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

Our verdict

Earn 2.00% on your transaction account balance and pay no account fees, no international fees and get refunds on all Australian ATM fees.

Finder Awards 2025 winner

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

This bank account gives you easy access to your money while also paying 2.00% 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 ATM Fee	N/A
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

macquarieaccount

No monthly account keeping fee

You will not be charged any monthly account keeping fees.

Earn 2.00% 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 2.00% 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.

Tap & Go payments

You can use your debit card to make contactless, Tap & Go purchases at point of sale terminals on transactions of less than $100.

Apple Pay and Google Pay available

You can link your card to Apple Pay or Google Pay to make secure, contactless purchases using your phone or wearable device instead of your debit card.

Refunds on Australian ATM fees

You can use your card at any ATM in Australia and if you are charged an ATM fee, Macquarie will refund the fee back into your account.

Overseas ATM transactions

You are able to make withdrawals overseas at any ATM where Mastercard is accepted. Macquarie does not charge a fee for overseas ATM withdrawals. However, the overseas ATM operator may charge their own fee (these aren't refunded by Macquarie).

No fees for international purchases

There is no international purchase fee when you use your Macquarie debit Mastercard online or overseas.

Macquarie Bank app

You can manage your transaction account from your mobile phone by downloading the Macquarie Bank app from the Google Play Store or the App Store.

Availability

This account is designed for individual or joint account holder use and cannot be opened on behalf of a business, trust or deceased estate.

"With a Macquarie Bank account I get access to Macquarie Marketplace where I can purchase eGift cards at a discount of up to 10% at major retailers like Coles, Woolies, Bunnings, Myer and many more. The savings can really add up over time!"

Nicole T

Finder crew member

Congratulations, Macquarie Bank!

The Macquarie Bank Transaction Account won Best Transaction Account in the 2025 Finder Awards.

Full list of 2025 winners

Congratulations, Macquarie Bank!

The Macquarie Bank Transaction Account was highly commended for Best Global Debit Card in the 2025 Finder Awards.

Full list of 2025 winners

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.

Residency requirements. You must be an Australian resident with an Australian residential address in order to qualify for this account.
Depository requirements. There are no depository requirements for opening this account.

Documentation needed

In addition to meeting the eligibility requirements you will also need to have the following documentation in order to successfully complete the application:

Tax file number. Your tax file number (TFN) or exemption code is used with transaction and savings accounts that earn interest to ensure that the correct withholding tax is being applied to your earnings.
Identification. You'll be verified online. However, in the event that Macquarie is unable to verify you online, you may be asked to provide your driver's licence, passport or Medicare card details.

What happens after I submit my application?

Your new transaction account will be opened once Macquarie Bank has confirmed all of the details you provided. The linked debit Mastercard will be mailed to the address you provided and will also need to be activated before you are able to make any transactions with it.

Sources

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Macquarie Transaction Account information page
2. Macquarie Transaction Account TMD

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Alison Finder

Editorial Manager, Money

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Hugh Kelly

August 13, 2025

I have a Macquarie Credit card in my name and a term deposit in the name of my company Austcon Pty Ltd. I want to take the funds off term deposit because of the lower rate now and put it into Macquarie transaction account to attract higher interest. How do I go about this please

Sarah Megginson Finder

August 18, 2025

Hi Hugh,

You ideally want to wait until the term deposit period has finished, so you benefit from the full interest earning. At that point you can advise Macquarie Bank that you’d like to transfer the funds to another account. You can contact Macquarie directly for customer service to help with this on (02) 8232 3333.

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Agam

April 04, 2025

Hi,

I want to open a standard salary account for my wife. Right now, she is on a bridging visa A as part of partner visa application but her bridging visa will get active only after 1st week of May and she can’t apply for a TFN until then. Is she eligible to apply online right now?

Regards,

Agam

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Richard Whitten Finder

April 08, 2025

Hi Agam,

If you already have a Macquarie account you could add her as a joint account holder and she won’t need to add her TFN.

Alternatively, she could apply for a different transaction account with a different bank. Most banks don’t require TFNs for transaction accounts because you don’t earn interest. Macquarie’s account is rare in that it does let you earn interest.

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Len

January 06, 2025

Does McQuarie debit Card you report interest paid to Centrelink/ATO /

Sarah Megginson Finder

January 06, 2025

Hi Len, Most banks report the interest you receive automatically to the ATO. The full list is here and Macquarie is on the list. Hope this helps.

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Michaela West

November 14, 2024

Hi can I open a savings account for my 1 year old granddaughter

Sarah Megginson Finder

November 15, 2024

Hi Michaela,

No, Macquarie only allows accounts for children from 12 years of age. Macquarie states on their website:

Minors 12 years and older can apply for a Transaction and Savings account in their own name by completing an online application via Macquarie Online Banking or via the Macquarie Mobile Banking app. Before we can open an account, we’ll verify their identity and may ask for some additional information. A parent or guardian cannot open an account on behalf of a minor.

However, other banks will let grandparents open an account on behalf of a grandchild. You can learn more about it in this guide.

Hope this helps!

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Chelsea

October 30, 2024

I am a permanent resident and would like to open a joint account with my partner who is on working holiday visa – are we eligible?

Angus Kidman Finder

October 31, 2024

Hi Chelsea, Macquarie requires online applicants to have a permanent Australian address and an Australian passport or drivers licence. If your partner doesn’t meet those requirements, it could be fiddly. You can contact Macquarie directly on 133 174 to check the exact eligibility requirements.

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Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Macquarie Transaction Account

Pros

Cons

Key features

No monthly account keeping fee

Earn 2.00% on your balance

Debit Mastercard

Tap & Go payments

Apple Pay and Google Pay available

Refunds on Australian ATM fees

Overseas ATM transactions

No fees for international purchases

Macquarie Bank app

Availability

Congratulations, Macquarie Bank!

Congratulations, Macquarie Bank!

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Sources

Sources

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