Macquarie Bank Transaction Account Review & Information

Product details

The Macquarie Transaction Account is structured to help you minimise fees and earn cash payments. There are no international purchase fees when you shop online or overseas, no monthly fees and you can earn competitive interest rates on balances over $5k. You also have free access your money at any domestic ATMs using a linked Macquarie debit Mastercard.

Product Name: Macquarie Transaction Account

Monthly Account Fee: $0

Debit Card Access: Mastercard

ATM Withdrawal Fee: $0

Interest Rate p.a.: 2.30%

Details: Free access to all domestic ATMs in Australia including the rediATM network.

Fee Free Deposit p.m.: $0

Overseas ATM Withdrawal Fee: $5

Overseas Eftpos Fee: $0

Phone Banking: Yes

Fees: $0

Internet Banking: Yes

What are the features of the Macquarie Transaction Account?

Your individual banking habits should play a role in the type of transaction account you choose for your everyday spending money. When comparing various transaction accounts ensure that the features being offered suit the way you are most comfortable banking:

Monthly account keeping fee. For the Macquarie Transaction Account you will not be charged any monthly account keeping fees.
Accessibility. You are able to access your account and money through online and mobile banking, electronic transfers and by using ATMs. This includes the use of BPAY and scheduled payments for your bills, and direct credits and debits. Deposits can also be made by cash at selected Macquarie offices, or with a cheque by mailing it to the office.
Debit Mastercard. Your account is linked to a debit Mastercard which gives you the ability to make withdrawals and check your account activity at ATMs as well as make purchases wherever Mastercard is accepted. This includes online and over the phone shopping both in Australia and overseas.
Mastercard Contactless payments. This Mastercard feature will allow you to make contactless purchases at point of sale terminals on transactions of less than $100.
ATM network. Macquarie ATM network. Macquarie debit Mastercard gives you free access to all domestic ATMs including rediATMs.
Overseas ATM transactions. You are able to make withdrawals overseas at any ATM where Mastercard is accepted. There will be a $5.
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.

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
Competitive interest on balances over $5,000
No monthly account keeping fees
50c reward for the first 200 cash out transactions of $100 or more each year in retail stores
Convenient on-the-go banking with the mobile banking app

Cons

No branch access

How do I apply for the Macquarie Bank Transaction Account?

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 14 and over. Macquarie Platinum Transaction is available for individuals aged 18 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.

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.