Product details
The Macquarie Bank Term Deposit is a fixed investment for periods of 1 month to 5 years. Open to businesses, trusts and partnerships as well as personal applicants, longer terms get greater returns.
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
- 1.60%
- 3 month interest rate
- 2.25%
- 4 month interest rate
- 2.10%
- 6 month interest rate
- 2.30%
- 9 month interest rate
- 2.15%
- 12 month interest rate
- 2.35%
- 24 month interest rate
- 2.30%
- 36 month interest rate
- 2.85%
- 48 month interest rate
- 2.85%
- 60 month interest rate
- 2.90%
- Min Deposit
- $10,000
- Max Deposit
- $1,000,000
- Joint Application
- Yes
- Minimum Age Requirement
- 18
- Covered by Government Guarantee
- Yes (Up to $250,000 per person, per institution)
What are the features of the Macquarie Bank Term Deposit?
Compare the features below with other term deposit account 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 suitable to your personal situation.
Chose your term length
Choose terms ranging from as little as 1 month to 5 years.
Tiered interest rate
A 1 month term deposit gets a rate of 1.60% p.a., and the interest rate increases with the investment term. Fixing for 5 years gets you 2.90% p.a.
Chose 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 the bank to state otherwise. The new term deposit rate may be lower than the rate offered on your first investment. You’re able to make changes to your account for 5 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 can not withdraw the money to a third party account and the funds can not 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).
No fees
Pay no fees to open a Macquarie Bank term deposit and pay no monthly account keeping fees.
Online access
View your term deposit balance online by registering for the Macquarie Bank internet banking facility.
Statement every 6 months
Term deposit statements are issued every 6 months. You will also receive a statement at term deposit maturity. Your statement outlines details of your investment detailing 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
- Available for use with SMSFs
- $0 Account keeping fees
- Flexible terms from 1 month to 5 years
Cons
- High minimum investment amount of $10,000
- 31 days advance notice required in case of withdrawing funds before maturity
How do I apply for the Macquarie Bank Term Deposit?
You can apply for this account online by clicking the "more information" button which takes you to the banks website. You can apply for this term deposit in your own name, jointly, in the name of a trust or a self managed super fund, a company or a businesses. If you’re a new customer, you’ll need to verify your identity with Macquarie Bank. The identity verification process can be completed online. You can appoint a third party to be an authorised signatory to your term deposit account by completing a Third Party Authority Form.
Eligibility criteria
- Age. You must over the age of 18.
- Residency. You must be an Australian resident.
- 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. Full name, date of birth, email address, contact phone numbers,
- Tax. 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 marginal rate.
What happens next?
Macquarie Bank will send important details such as your account information to your mailing address once you’ve applied and been approved for the term deposit.
Related savings accounts
Related guides
Compare 3 Month Term Deposits
A 3 month term deposit is a short term commitment for locking away your cash while it earns interest. ...
Tax Guides and Calculator
Lodging your tax return shouldn't be hard. Read our guides here. ...
Student Banking Guide: Tips for Young Adults
Surviving as a student can be hard – here are some simple tips to help you get the most of your finances. ...
Small Business Guide: How to Get Help and Support for Your Small Business
We have a range of information available for small businesses – here are our tips....
