In this guide

  • Our verdict
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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Macquarie Transaction Account

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Macquarie Bank Transaction Account

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Account keeping fee
$0
ATM withdrawal fee
$0
Overseas ATM withdrawal fee
$0

Our verdict

Earn 4.75% on your transaction account balance and pay no account fees, no international fees and get refunds on all Australian ATM fees.

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This transaction account is quite unique because not only does it provide easy access to your money with very few fees, it also pays interest on your balance. Most transaction accounts don't offer any interest, so this is a great perk and helps you earn more money without having to do anything (there are no conditions to meet).

Pros

  • Earn interest on your balance
  • No ATM fees
  • No international purchase fees
  • No monthly account keeping fees
  • Convenient on-the-go banking with the mobile banking app

Cons

  • No branch access

In this guide

  • Our verdict
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

This bank account gives you easy access to your money while also paying 4.75% interest on your balance. There's no withdrawal restrictions or deposit requirements - you can access your money whenever you need using the Debit Mastercard, Apple Pay or Google Pay. You'll also have all Australian ATM fees refunded back into your account.

Details

Key details

Product Name Macquarie Bank Transaction Account
Monthly account fee $0
Card access Mastercard
Own network ATM fee $0
International transaction fee 0%
Monthly deposit required to waive account fee N/A
Contactless Payments Apple Pay, Google Pay

Eligibility

Minimum Age 12
Joint account availability Yes
Minimum opening deposit N/A
Residency status Permanent Australian residents with an Australian address

Key features

No monthly account keeping fee

You will not be charged any monthly account keeping fees.

Earn 4.75% on your balance

This transaction account is unique because it pays interest on your money, while also giving you compete access to it for day-to-day purchases. You'll earn 4.75% on your balance, with no conditions to meet.

Debit Mastercard

Your account is linked to a free Debit Mastercard which allows you to make withdrawals at ATMs as well as make purchases in store and online wherever Mastercard is accepted. This includes within Australia and overseas.


How to apply

Eligibility

You are able to apply for this account over the phone or alternatively by visiting the Macquarie Bank website to fill out an online application form. Before beginning make sure to check that you are eligible for the Transaction Account:

  • Minimum age. This account is only available for individuals aged 12 and over.
  • Australian mobile number. You must have a valid Australian mobile number to apply for this account.

Your reviews

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Ask a question

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Alison Finder

Editor

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David

January 09, 2024

Does my 13 y/old require a TFN, she doesn’t have one as she’s not working. Still a student..??


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Sarah Megginson Finder

January 09, 2024

Hi David,


You don’t need to provide your TFN if you are under 16 years of age, the account is in your name and the account earns less than $420 interest each year. If you expect to earn more interest than $420 a year, you would need to provide a TFN to avoid paying withholding tax.


Hope this helps!


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John

January 06, 2024

Can I get a debit card without having a Macquarie savings account?


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Jason Loewenthal Finder

January 08, 2024

Hi John,


This account is an everyday transaction account and comes with a debit card.


I hope that helps.


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Vanessa

December 07, 2023

If my child is 3 months off being 12 could I still open an account for her


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Sarah Megginson Finder

December 11, 2023

Hi Vanessa, You’ll need to wait until she turns 12 to open this account for her.


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Andrew

October 08, 2023

Can I get a debit card for myself and my wife?


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Sarah Megginson Finder

October 13, 2023

Hi Andrew,


Yes, this account comes with a debit mastercard. This account is designed for individual or joint account holder use, so you will be able a card each for yourself and your wife.


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PAT McKay

October 06, 2023

Do you have banks in Wollongong


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Sarah Megginson Finder

October 13, 2023

No Macquarie Bank doesn’t currently have an office in Woollongong.


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