Macquarie to increase it's rate to 4.00% interest on balances up to $250,000 for the first 4 months, before reverting to a rate of 3.20% p.a.
Minimal hoops, no age restrictions like Bank of Queensland's offering and a higher balance also.
Comes into effect from October 6, 2022.
Read more: https://www.savings.com.au/news/which-banks-are-increasing-s…
Previous deal post: https://www.ozbargain.com.au/node/723793
So, their app is down at the moment. No different to Macquarie. They all go down sometimes. This doesn't prevent people doing banking, just use a computer.
Hahaha. MyBOQ is app-only and it has a litany of problems not limited to being completely inoperative. Have you even tried their support?
@Techie4066: Just update the app then and you are back online. It's in the customers interest to force updates as it helps cover the customer from unauthorised access. I am with Virgin (also BOQ), and they are decent. Their phone service is great, their rates are competitive, and you get to deal with Australians (like BOQ). It also states on the link you provided they have internet banking
This doesn't change the fact how bad Macquire are.
Just update the app then and you are back online. It's in the customers interest to force updates as it helps cover the customer from unauthorised access.
Did BOQ provide any heads up? Any communication whatsoever?
Don't act like you know their products when you clearly don't - myBOQ is different to their crappy old account platform which they haven't even bothered to grandfather.
@Techie4066: AGAIN, the link you shared states the fix. Have a read of it. AGAIN, Virgin and BOQ are the same bank, same call centres etc. I'm talking from experience. If you don't like BOQ, go with Virgin or ING or one of the many other options.
@Froot Loops: Why else would I have shared it? What is your issue? I ask again, did BOQ provide any warning or direct communication to customers? Have they fixed the authentication loop to log in to their app? Have they fixed transfers randomly duplicating or not processing? Have they fixed the app's sluggishness? Have they stopped their excessive downtime for services? Have they fixed their broken sign-up process?
@Techie4066: There is no point of going over it again. THE LINK YOU SHARED STATES THE FIX. IF YOU DON'T LIKE THEM I DID SUGGEST MORE THAN ONE BANK.
@Froot Loops: So they fixed all the other problems and communicated properly? I'd log off given the mood you're in - this is a place for discussion.
ING? you ve got to be kidding! at best same rate and they set you up with landmines and trap
ING has hoops to jump through (and yes, it's a pain), but I never had to take them to the ombudsman to force them to give me access to my own money. 21 days with a screwed account and it still hasn't been fixed. Virgin (which is also BOQ) has less loops to jump through if that's what you want.
Landmines and traps maybe it’s you who is kidding. They literally have a tab in internet banking you click on it and if it shows 3 ticks - you got the bonus interest. If you see a cross you don’t get it. It’s not hard at all. Literally add an extra $1 to your savings account and you increased your balance. I’ve been with ING for over 4 years and never once missed out on bonus interest.
You can automate the requirements apart from the 5 transactions.
They are as bad as they say and app goes down at least twice a week. On hold min hour half
First they were ok.
Opening a term deposit took 3 hours!
Then changing to pay out after the term did NOT work!
Now as a plagued customers they call me OLD and worthless!
This is one of the issues I have having with Mac bank, hence I've had to go to the ombudsmans to get them to fix the issue. My general savings account is also bricked (No clue what the tech issue is)
Same issue with Citi.
They lost my TFN and charged me witholding!
Took 2hrs to finally reach a human. Their accent was so strong took 30 mins instead of 5.
Sweeping back to U-bank ( both NAB behind) is going to take days without interest!
@payless69: Citibank = cancer. Someone did mention early that NAB purchased them in June this year, but I plan to cancel my credit card anyway as they just don't compete. I also love the fact I was refused a $5k person loan, but the next day approved for a $10k credit card with almost double the interest rate. Seems like so many banks aren't playing by the rules. I'm with Virgin (owned by BOQ) and so far, it's been very smooth sailing (fingers crossed). I also like the fact I earn Virgin points (not velocity) for using my card, which I can just spend as EFTPOS transactions. I will happily ditch them and go back to ING, if I get a hint of trouble.
