Macquarie savings and bank accounts

Macquarie Bank has one savings account, transaction account and term deposit available for personal banking customers.

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Macquarie Bank

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Macquarie savings accounts, bank accounts and term deposits

Name Product Card access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly account fee
Macquarie Transaction Account
Mastercard
$0
$0
$0
Everyday banking with a linked Mastercard and protection against unauthorised transactions.
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Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
Macquarie Savings Account
1.1%
0.95%
0.15%
$0
Introductory rate of 1.1% p.a. for 4 months, reverting to a rate of 0.95% p.a. Available on balances up to $250,000.
Macquarie Cash Management Account
0.12%
0.12%
0%
$0
Receive dividend payments, track your investments spending and pay no account keeping fees. Earn 0.12% p.a. on the entire balance.
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Name Product 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a.
Macquarie Bank Term Deposit
0.45%
0.40%
-
0.45%
-
0.45%
0.45%
Lock in an interest rate for up to 5 years with a Macquarie Bank Term Deposit.
This account is available to personal customers, as well as business customers and trustees.
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Name Product Card access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly account fee
Macquarie Transaction Account
Mastercard
$0
$0
$0
Everyday banking with a linked Mastercard and protection against unauthorised transactions.
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Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
Macquarie Savings Account
1.1%
0.95%
0.15%
$0
Introductory rate of 1.1% p.a. for 4 months, reverting to a rate of 0.95% p.a. Available on balances up to $250,000.
Macquarie Cash Management Account
0.12%
0.12%
0%
$0
Receive dividend payments, track your investments spending and pay no account keeping fees. Earn 0.12% p.a. on the entire balance.
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Name Product 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a.
Macquarie Bank Term Deposit
0.45%
0.40%
-
0.45%
-
0.45%
0.45%
Lock in an interest rate for up to 5 years with a Macquarie Bank Term Deposit.
This account is available to personal customers, as well as business customers and trustees.
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Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
Westpac Life (18-29 year olds only)
3%
0.2%
2.8%
$0
If you’re between 18-29, you can earn a 3% p.a. variable rate each month you grow your balance (excl. interest) and make 5+ settled debit card purchases from your Westpac Choice account, up to a balance of $30,000.
MyState Bank Bonus Saver Account
1.2%
0.1%
1.1%
$0
Ongoing, variable 1.2% p.a. when you deposit at least $20 into the account each month and make 5 or more Visa Debit card transactions from a linked MyState transaction account. Bonus interest available on balances up to $250,000.
Virgin Money Boost Saver (25+ year olds)
1.2%
0.1%
1.1%
$0
Customers aged 25+ can earn an ongoing variable 1.2% p.a. each month you deposit at least $2,000 into your linked Virgin Money Go Transaction Account and make 5+ transactions.
Bank of Queensland Fast Track Starter Account (for 14-24 year olds only)
3%
0.05%
2.95%
$0
Only available to those aged 14-24. Ongoing, variable 3% p.a. when you link to an BOQ Day2Day Plus Account, deposit $200+ into the Day2Day account each month from an external account and make 5 eligible transactions a month. Max bonus interest applies on balances up to $10,000. Balances between $10,001 and $250,000 will earn a lower bonus rate. Base rate applies on balances over $250,000.
Citibank Online Saver
1.1%
0.35%
0.75%
$0
Introductory rate of 1.1% p.a. for 4 months, reverting to a rate of 0.35% p.a. Available on balances Up to $500,000.
Bank of Queensland Fast Track Saver Account
1.05%
0.05%
1%
$0
Ongoing, variable 1.05% p.a. when you link to an BOQ Day2Day Plus Account, deposit $1,000+ into the Day2Day account each month from an external account and make 5+ eligible transactions per month. Available on balances up to $250,000.
Virgin Money Grow Saver
0.65%
0.1%
0.55%
$0
Earn an ongoing variable 0.65% p.a. each month you make at least one deposit of any amount and no more than one withdrawal.
Bank of Queensland WebSavings Account
0.01%
0.01%
0%
$0
Introductory rate of 0.01% p.a. for months, reverting to the standard rate of 0.01% p.a. for balances between $0 and $1,999.
HSBC Flexi Saver Account
0.25%
0.05%
0.2%
$0
Ongoing, variable 0.25% p.a. when you grow your balance by $300+ per month. Earn bonus interest even if you make withdrawals during the month. Available on balances up to $5,000,000.
Westpac Life
0.4%
0.2%
0.2%
$0
Ongoing, variable 0.4% p.a. each month you deposit money, and make sure your balance is higher at the end of the month than it was at the beginning. No monthly account-keeping fee.
HSBC Serious Saver
0.3%
0.15%
0.15%
$0
Receive a maximum variable rate of 0.3% p.a. for 4 months, reverting to an ongoing rate of 0.15% p.a. for each month you don't make any withdrawals from the account. Available on balances below $1,000,000.
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Quick facts about Macquarie Bank

  • 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.

