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, deposits up to $250,000 are guaranteed by the Australian government.
What are the features of the Macquarie Bank Term Deposit?
- Interest rate and terms. Choose terms ranging from 1 month to 5 years. A 1 month term deposit gets a rate of 1.60% p.a., the interest rate increases with the investment term. Fixing for 5 years gets you 2.90% p.a.
- Interest payment. 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.
- Maturity. Your investment is automatically renewed by Macquarie Bank 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 change to your account for 5 days after your funds have rolled over to a new term deposit, this is known as the ‘grace period’.
- Terms. Invest your funds at a fixed rate for periods of 1, 3, 4, 6 and 9 months and 1, 2, 3, and 5 years.
- Deposit amounts. The minimum deposit is $10,000 and the maximum deposit is $1,000,000.
- Making deposits. You can deposit funds into the Macquarie Bank Term Deposit by direct debit from an account held with Macquarie Bank or another financial institution.
- Making withdrawals. Your funds are available when the term deposit matures and will be automatically credited to your nominated bank account. 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).
- Fees. Pay no fees to open a Macquarie Bank term deposit and pay no monthly account keeping fees.
- Minimum opening balance. You must make an opening deposit of $10,000 or more when you apply for the Macquarie Bank Term Deposit.
- Online access. View your term deposit balance online by registering for the Macquarie Bank internet banking facility.
- Statements. 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 and 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.
- Available for use with SMSFs
- $0 Account keeping fees
- Flexible terms from 1 month to 5 years
- 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?
Visit their website to start an online application for a Macquarie Bank term deposit. 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.
You must meet the following eligibility to apply for this account.
- 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.
If you’re a new customer, you’ll need to verify your identity with Macquarie Bank. The identity verification process can be completed online.
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,
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.
You can appoint a third party to be an authorised signatory to your term deposit account by completing a Third Party Authority Form.
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.