I just hope to god the community does get screwed by mac bank.
@Froot Loops: Now ANZ bought Suncorp.
In my opinion as a business person it feels like they are jumping the cliff.
Agreed but not quite enough to neg. I have also had issues with them.
I haven't been able to access my money for almost a month and I'm not alone, hence the neg. I need access to my savings for medical treatment (spinal surgery), but from what I can tell it's a glitch they cannot seem to fix, hence the ombudsman is now involved. The rate is also fixed, and when ING / Virgin / BOQ etc up their rates in the next week or so, people will either need to move banks now, or in 4-months. The neg is mainly the fact I am living on credit cards and the little amount I had in ING.
What you describe is very accurate, particularly the fobbing off part. They did give me $100 compensation for poor service (one of the issues I raised), but they put it in my transaction account, which is broken (Give them a plus for the thought). I don't neg much, but in this case, it fits well in my head. I just hope to god no one experiences what I have with them.
I had a glitch that the call centre workers couldn't explain and took about a week to resolve. This also cut me off from access to money in a shared account in my name.
The bugs in their system are definitely concerning.
@ihfree: Seems a few people have had similar issues. I thought I was alone, but your number 3 with an error that should never happen. The government needs to pull it's finger out as the regulations clearly have issues (or banks just don't care). I think after this I will just say with ING, as they seem to have a better record. Sorry to hear that you also that should have been fixed the day you reported it.
I think after this I will just say with ING, as they seem to have a better record.
https://www.news.com.au/finance/business/banking/aussie-ing-…
Wow, reading about bank interest rates at a time of mass inflation is not so interesting.
That's why I spent all money on eneloops
useless deal… why on earth people with $200k+ cash saving money waste time moving every four months and if someone has only $20k then also it doesn't make sense wasting time to move around…. Ubank … all the way best…. in my opinion currently… ! no need to move money, no need to withdraw every month … much simple and easy… IMO.
Where else would you put your 200k then?
I had mine in the sharemarket and lost 40k
My comment is to say ubank savings product more customers friendly than Macquarie…imo.
New Customers only…. Bye MAC
If I opened a Transaction Account with them a month ago but haven't opened a Savings account yet, would I qualify for the new interest rate?
It's a fixed rate, so I won't go near the product. There are also a few people including myself that have had major issues. Most banks will up their rates in the next week or so and I'm gathering 4.00% (or very close) will be an option in an account that increases with the rates, rather than fixed. If you are under 35, BOQ is doing 4.00% now, but some people have complained about the app. I strongly suggest holding off for a week or so, as you'll have some decent options.
To answer your question, it seems to be fine to get the rate as long as you haven't had a savings account before
"Where you haven’t held a Macquarie Savings Account before, the welcome rate applies for four months from account opening, up to $250,000. On balances greater than $250,000 standard stepped variable interest rates apply. The four-month welcome rate period is 121 days inclusive of the account opening date. Interest is credited to your Account at the end of a calendar month and on the day that the Account is closed.
The welcome rate applies instead of (not in addition to), the standard stepped variable rate that would otherwise apply to that portion of the balance of your Savings Account. There are no withdrawal or deposit conditions to receive the welcome rate."
Thanks for that! I usually would wait but I will be going overseas next week for 4 months and don’t want to have to worry about all the hoops. Have split 50/50 between ubank and mac and will just move across when necessary
Remember that the ‘new’ customer offer is once in your life unless they change the criteria. So if you open an account today and close it anytime in the future you will NEVER get the bonus rate again.
Also. withdrawing over $100,000 needs to be done by filling out a form and getting customer service to give the ok. ING, Virgin, etc allow you to increase your limit online or in their app to whatever you have in the account and do the transfer immediately.
Hmmm…
Tired of these low base + bonus things. Anything decent that just increases rate as time goes?
i think that might be ubank, just $200 a month minimum
Nice so based on OP's post, sounds like the normal savings/transactions account rates are going up from 2.75% to 3.20%
Is this a bargin? How much will I save?
Can i open this under my 3 year old daughter?