Macquarie Savings Account

The Macquarie Savings Account has an introductory bonus interest rate of 1.1% p.a. for the first 4 months, reverting to the standard interest rate of 0.95% p.a. once the introductory period ends. You can link the account to the Macquarie Transaction Account for easy access to your cash.

Macquarie Term Deposit Account

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.

Different ways to bank with Macquarie

Bank branches and ATM network

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

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.

More guides on Finder

  • Macquarie Bank Term Deposit

    Get the certainty of a fixed return when you invest your money in a Macquarie Bank Term Deposit for periods ranging from 1 month to 5 years.

  • Macquarie Transaction Account

    With no fees and easy access to your money, Macquarie Bank makes your everyday transactions simple.

  • Macquarie Bank Savings Account

    Get bonus interest after you open the Macquarie Bank Savings Account and pay no fees to open this account or access your money.

  • Macquarie Cash Management Account

    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.

Ask an Expert

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9 Responses

    Default Gravatar
    KaarenJuly 29, 2019

    I’d like to open a term deposit but do not have any association with the Macquarie Bank. Do I need a savings account or can I directly deposit money into a term deposit. I’d like to do this today.

      Avatarfinder Customer Care
      JeniJuly 30, 2019Staff

      Hi Kaaren,

      Thank you for getting in touch with Finder.

      You must have a savings or Macquarie transaction account before you may open a term deposit account online. Please contact Macquarie Bank directly for more info on opening a term deposit account with them.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

    Default Gravatar
    WendyMay 14, 2019

    What accounts do you offer for business savings? Or can one put funds in a normal savings account under a business name?

      Avatarfinder Customer Care
      MaiMay 15, 2019Staff

      Hi Wendy,

      Thank you for reaching out.

      It would be advisable if your business will be using a business bank account to maintain and grow your business effectively.

      I suggest you visit our Business Banking Finder to compare business banking solutions. There’s a tab above the comparison table where you can toggle depending on what account does your business needs. Once you have chosen a particular account, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with your application or get in touch with their representatives for further assistance.

      Hope this helps! 😊

      Kind Regards,
      Mai

    Default Gravatar
    margaretDecember 6, 2018

    Is 2.75% TD for 6 months really 2.75% net ? or do you take something off that ?

      Avatarfinder Customer Care
      JohnDecember 10, 2018Staff

      Hi Margaret,

      Thank you for reaching finder.

      The 6 month term deposit of Macquarie bank is tagged at 2.75%. finder does not take anything off of the interest you gain from the term deposit. Hope this helps!

      Cheers,
      Reggie

    Default Gravatar
    CharlesFebruary 7, 2018

    I am looking to enhance returns on monies that I currently have in a Bank Term Deposit which is now due for reinvestment. I am not happy with the current rate of 2.05% offered for a three month term and wish to look at other options without increasing risk or entering into long term.

      Default Gravatar
      JoelFebruary 17, 2018

      Hi Gregory,

      Thanks for leaving a question on Finder.

      There’s no maximum age limit at which you can qualify for a home loan. Australia’s anti-discrimination legislation, namely the Age Discrimination Act 2004 and National Consumer Credit Protection Act 2009, prevents lenders from discriminating against home loan applications due to age.

      However, lenders also need to be sure that anyone they lend to can afford to repay the loan without experiencing any financial hardships. With this in mind, the older you are, the more difficult you might find it to obtain home loan approval. Please use our guide about the maximum age when getting a home loan. If you need anything else, please send us a message anytime.

      Cheers,
      Joel

      Default Gravatar
      JoelFebruary 17, 2018

      Hi Charles,

      Thanks for leaving a question on Finder.

      If you are looking to compare term deposit accounts, you may refer to our list of 3-month term deposits. As of this writing, the highest rate is 2.35% which is comparable to what Macquarie is offering above. If you need anything else aside from this, please send us a message anytime.

      Cheers,
      Joel

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