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

1622

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)

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Macquarie Bank
Macquarie Bank

closed Comments

  • +7
    • +4

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

    • +10

      Banks must hate 36 year olds

    • -1

      Why is this not in the title?

      • +2

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

    • +1

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

    • +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."

  • +7

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

    • +1

      Do they offer anything right now on transaction account?

    • +16

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

    • +1

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

  • +19

    Implement OSKO you cowards.

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

    • +1

      My transfer from Nab to Macquarie always instant though.

      • +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.

        • +17

          This man Banks.

        • +1

          Do you have a blog?

        • Now do Commonwealth and ING

        • +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.

        • +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.

          • @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.

        • You dropped your crown king

  • -1

    I think they had it until recently then it stopped

  • +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.

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

      • +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.

        • Nice, thank you. I will look into this.

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

        • 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.

    • Osko

  • +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).

    • +9

      Also no Beem

    • Thanks for the heads-up.

  • +6

    This is great. Expecting UBank will raise their rates.

  • +4

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

  • -1

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

  • +2

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

    • +6

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

    • +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.

      • +3

        Was that Pyramid and he never saw the money again?

  • +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.

    • +2

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

    • +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.

    • +2

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

    • 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.

  • +9

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

    • 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.

  • +1

    What's ubank and 86400 paying at the moment?

    • +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/

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

      • +1

        Zero interest on spend account though

        • True, that could be a sticking point for some.

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

    • -2

      How much is left after taxes and CPI?

    • +7

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

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

        • +1

          Where do you live? I mean… wait what?

  • Thanks OP.

  • -1

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

    • +2

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

  • Is the interest stepped?

    • +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

  • ING has entered the chat

  • 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.

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

      • 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.

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

    • No you can only choose to lock the card entirely.

  • Will existing Macquarie customers get this?

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

    • +2

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

    • +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.

  • 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).

    • 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.

  • Effective From 17/06/2022.

  • +1

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

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

      • $500000 for joint accounts

  • +2

    Innovation and competition between banks feels great as a consumer

  • 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.

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

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

  • -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.

  • +1

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

    • any reviews on ANZ plus?

      • +1

        It's early, considered a public beta.

  • -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?

    • +1

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

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

  • +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.'

  • 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?

    • 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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