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Macquarie Transaction & Savings Accounts 2.75% p.a. Interest on Deposit up to $250,000 @ Macquarie Bank


So it turns out they're increasing their standard rate too, passing on the full 0.5% on 16/9. No hoops.

  • 2.75% p.a. Up to $250,000 
  • 2.35% p.a. $250,000.01 - $1,000,000 
  • 1.50% p.a. $1,000,000.01 and above 

3.7% bonus intro rate for 4 months with their savings account, though if interest rates rise again it may become less attractive.

Earning good interest on a transaction account is pretty nice. And their marketplace has some decent base rate discounts on gift cards, for example Amazon is 3% off.

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closed Comments

  • +3

    BOQ offering 3.5% for under 35 yo, paid monthly

    • +5

      For $50k only and with hoops

        • Pretty sure it's $50k across multiple accounts that gives you bonus interest

      • Not true. Got 200k with BOQ on the future saver. Getting the full rate 3.5%

    • Macquarie has no hoops i believe and its for both transactions and the saver plus no international fees.

  • +10

    UBank 3.35% - small hoops

    • +1

      Well, just one $200 hoop. Or do you consider that to be 200 $1 hoops?

      • +13

        I see ubank as the one of the easier HISA with competitive rates. No purchase transactions and ability to reduce balance with no penalty is pretty good.

        Unfortunately rates won't be going to 3.35 till October 1, currently 2.85. Relatively quick rollover.

        The app is pretty neat too. I like it.

        • +2

          No purchase transactions

          That goes without saying, really. The best way for poor people to save money is not to spend any

          • +1

            @tharlow: I feel the opposite, the more you spend, the more you save😂

          • @tharlow: What will do you with all your savings when you are on your deathbed because you were an absolute tight arse miser?

      • +4

        It's pretty easy to get, you can just transfer $200 out of your Ubank account to a non-Ubank and then transfer it back into your Ubank account and that counts.

      • +2

        $200 is the smallest of all the bank hoops.

        And really if your putting money in the bank you should be at least adding $50/week to it.

    • -3

      I see the transfer limit is $20k though which is the only thing keeping me from giving them a go. They say you can call them to get a temporary increase. Any idea how much higher they will give you? I'm jumping between banks at the moment for the best rate so I don't want to spend weeks transferring money to the next account.

      • -1

        $20k only!? Is there any other way to shift money out besides a temporary increase? I guess you can't walk into a Ubank and just w/d it.

      • +5

        If you use 2FA, you can transfer up to 100k at a time.

        • That's great to know, thanks.

        • Thank you!

      • +1

        good luck trying to call them BOQ!

      • EBC - Up to balance in your account.

    • +6

      agree, UBANK is the best, no need to make purchase transaction and no complicated rules around withdrawals..!

      no one can beat ubank when it comes to simplicity of saving account with high saving rates.

      • +2

        Thanks after seeing reviews. Ubank seems really simple. I'm with ING and it's annoying.

        Also does Ubank have a max limit in savings to get the bonus interest? Ing is 100k

    • For $250k too?

  • This is only up to $250,000. What do I do with the rest 😞

    • +14

      Tophats and monocles

    • Donate.

    • +8

      High-net-worth individuals like yourself should never settle for anything less than a special-high-interest-target investment. Ask your personal investment banker for the most appropriate SHIT investment vehicle that matches your unique requirements. Good luck

    • Give it to me.

    • +14

      Did you provide your tax file number?

      • Good catch! Try 123456789 if you don’t have one handy. That individual paid an awful lot of tax last financial year, so hopefully the ATO will cut them some slack in the future

        • +2

          Trust me, the more tax you pay, the less chance you will benefit from it in the future.

        • +1

          Don't do that.

    • +4

      That's how it works.

      $12k @ 45% = $5.4k tax liability

      If you end up not earning $180k+ you'll get % of the tax paid back when you lodge your return

  • +1

    Can’t believe OzBargainers complain about hoops to get the best interest. Introductory offers are as much a pain as standing at a self checkout and doing 5 x 1c transactions ONCE a month or using your linked transaction account to get minimum 3.30% from Virgin Money after depositing $2k a month from an external account.

    • +1

      A minority can make a lot of noise. I like being part of the silent majority…

      Just kidding

    • If you have a CC, use it to pay $1x5 to CC also counted.

      • -1

        Latitude 28 degrees doesn’t have that option though.

        • You can BPay virgin to Latitude28. I do this to get my 5 transactions successfully each month with Virgin.

        • I use Paypal - no fee.

    • But you can only take the introductory offer once in your life? Who by now has never had a Macquarie savings account?

