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Macquarie Transaction & Savings Accounts 3.20% p.a. Interest on Deposit up to $250,000 @ Macquarie Bank


Hey it's OzInterestRateAlerts.

Macquarie Bank are increasing their interest rate by 0.45% on October 14, going from 2.75% to 3.20%.

No, it's not the best rate (personally I'm partial to ubank's 3.6%), but Macquarie isn't without it's perks. No hoops, discounted gift cards, just one account instead of forcing two.

New customers can get a 4% intro rate for 4 months with their savings account.


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  • -1

    Seems you DO need to open two accounts. A transaction account and a savings account. “ just one account instead of forcing two”. How do you do that?

    Site says:
    “ To open a savings account, you’ll first need to open a Macquarie Transaction Account. Then, simply link a savings account by selecting ‘Open an account’ in the menu.”

    • +15

      Just open a transaction account, it has the same interest rate as the savings account.

    • +1

      If you want a saving account then you need a have an accompany trans acc. Not vice versa.

      Both accounts are getting same interest rate. Getting a fixed honeymoon rare with saving acc for first 4 months then revert back to standard rate.

      No hoop, no min, no lock.

  • https://www.macquarie.com.au/everyday-banking/transaction-ac…

    Transaction account 2.75% p.a.

    Savings account 3.70% p.a.

    • +1

      3.70% p.a. Is the welcome rate for new customers only (for 4 months)

      • +11

        The 4 months BS should be illegal in my opinion.

        • +2

          Why ? Do you hate money ?

        • +1

          Why? It totally makes sense. They give you extra cash in exchange of the hassle of signing up. It favours competition, rates would be even lower without competition. The 4 month introductory rate is stated clearly in the t&c I don’t see any issue with it

    • +1

      And beware, the welcome rate doesn't go up with rate rises. Stupidly opened one of these when they first came out this year and they left the welcome rate at the basic rate, with other brands overtaking.

      Another worthy mention, evil as some say they may be, is AMP Bonus saver at 3.6% from Nov - only string is a $250pm deposit and slower rate rises.

      Shitty overseas call centres though.

  • Isn't inflation still higher than that though?

    • +5

      Yes, and if you have a solution to this current global inflation crisis please do tell us. Invest in NFT crypto lego?

      • -2

        Invest in the same things Warren Buffet does. He's not stashing his wealth in a savings account.

      • crypto lego? now thats a miillion dollar idea

  • I'll still to UBank at 3.6% :)

  • +1

    I'm still with ING at 4.05%

    • +1

      I used to be with them until they added additional clauses to get the variable while Macquarie has no hoops/clauses.

      ING requires a $1k deposit, 5 card transactions and your savings to grow each month. If you meet this or don't have a credit card, definitely a better option.

      Personally, too lazy to remember to spend 5 card transactions a month and if I need to spend big, there goes my additional interest.

  • is it better to have a fair bit of savings in this account or an offset for the home loan?

    • +3

      Offset and watch that principal drop. Nothing worse than making repayments and then the interest hits and it looks like you have gone nowhere

    • +1

      offset your loans, particularly if your mortgage rate is higher than the savings rate.

    • +1

      Remember you pay tax on interest earnings but not on the offset account.

  • Can you have multiple high interest accounts with macq bank?

    • Not at the welcome rate (which this isn't)

    • does anyone know of any banks that offer this?

  • -1

    They don’t support OSKO / instant bank transfers out which is frustrating

    • +5

      That's not true. They have implemented both recently.

      I have instant transfers in all directions between UBank/ING/CBA/Up/Macquarie.

      • If I recall correctly, Macquarie support SCT fast payments only, whereas some banks support osko fast payments only.
        You do get fast payments between other banks that support SCT.
        Most banks support both, but there are a few that are Osko only and you won't get fast transfers between them and Macquarie.

  • -2

    Peanut residue?
    Even ANZ pays more at the moment!

    • +1

      ANZ 3%?

    • If you saying 3.2% is peanut then the "non-peanut" rate must be significantly higher. Perhaps 5% or 6% ? Please tell us

      • -1

        Every day is a new day in the banking world. The fact that they kicked out Westpac from the league of big 4 is actually remarkable.
        Macquarie is known to have kicked out crypto traders, guess they were told so.
        ANZ did a financial Harikiri by purchasing the worlds largest sieve, a bank run on Amazon web servers that puts Optus to a true shame in distributing all your privates with the help of super rich Bezos we will never know but Suncorp had a proper reason to beat Optus to it!!

        Oops please all neg me, but can anybody actually tell me how to log out of the new ANZ app?

  • +5

    Macquarie also has no international transaction fees or currency conversion premiums. (Basically like 28degrees credit card but mastercard debit). Pretty good to be earning 3.2% on your transaction and savings account with no hoops

    • +2

      Same as ubank. The only advantage with Macquarie is ATM fee refunds in Australia.

      • Good to know, cheers. One annoying thing with both is lack of deposit ATMs if you need to deposit cash. I use a fee free nab account for that. Or does ubank allow cash deposits at nab atms?

        • +1

          Just keep open an account that provides cash deposit ATMs or Bank@Post.

          • +3

            @Techie4066: Agree, this is what I do with CBA - deposit salary into it to avoid the account fees.

            Allows both cardless cash withdrawal and cash deposits and seems to have the most ATMs in Australia.

            • +1

              @cameronthom: I used to do that. Switched to NAB for the cash deposit stuff and they have the best transfer features: both osko and SCT compatibility in both directions, whether paying from app or website. and they don't place "24 hour security holds" like CBA does on payments over $500 (pain when trying to transact without cash on fb marketplace).

  • it looks like this is the best rate in any transaction account & without any hoops to jump through. am I wrong?

    • +1

      Ubank is better - unless you worry with the condition $200 deposit/month is a hoop to jump.

      • Not on a transaction account.

  • I posted this on the ING deal… but curious if I'm looking at this right… I have 150k in ING sav max… and have $40k in everyday account… is it better for me to open a transaction account at Macquarie? lose 1 month's interest rate on ING… but transfer $90k to Macquarie transaction account? that will gain more yea?

    Ps. I want to make it as simple as possible… most of my transactions are through my amex charge card… I just want an account that i can open and leave it… ING i have a direct debits that take care of the 5 transaction and all i have to do is add $0.01 to the sav max and that's easy enough.

    • You'll get 4% fixed interest on Macquarie sv acc. I would do that if you want to open with MB - ie open a trans + sv accounts. Move your money into the sv acc for 4 months. After that (or when other places can offer more than 4%) move out. The most you loose is probably 1 or 2 days interest.

      • I'm not really interested in having multiple accounts. Trying to keep it as simple as possible. With predicted interest rate rise. The "locked in" 4% won't have much relevance when rates go up and the savings account is locked in at 4% for 4 months. In 2-3 months transaction account will probably be at 4% anyway.

        • +1

          Don't confuse with locked rate with locked account.

  • Sad reminder of our mortgage rates going up and beyond ☹️

  • Hi Macquarie, if I have a joint account only, if I were to open a individual account, am I qualified to be a new customer?

    • +1

      You do know there's no Macquarie rep here, right?

      • haha I somehow confused myself. Thought this was posted by a rep.

        • +1

          Ha ha, Ozbargain will have to change its name to OzRipoff or something similar when bank reps start post deals here.

  • Signed up to Macquarie a while back for a good rate (at the time). Their online banking & app is great. No fees for withdrawals from any atms. Discounted gift cards. For the slightly lesser % i'm getting I dont think its worth jumping through hoops with other banks

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