Mac bank upping their savings welcome rates after a few months on 4.5% - for new customers
Bonus offer for customers opening their first Macquarie Savings Account
4.65 % p.a.
Fixed welcome rate for 4 months at the time of account opening, on balances up to $250,000.
No deposit conditions or fees^
No withdrawal notice periods or interest rate penalties
What about those with more than $250k?
You spilt it between different banks, the bank guarantee is only up to 250k
Just get a term deposit at that point
existing users transfer to Rabobank for 4.75% 4 month intro rate
https://www.rabobank.com.au/rates/personal-rates/
Annoying part is you need to wait for their digital 2fA to arrive in the mail before you can access your ac online
Also Rabobank:
- app is pathetic, looks like windows 95, works like windows vista.
- money transfer in and out take ages no matter time of the day or day of the week.
- without the hardware token cannot login to app for the first time therefore 1week after opening only can you login while interest becomes applied as soon as account opened.
- no notifications for money in or out.
- customer care is forever busy, CommBank connects in 1hr while this one 1.5hr+
But can you deposit money as soon as account is created without waiting for hardware?
Honestly, I don't think it's worth it (saying this as a one time Rabobank customer).
They're shit to deal with, and honestly for the amount of money I keep in savings we're talking a couple dollars difference between them and Ubank or Macquarie. Macquarie's standard rate is decent, they don't have any silly requirements to get the rate (looking at you ING), their app is great, and their day to day account has some good perks.
Unless you have multiple $100ks that you cannot put to any other use I wouldn't bother.
Maybe you get a hand signed poster from Gretel?
Once you are in, you are stuck with the low interest. Time to move again!
Thanks for sharing OP. Hopefully someone can make use of it.
How do those ‘4 months’ work? I opened mine up on the 30th and it feels like those two days counted as one month.. is that so? 😭
Not really.. 4 months from the time you open . Not calendar month
By the time you keep on opening up accounts every 4 month to take advantage of the intro rate. You might as well just bite the bullet and use ING and jump through its hoops.
Takes 5min to open a new ac..
The T&C refer to 121 days.
Legend, thanks for the info! 🥳
So if I close mine and go to Rabobank For 4 months then back to Macquarie would I be a new customer?
No.
4 months only lol.
I don't see why we should keep reposting this every time there is a rate rise - it's basically the same deal and gives Macquarie more advertising
Yea should be moved to forum unless they rise higher than RBA does
Cross your fingers there isn't a bail in if you're going to deposit anything over 250k,
What’s the new ongoing rate?
4.00% currently
What do you need to do to requalify for the intro rate?
4.75% at Rabobank + they have good security (not saying Mac don't, just Rabo issues a token…bit like a RSA setup)
The Macquarie Authenticator app gives Macquarie roughly the same amount of security as the Rabo hard token particularly if you bump the Mac security level up. However, given that the devices the apps run on can be compromised a hard token has the edge but is less convenient. That's for web banking. I believe 2FA isn't used with Rabo's mobile app (except for set up) and the Mac authenticator doesn't really add security when it is being run on the same device as Macquarie's mobile app.
4.8%?? Saw it on fb ads lol
Now 4.8%
what about existing users? :(