      • +2


      • Anyone who wasn’t born yesterday, or before that, I guess

    • +13

      Can't believe some OzBargainers think everybody else's circumstances are just like they're own, so everyone else should do just like them. Fair enough to recommend products & services that you find good, but different circumstances mean some others may not. Can you believe it?

      • blah blah blah lol. If people want to get heaps less interest for putting in a little effort then good on them then. Fake OzBargainers though 🤣

    • -1

      why not just use your card like a normal human being? NO ONE living in the developed world does less than 5 transactions a month. Instead of rewarding banks that don't give a toss about you with your everyday transactions, reward the helpful ones.

      • +1

        I sometimes do less than 5 transactions a month using a card. Bills are bpay/DD/automated transfers.

        Why is it inconceivable people wouldn't have 5 card transactions in a month? Is your house full of knicknacks or do you go to brunch and clothes shopping every weekend?

  • +1

    Rates have not finished going up. Unless these rates increase with any future interest rate increases then wait a couple or few months.

    • +2

      Paul Keating says the party hasn’t even started yet!

    • +6

      This, macquarie isn't going up enough to make it worth keeping money there

    • +1

      I agree with this. 4 months introductory rate sounds okay. Until you realise the standard rate will be higher than the intro rate in a month or two. At which point you will get the base rate, not the current intro rate.

      • -1

        The last sentance from this clause would suggest that you are incorrect.

        3.70% p.a. Up to $250,000
        Our Welcome rate offer is only available to new customers, on your first savings account, on balances up to $250,000.00. The welcome rate is fixed at the time you apply for four months. After the expiry of your Welcome rate and on additional savings accounts, our stepped variable rates apply based on your balance. Should our stepped variable rates exceed the Welcome rate offer during the four-month period, interest will be calculated based on our stepped variable rates.

  • +1

    Macquarie must be very hungry for funds. My private wealth manager mentioned about rates close to 4% for $1mil TD and up.

    • +1

      A bank that wants money? How novel!

    • +1

      I mean a bank's product is money/deposits. It's like being surprised that a car dealership needs cars.

      • You'll be surprised not all banks are short of cash. Some have so much they constantly need to find ways to lend it out. Same as your dealership analogy. Some dealerships have so much stock they suffer a problem of not clearing it fast enough etc. But it's quite obvious from recent moves that Macquarie not only faces a cash shortage, but it needs to go out into the market and acquire it at relatively high costs. Which is perfectly fine as it's a boon to savers.

      • +1

        wrong. that hasn't been the banks model for many decades. they literally can get money from thin air. deposits are almost inconsequential.

        • Wow, banks getting money from thin air. You've probably watched a few too many conspiracy channels.

    • +1

      I never understood why interest rates are stepped down the more you have. The banks offer bonus offers to new customers to increase their funds, but at the same time de-incentivise people from depositing too much with lower rates over 250k in this instance

      • I never understood why interest rates are stepped down the more you have.


        The were jawboned by the Treasurer for not passing deposit rates on last times, if they can point to a few of there products paying interest commiserate with the official rate it, they win some points

        As to >$250K, that's seen as rich folk having a whinge.

        Once you can get to a million cash, then it's easier to get better rates as you can play with the sharks then

      • Does it have anything to do with the Govt 250k banking / savings guarentee?
        As in, the bank feels these balances are less risk if they happen to fail. Less risk meaning they dont need to have insurance on the balance in case something happens to them as an institutuion.

  • +3

    Laughs in ubank

  • I just signed up to Macquarie for the 3.1% 9 days ago. Is there any way for me to get the better rate?

    • No, I have been through that same call. One more rise and you will be on the base rate, not the intro rate.

      • -2

        The last sentance from this clause would suggest that you are incorrect.

        3.70% p.a. Up to $250,000
        Our Welcome rate offer is only available to new customers, on your first savings account, on balances up to $250,000.00. The welcome rate is fixed at the time you apply for four months. After the expiry of your Welcome rate and on additional savings accounts, our stepped variable rates apply based on your balance. Should our stepped variable rates exceed the Welcome rate offer during the four-month period, interest will be calculated based on our stepped variable rates.

        • +1

          That last sentence is saying if their variable base rate (called "stepped variable rates") exceed the welcome rate, you will receive the variable base rate.

          Several calls and emails with Macquarie would suggest I am correct. Also I have the account and am receiving the base rate 3 months after opening the account, so I have first had experience here too.

          You are welcome to try but don't be surprised when you get the variable rate in a couple months.

