Starting 01 August 2025, you can now earn interest at 4.50% on Macquarie Savings Account up to $2M (was up to $1M).
Duplicate offer removed from deal title — Mod.
Also, note the welcome rate is 4.85% for the first four months on balances up to $250K.
Same as this deal, but the first tier is now $2M from 01 August 2025.
..plus the material looks like it was drawn by a 10 year old…..
Yep… bye bye ubank
Damn. Have just over $2M so will have to pass
Put $1,999,999.00 AUD into the account and transfer the remainder to me. You can transfer the $0.99 to the charity of your choice. PM for account details. Thanks.
I'd gladly hold onto it until you find a suitable bank.
Joke's getting old now
isn't AMP saving still better at 4.7% up to 500k
Yes but you have to deposit and grow your account by at least $250 each month.
Macquarie Bank funds fossil fuels, if you care about that sort of stuff.
doesn't every other investment bank and super?
marketforces.org.au
which is exactly why i mentioned that. the investment and banking world is so intertwined that it doesn't matter anymore. unless you want to only use cash lol
Apparently OzBargainers don’t care about that.
You may as well do evil stuff to save a buck when the richest men don’t care about anything but themselves and growing their wealth (and power) forever.
It will have a greater impact to put that saved buck towards your own home solar/battery/EV. At least you have control of it.
Doing that will also deny some of those rich people more of YOUR money in bills and fuel that you won't have to buy from them anymore.
Can I have several accounts with $2m in them, earning the maximum interest?
Put the money in the bags!!!
Can someone flick me a quick $2m just to check?
Moved all my cash from U Bank to Macquarie.
Why is everyone ditching UBank now? We still have 2 months of (slightly) higher interest with them. Why not do it on 01/10/25? Anything can change in the next two months.
Don't know why the negs, I was wondering the same thing - keep UBank benefits as long as possible, then jump on the 4 months bonus interest for Macquarie… Unless there's something I missed?
Because if you see a problem it is better to get it fixed rather than playing games and waiting until the last minute.
And UBank's current rate is 4.6% vs Macquarie at 4.85% (intro rate), it is still better to switch.
Fair question, I think. I'd guess a combination of protesting the change and wanting to get the hassle of switching banks out of the way now while it's front of mind.
Why would you settle for 4.6% with ubank atm when you can easily get 4.85% elsewhere?
I guess I am assuming that the intro rate from Macquarie will still be available in October which might not be the case.
Macquarie have had an intro rate for as long as I can remember someone in my family using them (which is about 2yrs).
They'll likely still have an intro rate in Oct but the rate will likely drop to match RBA's movements.
But I wasn't thinking Macquarie. ME Bank gives 4.85% ongoing up to $100k atm. I still have about 6 weeks of the Macquarie intro rate after which I will be opening a ME Bank HomeME account for the bulk of my savings and Macquarie will be a float account used to manage direct debits.
I'll likely just get my pay deposited directly into the SpendME account attached to the HomeME to meet the $2k monthly deposit requirement, the ME Bank app is good with notifications, and I'll move that pay directly into the HomeME account.
The rate cut might happen soon so get the 4.85% while you can
Isn't UBank 4.6% (up to 1 million) or I am missing something? I think there are changes from 1st October though.
If you put $2 million in the bank for a year, you'd make around $76,000 after tax.
Whatt? How are you calculating that.
$2, 000, 000.00 x .05% = $100,000.00 Me thinks that $24,000.00 is tax.
$77,212
But unlikely to be relevant, no one out there is holding $2mil in cash deposits and has no other income streams / assets
But unlikely to be relevant, no one out there is holding $2mil in cash deposits
Well that's made up lol, know a few boomers that do this as they don't want the hassle of dealing with rental properties and tenants.
and has no other income streams / assets
AND you just added this on, sunyanxin didn't say anything about other income.
Now you tell me.
Here I am lining my plasterboard with cash like an idiot.
I wonder what percentage of ozbargainers are actually millionaires.
✋
Anyone with a paid off house is most likely a millionaire these days. Being a multi-million is where it's at.
All those that buy Tim Tams at full price.
Rabobanks still better?
Why is Rabobank considered better?
You've asked the question and two upvotes, but no reply
Higher rate
I only have $80K in Macquarie savings account as a 6 month emergency fund.
I squirrel the rest of my savings and super in ASX:VGS
Q: Why not ASX:VAS?
A: Because my house and my job are already in Australia. I consider them as having a skin in the game within Australia.
I diversify outside of Australia by having all other asset in ASX:VGS
That's a fair approach to asset allocation, when you consider weighting currency exposure and economies.
But if your equity portfolio is getting bigger, generally good advice to get a bit more of its exposure outside US (makes up 70% of VGS). Next step could be an EM fund, maybe region-specific ETFs, maybe small cap if considering different market caps and industries. I still like ASX exposure, sub 40%, because I get currency exposure balance in the portfolio itself, good tax-efficient income to counterbalance the poor income from US dominated equities, and there can be a bit of differential in performance of Aus and US markets so that it gives a little smoothing out of performance.
Googled ASX VGS shows it up 17% last 1 year
happy with ASX FANG up 36% last 1 year
if you don't mind the high risk top 10 US tech shares equal-weighted or somesuch
recently paid out a lump of cash, I'll have to pay a lump of tax, but after tax still pretty
There's a lot to be said on an education into portfolio construction and how to balance your exposures for good consistent long-term performance and managing risk.
