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.

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Alison Banney

Last Updated Jun 17, 2022

Account keeping fee

ATM withdrawal fee

Overseas ATM withdrawal fee

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Details

Product Name	Macquarie Transaction Account
Monthly account fee	$0
Card access	Mastercard
ATM Withdrawal Fee	$0
International transaction fee	0%
Monthly deposit required to waive account fee	N/A
Contactless Payments	Apple Pay, Google Pay

Minimum Age	12
Joint account availability	No
Minimum opening deposit	N/A

Pros

Free access to all domestic ATMs including the rediATM network
No international purchase fees when you shop with your debit Mastercard overseas or online
No monthly account keeping fees
Convenient on-the-go banking with the mobile banking app

Cons

No branch access

Go to site More info

Review by

Alison Banney

alison.banney@finder.com

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.

Expert review

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).

Key features

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.

Debit Mastercard

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.

Availability

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

Eligibility

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.

Documentation needed

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.

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8 Comments

Tino
April 18, 2022

What foreign currencies can I preload into this debit card? The intention is to use it overseas.

Reply
- finder Customer Care
  
  Alison
  May 16, 2022
  
  Hi Tino,
  
  Unfortunately, you can’t load any foreign currencies onto the Macquarie Transaction Account, just AUD. You can consider a multi currency account instead.
  
  Thanks,
  Alison
  
  Reply
Stewart
March 26, 2019

I think one of the most important questions is, how is exchange rate calculated on this account? Bank’s rate or Master Card Rate?

Reply
- finder Customer Care
  
  Jeni
  March 28, 2019
  
  Hi Stewart,
  
  Thank you for getting in touch with Finder.
  
  Overseas transactions with this Macquarie Transaction account are processed using the Mastercard foreign exchange rate.
  
  I hope this helps.
  
  Thank you and have a wonderful day!
  
  Cheers,
  Jeni
  
  Reply
Alan
March 27, 2018

Are you able to open a Macquarie Transaction Account on line in joint names with your partner?

Reply
- finder Customer Care
  
  Jeni
  March 27, 2018
  
  Hi Alan,
  
  Thank you for getting in touch with finder.
  Yes, this account is designed for individual or joint account holder use and cannot be opened on behalf of a business, trust or deceased estate. 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.
  
  I hope this helps.
  
  Have a great day!
  
  Cheers,
  Jeni
  
  Reply
Tim
January 15, 2018

Is there still a $5 overseas ATM fee? I had heard Macquarie has removed this fee with their Macquarie transaction account.

Reply
- Arnold
  January 16, 2018
  
  Hi Tim,
  
  Thanks for your inquiry
  
  The free ATM transactions only apply to domestic ATMs. If you’re going to use an ATM overseas, you will be charged a $5 transaction fee.
  
  Hope this information helps
  
  Cheers,
  Arnold
  
  Reply

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