I wouldn't recommend it. The account can only incur tax-free savings of $420 before the interest starts getting taxed at 47%.
False info.
less than 16 years old and earns $420 or more from savings accounts per year and
provides their TFN, the financial institution will not withhold tax
TFNs can be requested at any age.
https://www.ato.gov.au/Individuals/Investments-and-assets/In…
That's assuming you're using the example where it's still the parents income, otherwise if it's the child's income the child will have to pay the higher under 18 rate unless the 3yo is working/got the money from doing work.
@sss333: Ah, that's the catch. It would follow the children's tax rate rules instead of savings account rules.
Can I have a business saving account with this rate? Or that must be a personal account?
Thanks
i have ubank at 3.6%, do i switch to get 4%?
It's your money mate, you make that decision.
Remember that it's only for 4 months and the rate is fixed for your account (even if interest raise next month), but you can move money out any time.
FYI, i have moved a large amount of money into MB 2 months ago. Then moved all of that out at beginning of this month back to Ubank since their interesting is now higher than the MB (3.1)
got ING and Ubank atm, what/when are they raising their rates?
This is always a good spreadsheet to keep an eye on:
https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…
Under 35 y.o get 4% with BoQ paid monthly. Just a few easy hoops though. Capped at 50k per account, and you're allowed to have 9x50k accounts.
So what are the minimal hoops with MB, just transfer like $200 every month or any spending criteria as well?
No hoop. Just put as little or as much you like. Just a normal saving account - not bonus saving account BS, where one just deposit and withdraw whenever. Only catch is that the honeymoon rate is fixed after you joined and stay like that for 4 months before drop back to normal rate.
Thanks for clarifying, OP mentioned minimal hoops so I thought there is got to be something. So only the rate is fixed for 4 months money isn't locked for 4 months right? Which means we can withdraw and move to another institution if we get better rates?
Correct.
No hop, no min in/out, no lock. Zip , nada.
Just a plain normal sv acc with a fixed bonus rate in first 4 months.
@timhn: Thank you, not sure what people are on about then. Just withdraw money and move if something better comes along.
@deals4amar: Yes, that was exactly what i did. I was with Citibank for a month then move to MB for 2 months and now back to Ubank. Super easy to open acc and move funds around at you wished.
Just move your money where high interest with minimal hoops.
@timhn: Did you do all that online without having to physically go in or be on long phone call holds? How did you get around the daily transfer limits?
@deals4amar: All by online. Not contact with any human :)
I suggest you to open the account then do some deposits and withdrawals with a small amounts first.
@deals4amar: Sorry, didn't notice your question about daily transfer.
Transfer out of MB? They have the authenticator app to do 2FA for > $5K - max $100K
@timhn: Oh cool thanks! Transfer to MB I guess depends on the bank. Last I heard was 20 K limit in most but I'll check it out as of current.
I signed up a week ago when it was 3.7%. Called Macquarie today and they refused to increase it to 4%.
To be fair, its probably safer for them risk wise not to increase your agreed rate, as the saying goes, it takes one to rock the boat, a few more to sink the ship.
Take heart that in 2 weeks time Macquarie might offer 4.3% or more, who knows and the people who signed up today will be denied too .
Gettem Same
Yes and Gretel looks so happy. Gretel must work for the bank. Not happy Gretel!
will it show 4% in the account page under "Stepped variable interest rates"? i'm still getting the basic rate?
It shows the bonus rate (I'm on a previous sign up bonus period) on the first savings account to which it applies.
I installed Macquarie on beem it and for some reason the card is blurred on beem it like you cannot use it for transfers ? Does anyone have the same problem? It says card unavailable
If I opened my account when the rate was 3.10%, is this the raye I get for first 4 months or will it increase at the rates go up?
In Macquarie, mine stays at 3.2% for 4 months and drop to lower rate after that.
These guys are a nightmare to deal with when things hit the fan. They also have an extremely low rating on product review. Their support is off-shore and only open for limited times and the wait can be over an hour. Just go with BOQ or ING (Which should raise their rate soon) and save yourself a massive headache when shit hits the fan.