You don't understand risk until you experience some protracted bear markets, and the research shows that the investors (most) who don't have a handle on behavioural psychology and markets will grossly underperformed long-term averages once they've been investing long enough.
Raw numbers can show you outperformance when you invest in US megacap tech and leveraged products, but the real life outcome is very different.
Also, never let 1 to 3 year data sway your investing decisions. 5 years and more (preferably 10 years and more) is preferred, and even then that data is limited in what it is telling you about how to invest.
Not sure why this attracting downvotes, it’s not a perfect asset allocation strategy but it’s much better than the average (well done OP).
The long version of this, for anyone interested, is https://www.passiveinvestingaustralia.com, which is a website everyone should read (and then re-read, to make sure it all sinks it).
Good time to switch over from Up bank after their junk interest rate announcements
Up is higher than this @ 4.85%
Higher % means nothing when it's dynamic depending on if you move your money around
Only if you don’t make a single withdrawal. Which defeats most the purpose of how their app is setup…no thanks from me
Just create an account, adding Macquarie authenticator, then it tell me my account blocked, so funny, goodbye Macquarie :D
How can we move a bulk of money from CBA to Macquarie safely ?
Do a direct transfer via BSB / account number. Think it works over OSKO? CBA can hold up the first transfer for 24 hours (it's a thing they do) but after that it all goes through instantly.
Pushed through 100k from CBA to Macquarie a couple of hours back, was registered instantly.
There seems to be limit of 20k
I went to a branch and changed my limit there. You might be able to do it online, though.
You need to go in branch and ask them to change the limit over 20k. They said you cannot do it via the app. I did it just then and money went through instantly (only if you’ve transferred money to the Macquarie account before, if not 24 hour hold as someone mentioned).
Bikies
If I sign up for 5 accounts will I be able to get that rate on my 10 million in cash?
Try it and let us know.
Surprised there's 120 upvotes for a deal which basically expands an attractive interest rate ceiling from 1m cash, to 2m cash. Makes me wonder how many on Ozbargain actually have between $1000k and $2000k in cash sitting around.
Some people upvote out of principle. He he.
Just a bunch of Macquarie fanboys
ki$$ my a$$ 💵💰
This is great for $2million, but where am I going to put the other $50m ?
In any thing other than cash deposits, in fact rethink how much of that $2mil you want sitting in cash
I will send you my bank details
still waiting for my Nigerian 419 millions to arrive 🫤
For those interested, an article in the AFR about the strategy
Apparently a lot of you do have more then million :)
They have exponential grown in home loans at the moment so they need deposit growth as well.
+1 for this deal provided you have less than 2 mill
Damn it
My wife and I have Ubank accounts, money now all moved to new ones with Macquarie (very easy setup). Need at least one them free of the monthly increased balance hoop so it actually meets my financial needs.
Missing interest even for one month blows the UB 0.1% advantage and the Macquarie four month honeymoon rate also helps that. Could have left it to the last minute but I have more important things to remember, plus everything may have changed again by then. Like others just hoping Macquarie don't shoot themselves in the foot like UB - wonder what value of savings accounts they have/wil lose over this.
Exactly the same here. Opened Macquarie account (very easy as you say) and moving my money from Ubank now rather than leaving until the last minute
Transferred money from Ubank to Macquarie then account got locked the next day with no reason.
What will happen to the Macquarie interest rate come Tuesday?
Have they guaranteed it for X months?
It's August 12, for RBA.
Variables rate cash products are never guaranteed.
With a drop in quarterly CPI data and the more policy-relevant trimmed inflationary number (2.6%) closer to the mid band of the RBA's target, expectations are for a likely 25 basis point decrease, in which case expect a similar decrease on cash deposit and lending products (like this one).
Thanks, I have over a million needed this
No, neither the wealthier too are letting time pass on with any significant amounts in cash.
👇
Are there a lot of people sitting on 1mil+ cash?
Why can’t ING up their limit to 1m at least! Best rates and yeah the 5 transactions are a pain but manageable if you only use them.
Pro tip. If you put this much in ONE account, please make sure you DO NOT have a debit/key card or make transactions directly from it. That's a huge risk…
So is this in relation to https://www.afr.com/companies/financial-services/macquarie-e…
Promo for PR after the exec took massive bonus?
'Rate dropping to 4 25% on Friday 15th'
https://www.macquarie.com.au/help/personal/home-loans/unders…
to be 4.25% ongoing for savings a/cs up to $2M, and 2% on transaction a/cs (any balance)
My problem is I set up a bunch of direct debits from my lower interest transaction a/c, not realising I could have done them from the higher interest savings a/c. So I'm now wondering about setting up additional savings a/cs to distinguish investments from personal spending.
If you're banking solely with Macquarie then yes, have two savings accounts, one for direct debits to come from and don't keep too much in there. The second account with no direct debits should be where you stash the bulk of your funds.
However, if you've got a higher interest account (say ME Bank), you can get away with just the one Mac savings account and grow your funds elsewhere.
How do I move six figures from one bank to another without getting my account locked
Depends which 6 figures it is….
You can call the outgoing bank and increase your transfer limit for the day, they may want specifics of which bank, account name etc you will be sending it all to.
Keeping it real - Macquarie bank ranked 28 on the whirlpool HISA sheet.
Agreed - their latest grow and flow crap is designed to keep money hostage.
So much for trying to be a flexible neobank