Product details
The Macquarie Bank Term Deposit is a fixed investment for periods of one month to five years. Lock your funds away for a period of time that suits you and enjoy a fixed interest rate for the life of your term.
The Macquarie Bank Term Deposit is open to businesses, trusts and partnerships as well as personal applicants.
The minimum investment is $10,000, and deposits up to $250,000 are guaranteed by the Australian government.
- Product Name
- Macquarie Bank Term Deposit
- 1 month interest rate
- 2.00%
- 3 month interest rate
- 2.65%
- 4 month interest rate
- 2.65%
- 6 month interest rate
- 2.75%
- 9 month interest rate
- 2.75%
- 12 month interest rate
- 2.80%
- 24 month interest rate
- 2.75%
- 36 month interest rate
- 2.80%
- 60 month interest rate
- 2.80%
- Min Deposit
- $10,000
- Minimum Age Requirement
- 18
What are the features of the Macquarie Bank Term Deposit?
Compare the features below with other term deposit accounts you're considering to ensure this product is right for you. If you don't think a term deposit account meets your needs, check out the range of accounts offered by Macquarie Bank to see if there is something more suited to your personal situation.
No fees
Pay no fees to open a Macquarie Bank Term Deposit and pay no monthly account keeping fees.
Terms from 1 month to 5 years
Choose terms ranging from as little as one month to five years. Typically, the longer you lock your money away the more competitive the interest rate is.
Tiered interest rates up to 2.80% p.a.
A 1-month term deposit gets a rate of 2.00% p.a., and the interest rate gradually increases with the investment term. If you opt for a 5-year term deposit you'll lock in a fixed interest rate of 2.80% p.a.
Choose when to receive interest
Choose between receiving your interest payments every month, quarter, half-yearly, annually or when the term deposit matures. The type of interest payment you can opt to receive depends on the term deposit period. Interest can be paid to a nominated bank account or reinvested back into the term deposit.
Automatic roll-over at maturity
Your investment is automatically renewed by Macquarie Bank at the end of your term unless you contact the bank to state otherwise. The new term deposit rate may be lower or higher than the rate offered on your first investment. You’re able to make changes to your account for five days after your funds have rolled over to a new term deposit; this is known as the "grace period".
Minimum deposit of $10,000
The minimum deposit is $10,000 and the maximum deposit is $1,000,000.
Direct debit available
You can deposit funds into the Macquarie Bank Term Deposit by direct debit from an account held with Macquarie Bank or another financial institution.
31-day notice period for withdrawals
You cannot withdraw the money to a third party account and the funds cannot be issued as a cheque. You must provide 31 days' notice to Macquarie Bank if you want to withdraw your money before the investment matures. If you wish to close your account before it matures, you may be liable to pay interest charges to Macquarie Bank (interest adjustment).
Online access
View your term deposit balance online by registering for the Macquarie Bank Internet banking facility, or via mobile banking using the Macquarie Bank mobile app.
Receive regular statements
Term deposit statements are issued every six months. You will also receive a statement at term deposit maturity. Your statement outlines details of your investment including the balance of the account and account transactions.
Availability
You can apply for this account in your own name, as a joint application or you can open this investment in the name of a business or trust.
Government guarantee
Deposits up to $250,000 are guaranteed by the government.
Pros
- Earn 2.75%p.a. on a 6 month term deposit
- Available for personal use as well as SMSFs, businesses and trusts
- $0 Account keeping fees
- Flexible terms from 1 month to 5 years
Cons
- High minimum investment amount of $10,000
- 31 days notice required to withdraw funds early
How do I apply for the Macquarie Bank Term Deposit?
You can apply for this term deposit online in your own name, jointly, in the name of a trust or a self-managed super fund, a company or a business. If you’re a new customer, you’ll need to verify your identity with Macquarie Bank. The identity verification process can be completed online.
Before beginning the application process online, make sure you meet the account eligibility criteria and have the necessary documents handy.
Eligibility criteria
- Age. You must be over the age of 18.
- Residency. You must be an Australian resident with an Australian residential address.
- Deposit. You must deposit $10,000 or more when you open the Macquarie Bank Term Deposit.
Documentation needed
- Identification. Have your passport, driver's licence or proof of age card handy when you apply so you can complete the online identity verification process.
- Personal details. You'll be asked to supply your full name, date of birth, email address and contact phone number.
- Tax file number. Enter your tax file number (TFN) or TFN exemption when you apply so Macquarie Bank can tax your interest earnings at the correct rate. If you fail to provide this information, Macquarie Bank will deduct tax from your interest earnings at the top marginal rate.
What happens next?
Macquarie Bank will send your account details to your nominated mailing address or email address once you’ve applied and have been approved for the term deposit.
I want to deposit $500,000 for a term of six month.
Who should I contact to achieve this?
Hi Cris,
Thanks for getting in touch! To deposit an amount for a 6month term deposit, you may contact Macquarie customer service and you can find their contact details on their website. As a friendly reminder, review the eligibility criteria of the account and read up on the terms and conditions of the account. Contact the bank should you need any clarifications about the card. Hope this helps!
Best,
Nikki