this great rate – it will be automatically applied to your accounts.

    We hope you enjoy this boost to your savings.'

  • benjsc on 14/07/2022 - 20:27

    Is this per macquarie account? Ie if I have 300k and put it across multiple accounts (transaction 100K/savings 200k) would I get the rate on all of it?

    • Yola on 15/07/2022 - 02:58

      I am not going to google this for you but most of these accounts only offer bonus interest up to 250k. Although ING is 100k and Citi 500k. The rate has now gone up to 1.75%.

      Edit you do not need to Google. Read OP's description.

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