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Macquarie Bank Personal Account, $0 FTF on Online Purchases, 50c Cashback on $100+ EFTPOS Withdrawals, $0 ATM Fees

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Macquarie Bank Personal Account, $0 FTF on Online Purchases, 50c Cashback on $100+ EFTPOS Withdrawals, $0 ATM Fees
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jimbobaus on 20/11/2016 - 18:34 macquarie.com (523 clicks)
Last edited 21/11/2016 - 00:10 by 1 other user

Maquarie Bank has launched a pretty awesome Personal Banking Product.

Macquarie Platinum Transaction Account
$0 ATM FEES
$0 Account fees
$0 Foreign Transaction Fees on Online Purchases using Debit Mastercard
50c Reward for first 200 in Store (eftpos) Withdrawls over $100 per year

Their internet banking system is pretty amazeballs too, u can upload your tax invoices and attach them to purchases, it can break down your spending by catergory etc.. i am quite impressed.

You can also earn interest on your Transaction account balance…
1.3% on balances over 5K
2.3% on balances 25K+ - $5 Million

They offer a High Interest Savings account also
First 4 months = 2.65%
THEN.. Its a stepped rate (same as above)
$0.00 ‐ $24,999.99 1.30% pa
$25,000.00 ‐ $4,999,999.99 2.30% pa
$5,000,000+ 1.30% pa

The account is a PLATINUM account so comes with these benefits also:
Any ATM, anytime :Free access to any rediATM, our preferred network. And, enjoy a refund on fees incurred at all other ATMs in Australia.

The MasterCard® Priceless Cities program :Get exclusive access to entertainment, travel, and shopping in major cities around the world.

Stolen wallet protection up to $500: For Platinum card holders, if your wallet or handbag is stolen, we’ve got you covered. You’ll get up to $500 back to cover your losses.

Emergency travel assistance: Help is at hand for Platinum card holders if you get sick or injured on your holiday. Just call International SOS on +61 2 9372 2306 and you’ll be taken care of.

$4000 Min Deposit is required for the Platinum Features.. However if you fail to deposit the $4000 in a month for the next month you are ONLY eligible for the Free ATM Access and MasterCard Priceless Cities Program only. (others are only for Platinum Qualified customers) you can apply for a non platinum account but you will not qualify for the offers when you do deposit over 4K, so better to apply for the Platinum one regardless.

Financial Bank Account Transaction Account

Related Stores

Macquarie Bank
Macquarie Bank

closed Comments

  • Crownanchor on 20/11/2016 - 18:45
    +22

    Note to self.

    Keep balance under $5 Million to optimize interest rate.

    • jimbobaus on 20/11/2016 - 18:46

      Was waiting for this LOL ha ha ha

  • nandystam on 20/11/2016 - 18:47
    +1

    Given Macquarie's penchant for fees, are we absolutely sure there's no hidden fees or catches here?

    • jimbobaus on 20/11/2016 - 18:51

      Only catch is 4K deposit to get Platinum features.. otherwise no fees on account
      The no FTF condition is on Mastercard purchases, so if u use Paypal for example make sure you use the card and not debit from the account direct.

      • Bargain4U on 20/11/2016 - 18:52

        otherwise no fees on account

        Not correct.

        • jimbobaus on 20/11/2016 - 18:52

          No account keeping fees… lol

        • Bargain4U on 20/11/2016 - 18:54
          +2

          @jimbobaus:

          Fees:

          Dispute Transaction: $8 per request
          International ATM withdrawal: $5 per withdrawal
          International funds transfer: $35 per transfer
          Bank cheque: $10 per cheque

          Full fees: http://www.macquarie.com/au/personal/important-information/f…

          None of these fees apply to Ciitbank Plus account.

        • jimbobaus on 20/11/2016 - 18:57

          @Bargain4U:

          As i said.. NO account keeping fees.
          The fees you listed are not account keeping fees. My wording was wrong and i corrected it in my comment above.

          For me the big selling point is the no FTF on online purchases.
          I know citibank offer this (and other things) but. citi suck when it comes to deposits, always take day or two longer to process deposits to the account so i only use them when i am needing card access to my funds when overseas.

          Example: My pay day is Wednesday.. but its Thursday night when i used Citi.

          The other fees are pretty much standard across the board (with the exception of citi)

        • Bargain4U on 20/11/2016 - 19:02
          +2

          @jimbobaus:

          I agree that Macquarie's app and internet banking is fantastic. However if you're using this for online purchases (which can get lost) then you are going to be stung with $8 every time you need to dispute a charge. I do know any other bank accounts that charge this fee. It actually makes me angry they can charge a fee on something which is incurred through no fault of your own. How is a customer supposed to know in advance what they are going to dispute for not arriving? Such a malicious charge.

        • jimbobaus on 20/11/2016 - 19:05

          @Bargain4U:

          I have had to dispute one charge with MB and it was my fault cause i dropped my card (have had this account for about 2 months) and i was not charged the fee, the fee maybe listed but i do not think it applies to this account, i do know they charge it on their credit cards though.

          I agree that's a bit shit though.. but as i said i was not charged for the dispute and they resolved it within about 10 days too. (hence why i have + your comment, cause its good to know i guess in case they start charging it in the future)

        • nandystam on 20/11/2016 - 19:11
          +1

          Well.. that escalated quickly, I think deep down I knew Macquarie being Macquarie couldn't resist a fee grab.

          That said, if used with those considerations in mind it's still a pretty decent offer.

        • CVonC on 20/11/2016 - 20:14

          @Bargain4U:

          Any fees using Bank@Post like MEBank?

        • Bargain4U on 20/11/2016 - 21:08

          @CVonC:

          Macquarie Bank does not participate in Bank@Post.

