Macquarie Savings Account

Macquarie Savings Account

Maximum Variable Rate

2.65

Standard Variable Rate

The Macquarie Bank Savings Account gives you bonus interest and charges no fees.

  • Welcome bonus interest rate
  • No monthly account keeping fee
  • At-call 24/7 access to funds

Product details

The Macquarie Savings Account gives you bonus interest for the first 4 months you have the account, no strings attached. There are no deposit or withdrawal requirements to get the full rate of interest. There are no application fees or service fees either. Just link this account to a Macquarie transaction account to access your money.

Product Name
Macquarie Savings Account
Maximum Variable Rate
2.65% p.a.
Bonus Variable Rate
2.65% p.a.
Monthly Fee
$0
Introductory Interest Period
4 month(s)
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Minimum Age Requirement
18
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the Macquarie Savings Account?

  • Interest rate. Receive a welcome interest rate and earn up to 2.65% p.a. for the first 4 months. This rate is available for up to $250,000. After this period, the interest rate reverts to 1.30% p.a.
  • No conditions. Make unlimited free withdrawals and there’s no minimum account balance to earn the bonus interest in the first 4 months. The only requirements are you must not have already held a Macquarie Bank Savings Account and there’s a limit of one account per person. At the end of the introductory period, you’re free to transfer your funds to another high interest savings account.
  • Account fees. Pay no application fee, no monthly account service fees or electronic transfer fees.
  • Account access. The Macquarie Savings Account must be linked to a Macquarie Bank transaction account. To withdraw money from the Macquarie Saving Account you must transfer the funds to the Macquarie transaction account first. Cash and cheque deposits can be made at selected Macquarie Bank branches.
  • Direct credit. Get your employer or creditors to transfer money directly into the Macquarie Savings Account using the direct credit facility.
  • Internet banking. Register for online banking so you can make instant transfers between your Macquarie Savings Account and linked transaction account 24/7. The transaction limit up to balance of your Macquarie Bank transaction account. You can also view your Macquarie Savings Account statements online.
  • Mobile banking. Macquarie Bank’s iOS and Android mobile banking application lets you manage your finances on your smartphone or tablet device. View your account balance, make payments to and from your transaction account from your Savings Account and check your statements using Macquarie mobile banking.
  • Statements. Electronic statements are issued every 6 months and can be accessed through the Macquarie Bank online banking facility. No paper statements are issued.
  • Joint account. You can apply for this savings account in your own name or jointly with another person. This account is not available for business customers.

Pros

  • Welcome bonus interest rate
  • No monthly account keeping fee
  • At-call 24/7 access to funds

Cons

  • Only available for a introductory period

How do I apply for the Macquarie Bank Savings Account?

To open the Macquarie Savings Account click ‘apply’. This opens a new window directing you to the Macquarie Bank website and a secure online application for the Macquarie Savings Account.

The following eligibility criteria apply:

  • Age. You must be 18 years of age or older to apply for this account.
  • Residency. This account is available to permanent Australian residents.
  • Personal applicants. You can apply for this account in your own name, either individually or jointly. You can not apply for this Macquarie Savings Account in the name of a business or a trust.
  • Linked account. You must already hold a Macquarie Bank transaction account or be applying for a transaction account when you open the Macquarie Savings Account.

You’ll need to provide the following information about yourself to compete the online application:

  • Personal details

Provide your full name, your date of birth, Australian address, email address and your contact telephone number to complete the application of the Macquarie Savings Account. If you’re opening a joint account, the second signatory will need to provide their contact and personal information as well.

  • Identification

You’ll need to verify your identity before you can become a customer of Macquarie Bank. This can be done online. Provide one primary document or a combination of secondary forms of identification. Your passport (Australian or international), drivers licence or government issued proof of age card are primary forms of identification. Your Australian birth certificate, Centrelink pension card taxation notice or council rates notice are some forms of secondary forms of identification which can be used to verify your identity with Macquarie Bank.

  • Tax

Provide your Tax File Number (TFN) to Macquarie Bank so the financial institution can tax your interest earnings at the correct rate. If you don’t provide this information, Macquarie Bank will withhold tax at the marginal rate.

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