          • -3

            @EBC: My apologies, I was under the impression that you lost out somehow. So you sign up for a fixed rate and then 2 months later you get a higher rate of interest and that is a bad thing. OK.

            • @Cheapskate Paul: I don't know what to tell you, I was answering the question as to whether you get the updated introductory rate. The answer is no you don't.

  • Ubank has scary reviews of people trying to get their money out and accounts being blocked.

    Going through the AFCA is a slow painful process if shit goes wrong. I'm three months in waiting on wise to find a swift transaction that they say they never received despite the MT103 proving they did.

    • +2

      A company like Wise is very different to Ubank. Ubank is owned by NAB so imo just as trust worthy/worthless as any major bank in Aus.

      • +1

        Yea but if you can't walk in and ask questions you just get the run around on the phone and emails when there is an issue.

    • +1

      UBank has osaka and I get my money to its destination in seconds so I dunno what they are on about, I’ve never had a problem

      • +9

        The full backing of Japan must not be underestimated.

        • +1

          Only one Japanese city, although I grant you it’s possibly the second largest? Still mighty impressive, but let’s wait until Tokyo makes a public statement about UBank before we get carried away

    • There $20K limit (like their owner NABs) is the annoyance. I paid for my current place with cash using a SWIFT transfer from Citi bank (now owned by NAB) 4 years ago, (from my Aus Citi account to the lawyers trust account with Westpac) that was back in the old days of "cheap" houses, high 6 figures, so that was a god send, trying to pay with $20K a day would have been painful. I don't know if this is still an exploitable loop hole though ?

      • I had issues with Citibank when I was buying my house, luckily the Branch in Brisbane sorted it out quickly and I didn't miss the deadline, I was getting nowhere with phone calls.

        Now that branch is gone, I had issues with a transfer through their old swift code, it took about ten phone calls to the Philippines on bad lines and accents to get the documents needed.

      • Citi is not owned by NAB, they just bought their Australian credit card business.

    • if you can't trust ubank, forget most of other banks here.

      • +1

        If they have a branch it always better customer service. These phone calls and emails get nowhere fast.

    • It's more confusing now because there's 'old' and 'new' ubank that have merged together. New ubank was previously 86400, and original ubank was always under NAB.

      I've used both without issues. I've enjoyed using 86400 and my account that's still there from it I haven't had issues with. To increase limits takes a quick phone call and the limit resets at midnight automatically. I've done this recently too.

  • Maybe I don't understand this properly because it's working in sums of money that I don't usually deal with. But why is the rate so much lower for $1m+ than it is for $250k? Why isn't it the same rate? Could you get the higher rate by spreading your $1m across 5 accounts with $200k each? Would there be some drawback to doing it that way?

    It would be nice to be able to ponder this as an actual problem instead of just a hypothetical one :P

    • +2

      I guess it needs additional insurance as it surpasses government guarantees.

      It's probably easier to use also a 1000 people with $1000 can be investment and loaned out knowing that 1000 people won't decide to pull their money out tomorrow.

      • What additional insurance? That’s not how bank accounts work.

        • Doesn't the government guarantee 250k, who guarantees it after the 250k ?

          • +1

            @AuQld: Nobody.

            • @Yola: So the bank doesn't need insurance to mitigate the risk of loss for any reason ? There is inherently more risk of one account with a million than 1000 with a 1000. Maybe I'll just google it, I'm just guessing at this stage lol

              • @AuQld: I was talking about loss to the individual. If you are talking about loss to the bank maybe.

                • @Yola: The bank is responsible for the individuals money, so the bank would have some kind of insurance and that would be higher for a single account with a high amount in it.

                  I'm sure there's plenty of reasons..

  • 3.6% with Virgin, locking in a month at a time, and with hoops. $2k month deposit and 5 transactions. I wouldn't use their transaction account though as it's riddled with fees.

    • There are no fees for typical domestic daily use.

      • +1

        Some examples of what might be a rude surprise;

        Cash and Cheque Deposit $5 Charged for each cheque or cash deposit that is made into your account.

        Failed Transaction Dispute $15

        Electronic Transaction Error Correction Fee $30 Charged when the bank is requested by you or the recipient Financial Institution or Biller, to correct an error you have made with a BPAY payment, using the ‘Pay Someone’ functionality, or NPP

        Cheque Dishonour $10

        Bank Cheque $10 Charged for each bank cheque that is produced and posted to an Australian address.

        • +1

          Yeh saw those. Cash deposit is the closest thing to typical use out of those for some people. Hardly anyone uses cheques and the failed transaction dispute wouldn't matter as disputes would be rare in the first place, let alone them being questioned to the point of the dispute being ruled against the customer.

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