Macquarie Bank is a part of the Macquarie Group, a worldwide financial services institution.
Macquarie is primarily an investment bank with business and institutional clients. However, it does offer a few personal bank accounts and products too.
Macquarie was established in Australia in 1969.
Macquarie only offers one savings account and one transaction account option for personal customers.
Its main office is based in Sydney, though anyone around Australia is able to open an account with Macquarie.
Macquarie invests heavily in its digital and online banking platforms.
What accounts are offered by Macquarie Bank?
Macquarie is one of the largest banks in Australia, however it only offers a few account options for personal customers.
Macquarie Transaction Account
The Macquarie Transaction Account does not charge any international transaction fees when you shop online or overseas. There are also no monthly fees and all Australian ATM fees are refunded.
The Macquarie Savings Account has an introductory bonus interest rate of 5.35%
p.a. for the first 4 months, reverting to the standard interest rate of 4.75% p.a. once the introductory period ends. You can link the account to the Macquarie Transaction Account for easy access to your cash.
The Macquarie Term Deposit offers a fixed rate of return on your deposit for a term length between 1 month and 5 years. It can be linked directly to an existing Macquarie Cash Management Account to add flexibility to your investment options.
Macquarie operates primarily online, with limited bank branches in Australia and no ATMs. Although it has several office locations, these are not set up like a traditional bank branch for personal customers to do their day-to-day banking and are mainly for business clients and customers. Because Macquarie has no ATMs of its own, if you've got a Macquarie Transaction Account you can use an ATM in Australia and get the withdrawal fee refunded back into your account.
Bank@Post
If you need to deposit cash into your account you can do this at a participating Australia Post shop using Bank@Post. It's free to deposit cash into your account this way. Macquarie also has a partnership with NAB, so you can also deposit cash or cheques into your account via a participating NAB branch.
Macquarie Internet and mobile banking
You can use Macquarie Online Banking to review transactions and balances, pay bills, transfer money between accounts and make BPay payments, view and download statements, open accounts and change your card's daily withdrawal limits. You can create a personal dashboard in your online banking portal with spending graphs and charts to keep you on track with your budget.
The Macquarie Mobile Banking app features spending categorisation and budgeting tools, and allows you to create monthly budgets, receive real-time spend notifications, upload receipts and search past transactions. It also offers benefits when you're travelling, such as showing the local exchange rate for the country you're in and sending you transaction alerts in that local currency.
Contactless payment options
Macquarie offers Apple Pay and Google Pay to customers with a debit card or credit card. This means you can use your phone (or any compatible device) to make contactless payments for everyday items, instead of using your physical debit card.
Pros and cons of banking with Macquarie Bank
Pros
Specialised wealth services. Not only does Macquarie Bank offer savings and transaction products, it provides expert help for clients making investment choices to build wealth.
No fees. There's no account keeping fee, no foreign transaction fee and all ATM fees in Australia are refunded back to you with the Macquarie Transaction Account.
Competitive products. Macquarie's savings account rate is often very competitive compared to the big banks, and its transaction account has minimal fees compared to others in the market.
Good online features. Macquarie is known for being a digital bank with great online banking and mobile app features.
Cons
Limited branch network. Macquarie Bank is focussed on cashless banking and only has 3 branches for depositing cash for its transaction and savings accounts.
Small range of products. Macquarie only has a small range of personal banking products available.
How do I apply for a Macquarie account online?
You need to compare the accounts offered by Macquarie Bank against others to make sure they suit your personal financial needs and your unique situation. If you decide that one of Macquarie's accounts suits your needs, Macquarie makes it easy to apply for its savings accounts with a fast online application and electronic identity verification.
Ensure that you qualify. You are able to apply for Macquarie’s savings products online if you are at least 18 years old, have a valid email address and are an Australian resident.
Electronic verification. By providing Macquarie Bank with details from your identification documents, such as a passport or driver’s licence, there is no need to fill out any other paperwork. Plus, with the use of electronic signatures on the application, you can begin depositing and managing your money as soon as the account is opened.
Set up direct deposits. You will have the option of setting up direct deposits and debits as you complete the application form.
How to apply for a Macquarie account online
You can apply for a new Macquarie account online in less than 10 minutes. Just make sure you meet the eligibility criteria and have the necessary documents handy before you start your application.
