You know the drill. 3.7% interest on balances up to $250,000 for the first 4 months at Macquarie Bank. Minimal hoops too. Probably the best deal in the market at the moment.
Interest rates current as at 9 September 2022. Therefore 3.7% should be from today. Don't have to wait a few weeks for the higher interest rate like uBank.
Unfortunately no, it is fixed rate.
Ps I opened at 2.85%
We can open another Savers Account????
You can, but you won't get the welcome rate on it.
Based on my experience, this hack only works for CitiBank Online Saver accounts.
If you are an existing customer with MQ, you won't get the welcome even if you open a new saver account
@bird380: what are the hoops ?? any monthly spending or deposits ???
the only i can see is 4 months thing
@Harsh Deep: I assume you are asking CitiBank?
No spending requirement, deposits or balance growth. Just applies to balance under $500,000
@Harsh Deep: Actually, it's the same(No spending requirement, deposits or balance growth). Except it applies to balances less than $250,000. Also Macquaire does not support OSKO.
@Hiphopopotamus: Oh Glad to know that, I did a transfer last week, and it takes around 6 hours(Weekday) to reach my Westpac account.
no
a month from now - someone will post another one with promo rate of 4.2% and whoever opens today will be disappointed.
Yep I’m the moron who got stuck at 2.25% so macquarie no longer has my money
Me too!!!! And I sucked my mother in with a substantial portion of her savings. As they say time to Ditch the B…h and Make the Switch - All going back to UBANK and CITIBANK, both of NAB ownership Bye Bye MAKWARY At least Citibank of NAB fame have a VARIABLE intro rate
I just transferred all my savings to this account on the 1st of this month.
Anyone know if Virgin's offer is a fixed promo rate? Hoping they'll come up off the 3.3% I just signed up on.. (I'm not doing the 30 day fix for 0.3% as need some flex in the $$, plus this Macquarie move is a good example of why you don't want to lock it up)
Virgin's account is variable rate
Looking forward to 5pm today when Macquarie will tell me they are passing on the rate increase in full
This is pretty good, what are the hoops?
Fixed for first 4 months for up to $250k, afterward revert to 2.25%
oh so no minimum monthly deposits or 5 debit card taps?
correct.
Are they upping the base rate? Or just the introductory 4month?
intro rate only which would exclude most Ozbargain types :(
time to open up account with them as well
Yes bad news No standard rate increase - meybe their CEO thinks she's got us all sucked in, but we wil lall shoot back to the NAB Ciitbank and Ubank in a jiffy! Problem solvered! At least Ciitbank (in name only) is Variable intro rate)
Virgin is 3.3% not locked. I’m waiting for them to increase it to more than 3.7%? Or do U think it’s not going to happen? I don’t want to change to Macquarie if it there is a chance they will increase?
Virgin Money Boost Saver is a variable rate account.
if they increase basic or bonus rate, yes possible, even if you lock it
And me at 2.25%
Why you don't move out?
Solvered of course moving out just waiting to see what else better than Makwaree comes up
Can I close the account then reopen? Will that count as new customer?
not as per the T&C
Can you point me to a definition of new customer please? I can't find it.
Our Welcome rate offer is only available to new customers, on your first savings account, on balances up to $250,000
Looks like its time for me to finally move from AMP to Mcquarie bank
Opening an account with macquarie bank is such a pain.
was straightforward for me, what is the issue?
I gave my Australian passport details then I was asked to provide the certified true copy of the same document.
That would be painful. Maybe start again and use a different id.
Not sure what issues you had? I also found it straightforward. Was up and running within minutes.
Citibank on the other hand made me feel like I was applying for a home loan when I was opening a savings account.
What sort of documentation do you need to provide? Just drivers license?
How long after you close your account to be considered as a new customer? TIA
Want to know that too. I closed all accounts in February 22 and still was recognized by an app as an existing customer, just without any accounts.
To open a Macquarie Savings Account, you’ll first need to open a transaction account online.
Once you've opened your transaction account, you can quickly link a savings account by selecting ‘Open an account’ on the ‘Accounts’ page.
I couldn't find any hoop for 3.7% interest.
1. Open online transaction account
2. Then savings account
3. Deposit money once or top up, if you wish.
4. Earn 3.7% for 4 months
Missing anything?
Nope
So do you get this even if you stay with them for one month? so you don't have to stay with them for 4 months?
yes
I do want to open this account but I’m sick of moving banks so quickly. I am with virgin 3.3%, waiting for it to go up. I actually don’t think they are going to raise it as nothing has happened . Maybe I might as well open this new account.
how is this a negative?
Will they increase even more now after RBA increase rate by 0.25 today?
Opened an account with macquarie a month ago at 3.1%, wonder if I get the increase?