        • Icecold5000 on 20/11/2016 - 21:41

          @Bargain4U:

          Yep, good old Macquarie.

          Do not trust these guys at all.

        • CVonC on 20/11/2016 - 22:11
          +1

          @Bargain4U:

          Deal breaker. Bank@Post is so convenient with my ING & Citibank cards.

        • jimbobaus on 20/11/2016 - 22:13

          @Bargain4U:

          They do actually. And no fee for deposits.

        • jimbobaus on 20/11/2016 - 22:14

          @CVonC:
          They do… no fee either.

        • CVonC on 20/11/2016 - 22:43

          @jimbobaus:

          what's with the conflicting answers?

          "Macquarie Credit Union"

          is listed on http://auspost.com.au/money-insurance/bank-at-post.html

          Anyway thanks for clearing it up.

        • Bargain4U on 20/11/2016 - 23:22
          +1

          @jimbobaus:

          Have you tried to deposit at Australia Post with your Macquarie Bank account? They are not listed as participating on the Australia Post website.

        • jimbobaus on 21/11/2016 - 00:08

          @Bargain4U:

          So i just clarified the $8 fee (and yes its not clear) but here it is
          But yes a $8 fee is charged when you raise a dispute, however if the dispute is proved and you are found too have adhered to the terms and conditions of your card, the fee is not charged.

          So essentially, if you raise a dispute you are not charged, however if the dispute is found against you, as in the merchant can verify it was you who made the purchase etc or it is found that you breached the terms and conditions of your card then when the dispute is closed they charge you $8

          I now agree with you.. this kinda BLOWS.

        • jimbobaus on 21/11/2016 - 00:09

          @Bargain4U:
          I stand corrected… Bank@post is for the MCU

          (c) Cash Deposits
          Cash deposits can be made in person at the following Macquarie offices:
          • Brisbane: Level 16A, Central Plaza One, 345 Queen Street, Brisbane, QLD 4000
          • Melbourne: Level 24, 101 Collins Street, Melbourne, VIC 3000, and
          • Sydney: 1 Shelley Street, Sydney, NSW 2000.
          (d) Cheque deposits
          Cheques can be posted to Macquarie or presented in person at the following Macquarie offices:
          • Adelaide: 151 Pirie Street, Adelaide, SA 5000
          • Brisbane: Level 16A, Central Plaza One, 345 Queen Street, Brisbane, QLD 4000
          • Melbourne: Level 24, 101 Collins Street, Melbourne, VIC 3000
          • Perth: Level 3-4 Bishops See, 235 St Georges Terrace, Perth, WA 6000, and
          • Sydney: 1 Shelley Street, Sydney, NSW 2000.

        • jimbobaus on 21/11/2016 - 00:11

          @CVonC:
          Pretty sure ME Bank has dropped their fee for Bank@post Deposits since last year

        • davidl2 on 23/11/2016 - 02:13

          @jimbobaus: seriously? I never use it anymore since the deposit fees…

        • illumination on 23/11/2016 - 15:03

          @jimbobaus: So I guess the only ways you can put money into this account are either transferring money in, or doing a cash deposit at the branches you've listed?

  • retiredfeline on 20/11/2016 - 19:23
    +12

    0.50c

    Either write $0.50 or 50¢. Half a cent rebate is no good. 😋

    • jimbobaus on 21/11/2016 - 00:09

      Check the revisions is all i am going to say

  • Duoka on 20/11/2016 - 19:37

    Is this and Citibank Plus fee free same as 28 degrees but in debit card?

  • Windows7forever on 20/11/2016 - 19:52
    +1

    The free basic medical travel is a nice perk.
    $4000 p/m is a lot for me but I guess you could transfer this amount in and out of the account every month to keep them happy; recycle the $4000 perpetually.
    I opened an account with Macquarie during the beta testing program. Their online banking system is good but I prefer ING. Still waiting for my $50 to arrive.

    • WhiteOak on 20/11/2016 - 19:59

      If you have opened up during beta testing, do you have to put 4k every months to get all those perks?

      • Windows7forever on 21/11/2016 - 07:30

        I only found out about them now. I think it's a different account/product type though. Will enquire.

    • [Deactivated] on 21/11/2016 - 08:59
      +1

      are you on minimum wage?

  • c64 on 20/11/2016 - 21:36

    the interest rate is pretty sh*tty

    i don't like their online banking that much either - it is too complicated. and they don't give you basic information in the transactions, such as which account an external deposit came from.

    the $8 chargeback fee really sucks. and according to the t&cs you only have 6 weeks to dispute a transaction - that seems pretty short

    • jimbobaus on 20/11/2016 - 22:15

      6 weeks is pretty standard.

  • RockyRaccoon on 21/11/2016 - 00:57

    No fees for Online OS purchases is good, except what exchange rate do they use.

    There is nothing in the above that indicates this.

    If they add a margin to the Mastercard interchange rate then you will be paying more.

    It is Macquarie, they aren't called the millionaires factory based on customer benefits.

    • jimbobaus on 21/11/2016 - 02:52
      +2

      MasterCard rates.

      I was advised I can check current rate by checking MasterCard's exchange rate.

      • nightelves on 21/11/2016 - 10:42
        +1

        So is the Mastercard rate better than the Visa rate?

  • haru on 06/12/2016 - 10:41

    50c Reward for first 200 in Store (eftpos) Withdrawls over $100 per year

    Hmm. Deposit $20k into account then do 200 $100 withdrawals in one session for $100 profit?

  • c64 on 10/12/2016 - 12:18

    hmm, i just got another offer by email - deposit $1000 by the end of the month and they'll deposit a bonus $50 :)

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