Eligibility
You're over 18 years old
You're an Australian resident for tax purposes
You have an Australian phone number and residential address
Documentation
Personal details like your name, date of birth, residential address, phone number and email address
ID documents such as your driver's licence, Medicare card, passport or proof-of-age card
Are you looking for another Macquarie product instead?
If you haven't found what you're looking for yet, you can compare a wide range of additional savings accounts and bank accounts from other providers with Finder.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds.
If you are looking for a secure hub from which to manage your investment funds, the Macquarie Bank Cash Management Account may have the flexibility you need.
I am looking at setting up an “emergency” type savings account with strong interest. I would deposit approx $20k and hope to only withdraw money if something unforeseen comes up, while depositing money as and when required.
The Macquarie Bank is offering 4.8% max for 4 months to a variable rate of 4% after 4 months.
Do you believe that this would be the type of account that suits my needs, or am i missing something?
Cheers
Ian
We’re not licenced to give personal financial advice so we can’t comment on your specific situation. But we can confirm this bank does offer a very competitive rate, so if the terms and conditions suit your needs, this could be a great option.
You can open a Macquarie Savings Account online without calling or visiting a branch. If you did want to speak to someone about the account before you open it, you can contact the bank at +61 2 8232 3333.
Finder is a comparison website and we don’t have access to your bank account information or accounts. Generally, depending on the type of your account, you can download statements from Macquarie Online Banking and the Macquarie Mobile Banking app. If you have trouble downloading your statement we recommend you call Macquarie bank on 1800 806 310 to request a statement.
Which account would be preferable to open for the management of stocks and share transactions? Macquarie Transaction Account or Macquarie Cash Management Account and is there any interest ascribed to either of these accounts?
Of those two accounts, the Macquarie Cash Management Account is specially designed for SMSF trustees, online traders and professional investors. This account also has online trading integration and is SMSF ready. While the Macquarie Transaction Account is designed for personal use for day-to-day transactions and spending.
Make sure you review the Product Disclosure Statements and Terms & Conditions and consider whether the product is right for you.
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I am looking at setting up an “emergency” type savings account with strong interest. I would deposit approx $20k and hope to only withdraw money if something unforeseen comes up, while depositing money as and when required.
The Macquarie Bank is offering 4.8% max for 4 months to a variable rate of 4% after 4 months.
Do you believe that this would be the type of account that suits my needs, or am i missing something?
Cheers
Ian
Hi Ian,
We’re not licenced to give personal financial advice so we can’t comment on your specific situation. But we can confirm this bank does offer a very competitive rate, so if the terms and conditions suit your needs, this could be a great option.
Some other options are outlined here:
https://www.finder.com.au/savings-accounts/high-interest-savings-accounts
Best of luck!
Do you have a participating NAB branch in the Gosford, NSW area which would accept cheques for a Macquarie Bank Savings account?
Hi Christine,
Please note that we are not NAB. You may want to get in touch with NAB directly to see a full list of their branches that would accept cheques.
Regards,
Alison
I would like to deposit 25000.00 plus in a Macquarie saving account for months at 4 % which is the best number to call
Hi Larry,
You can open a Macquarie Savings Account online without calling or visiting a branch. If you did want to speak to someone about the account before you open it, you can contact the bank at +61 2 8232 3333.
Thanks,
Alison
Can I have a statement of my account # 192512-961330636
Hi Artur,
Finder is a comparison website and we don’t have access to your bank account information or accounts. Generally, depending on the type of your account, you can download statements from Macquarie Online Banking and the Macquarie Mobile Banking app. If you have trouble downloading your statement we recommend you call Macquarie bank on 1800 806 310 to request a statement.
Thanks,
Alison
Which account would be preferable to open for the management of stocks and share transactions? Macquarie Transaction Account or Macquarie Cash Management Account and is there any interest ascribed to either of these accounts?
Hi Susan,
Of those two accounts, the Macquarie Cash Management Account is specially designed for SMSF trustees, online traders and professional investors. This account also has online trading integration and is SMSF ready. While the Macquarie Transaction Account is designed for personal use for day-to-day transactions and spending.
Make sure you review the Product Disclosure Statements and Terms & Conditions and consider whether the product is right for you.
Regards,
Alison