$0 account keeping fee+ $0 ATM FEE Nationally with ANY ATM+ $0 International transaction or ATM Fee + Apple Pay & Android pay ready + earn interest with Macquarie Bank transaction account.
To me it is a fantastic deal and has been around since a while but I don’t think may of us know ahout it, so thought I should share. I Am banking with them and haven’t experienced any dramas.
Delete this post if this is a duplicate deal or if there is no value in it.
Enjoy
I second that. Their app is great, easy and fast. One more thing I have noticed is that it doesn’t take long for money to be transferred from a bank to Macquarie. I also have Citibank account and it takes at least 24 hours for money to come through when transferred from CommBank. Not sure if Macquarie Bank has a faster online transaction processing system.
I third that their app works fast whereas me bank was grandma speed. One good thing too was you get a separate buzz and notification when salary hits the account no guessing and any MasterCard authorisation including those that just ping you for security reason like signing up a mobile activation or foreign transactions authorisation currency exchange looks very reasonable off by mere cents. Doesn't look like they have no limits in helping themselves to our money like most other banks. Yes me bank my foot. Snazzy ads but lousy app no real time tracking unclear transactions listings oh when you ask to close your account they don't even bother to ask you what was the reason so they can improve on themselves. Me my foot bank.
Bankwest buzzes you when the money hits too. Very useful
@dK69… How long is 'not long'. Ten minutes; an hour; a few/several hours? (My bank charges a currency conversion fee but I keep using them because of their interest rate.)
People should also be aware of this: http://www.bpay.com.au/Member-Financial-Institutions/Osko-by… which will solve any waiting.
How much interest do they pay and is there any other requirements to earn that interest?
Completely agree with this, it even tells you what you’re spending on and gives you a full overview. I wish Macquarie had ATM deposits but otherwise I’ve had a great time with them.
Instant Deposits over the counter at any AusPost Store.
No bank at post
Macquarie bank doesn't participate in in bank@post. How do you deposit at any ausnpost store?
Yes. Their phone app (and web app) is ridiculously good.
If you pay in another currency, they will send you a notification of the AUD amount you were actually charged almost instantaneously. I also received a similar notification once when I withdrew from one of those dodgy pub ATMs with a ~$2 fee and it said I was reimbursed for the fee.
I have Macquarie Platinum Transaction Account
Here is the link of features for Transaction Account and Platinum Transaction Account
How does this compare to the Citibank debit card for travelling overseas? Does Macquarie use the MasterCard exchange rate? And does it have additional charges compared to Citibank?
I'm sick of Citibank's app.
The card is great. Pending transactions visible instantly (and you get a push notification) and exchange rates are great. Citi allows you to withdraw from overseas atms fee free however, which is something Macquarie doesn't have.
Thanks. Just read about the $5 international ATM withdrawal fee.
Macquarie no longer has the atm fee. Hence this post.
@ko0l:
Does this mean for free international ATM, this card behaves like citibank card? or will Macquarie bank rebate any international atm fees?
@overule: Macquarie do not rebate fees imposed by international ATM operators. But they don't charge a fee themselves.
Macquarie is fantastic.
Just came back from a trip to China and Malaysia using their card and they give great rates, zero fees and instant push notifications of any transaction you do.
When you withdraw cash or even when spending cash overseas they were still paying me the 50c bonus per transaction.
I came here to post something very similar to this.
So they paid you 50 cents to withdraw the moneu from ATM? Or cashout at pos terminals?
Cashout with POS transactions gives you a 50c rebate. Expires 1 February.
So they don't rebate the overseas ATM fee imposed by the International operator?
For me this is the advantage of ING at the moment. It works out to at least a $6 rebate on ATMs in the Philippines.
