Macquarie Transaction Account
Earn 1.50% on your transaction account balance and pay no account fees, no international fees and get refunds on all Australian ATM fees.
This bank account gives you easy access to your money while also paying 1.50% 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.
Account keeping fee
ATM withdrawal fee
Overseas ATM withdrawal fee
Alison Banney is the banking and superannuation editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
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).
No monthly account keeping fee
You will not be charged any monthly account keeping fees.
Earn 1.50% 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 1.50% on your balance, with no conditions to meet.
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.
This account is designed for individual or joint account holder use and cannot be opened on behalf of a business, trust or deceased estate.
How to apply
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.
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.