Cashout with POS transactions gives you a 50c rebate. Expires 1 February.
well that is a bummer. thanks for the heads up
50c cash out reward (Macquarie debit MasterCards only): when you withdraw $100 or more in a single transaction at a point-of-sale (e.g. EFTPOS) terminal in Australia, we will credit $0.50 to your account. This offer applies for the first 200 eligible withdrawals per customer in a given financial year. These amounts may need to be included in income tax and social security calculations, depending on your circumstances. We recommend you seek independent advice if you need more information. From time-to-time we may change this offer or withdraw it. In circumstances where we reasonably determine that this offer is being used inappropriately we may decline to credit your account or require you to repay us an amount already credited to your account. NOTE: This offer expires on 1 Feb 2018
No need to let them know you were travelling overseas? And no need to answer a phone call while overseas to notify Macquarie that you're travelling and your card isn't stolen?
I recently refinanced my home loan from bank of melbourne to Macquarie and I’m now saving so much money. Macquarie have been fantastic even though they have no banks, they’re customer service has been excellent. I love their app and I now have 2 transaction accounts like OP mentioned. One for just me and one joint account with my partner. Definitely a winner!
If you don’t mind me asking… What amount did you refinance and what comparison rate did you end up with?
I refinanced $225000 at 3.69%
I would like to know this info too, could you please pm me? Thanks.
See above
What is the rate of interest you get ?
For those wondering, it's
3.79% for 80% LVR
3.69% for 80% LVR if a friend of an employee
3.59% for 80% LVR if immediate family of an employee
3.69% for 70% LVR
3.59% for 70% LVR if a friend of an employee
3.49% for 70% LVR if immediate family of an employee
Is there any way to get a referral code from an employee to be eligible for the lower rate? I also noticed that they charge an annual offset account fee of $248 (a while ago I believe this was completely free).
The fee used to be $399, and they've now reduced this to $248. I don't believe it was ever free.
@neilpatrickharris: Depends on which of your loans you are referring to. They have a Basic loan product which has no ongoing fees and they also have a Packaged loan product where you will pay an annual package fee.
I want to know too, how to get a referral code from employee or just tell them that a friend of mine woring at Macquarie referred me to apply? Thanks.
So the interest rate 3.69% is the same on their website, you don’t need a friend of an employee.
Their standard calculations are based on “3.69% for 70% LVR”. I’m keen to find out how you can be a friend and get the 3.59% rate.
@bozbargain: When banks have these kinds of discounts, sometimes you can just ask and get them anyway. i.e. Spend at least 20 minutes going through the process of switching, discuss it with them, ask questions. Then say you're aware of the discount, and you're sold if you get it too - and if not you're walking. You may get it anyway.
1.1% interest rate after 4 months?
Can u use it to buy things online with $0 international transaction fees ? If so how.
I believe so
Just type in your details and make sure its charging your card in the foreign currency.
How is this better than ING? if the $1000 deposit is not an issue.
Ing also requires you to use the card 5 times a month from April this year onwards. Time to look for an alternative.
So buy milk 5 times a month
I use my amex credit card and woolies egift card for that.
@ko0l: if it’s just a small item it’s no big deal. I have the me card and just buy one milk every Tuesday. But have two ing accounts, and this will now be like a fricken advent calendar of days I have to use the cards
There is a few deals on OzBargain with bonus points. The card I'm using is the Amex Explorer. Gives me 1.5% cash back, for all purchases with the card. Or you can redeem for flights which can be than the 1.5% cash back.
Yeah if there was no alternatives I will use the ing card to get the benefits. For high interest rate, I have ubank and for international fees, I have Citibank and Macquarie.
Gives me 1.5% cash back, for all purchases with the card.
In the form of equivalent value in FF points you mean? If so, it's not quite 1.5% cashback.. but I get why you'd see it as such.
@ko0l: cool I’ll get the maquarie one tommorow
My wife isn’t impressed as it’s her that has to use the cards on certain days. I hate ing atm, they detected me using my card at Woolworths as fraud, and also chewed the card in Guam, 6 hours after I told them where I am.
They have become quite poor
You can get same or better without that ridiculous requirement.
So buy milk 5 times a month
I'm lactose intolerant. So ING is out.
@unclesnake: Remembering to make a certain number of transactions every months and keeping track of how many you still need to do by month end is a bit annoying and painful. Unnecessary stress. I would rather move to some other bank account which is equally good and doesn't have such stupid requirements. The requirement of min $1000 deposit was good enough in case of ING - I don't understand why the requirement of 5 transactions and that too with ANY amount!
the requirement sucks
But it is pretty easy to remember if your organised
Put in your outlook calendar , or similar.
Every Monday and Friday go for a walk on your lunch break and buy a twiggy stick, it’s not that hard
With the amex explorer card. You can convert the points directly to cash from the website or app. Translates to about 1.5%.
Ing also requires you to use the card 5 times a month from April this year onwards.
Someone mentioned in an earlier thread that you can just Paypal 5x $0.01 transactions to a family/friend. That should sort it out without having to spend at the supermarkets.
I've read that as well but I wasn't sure if that was the case. Is money sent from a Paypal-linked bank account "seen" as a purchase by ING? Paying the extra fees to transfer from a credit-card would obviously defeat the purpose.
It's a lot easier than my solution below (https://www.ozbargain.com.au/comment/5526128/redir).
Macquarie has a better app.
Better than ING? ING app is quite popular. What does Macquarie app have different?
Fingerprint login, push notification for purchases and pay day deposits and you can categorise (i.e. Food, transport, films, hardware, etc.) , visualise and search your spending. You can also add attach to each transactions like receipts or documents. You can also set budgets.
"visualise and search your spending. You can also add attach to each transactions like receipts or documents. You can also set budgets."
And better monitoring customer spending so we can learn what their spending habits are to give them even more stuff to spend money on.
Yes Macquarie have a killer app.
Better than Westpac, st George, CBA,
Citibank, anz (they are my other banks that I've had experience with)
@bargainparker: All banks would have access that information. If you don't feel comfortable in manually categorising your spending then you don't have to.
No minimum balance for macquarie
The major thing I'm seeing is the drop to 1.1% interest after 4 months. Which seems like ING is the clear winner here.
OP, just tried signing up and I believe there is an international ATM fee (see below),
"If you are charged a fee for a withdrawal or balance enquiry at an Australian ATM, we will rebate that fee to your account. The rebate doesn't apply to transactions at international ATMs, any fees or costs related to foreign currency transactions or to any fee charged by a merchant for making a cash out transaction"
However, it does say "No international purchase fees when you shop with your Debit MasterCard® overseas or online".
Looks like it's ING (Macquarie is better with the no $1000 deposit and 5 transactions requirement) for domestic transactions and Citibank for international purchases + ATM withdrawals. I was hoping this Macquarie would superseed them both but unfortunately doesn't seem like it.
Macquarie does not charge international atm fees. But does not rebate any fees charged by the international atm. Same as Citibank.
I think ing rebates all fees. But it uses visa, from my testing the rate is a bit worse than mastercard. It also have more requirements which can be annoying.
Macquarie has charged international ATM fees until very recently, they are currently waiving them, but they remain on their fee schedule.
I don't think they'll bring them back though.
But nearly all international ATM's charge fees in my experience.
From the bottom of the page:
A $5 fee applies to international cash withdrawals made over the counter or at an ATM but we are waiving this fee from 8 December 2017 until further notice. Other financial institutions, such as the banks of international merchants and foreign ATM operators, may charge you fees for these transactions. From time-to-time we may change either or both of these offers (including by introducing caps) or withdraw them. In circumstances where we reasonably determine that one of these offers is being used inappropriately, we may decline to apply a fee waiver or require you to pay us the amount of a fee waiver already applied.
In response to the questions "how is this better than ING?", it really isn't, but it certainly is more convenient.
Btw, I think this is a duplicate? Pretty sure I've seen this posted up recently.
Easiest way to qualify for the 5x transactions on ING (that I can think of):
Problem I have with ING is what if I'm overseas for more than 30 days? I won't be able to meet their spend requirements.
You can.
As above, make the minimum payment through the internet to your electricity, gas, internet, phone, private health insurance bill. i.e. You're paying even though nothing is due/owing, and can be done online.
Pretty sure BPay is excluded so you'd have to use your ING Visa Debit Card.
Give it to a family or friend
We’re all friends here. Just post the card details here.
Also your mother's maiden name and the name of your first pet for reference please
A 5 cent solution is to send 5 separate Paypal invoices to yourself for $0.01 AUD each.
Despite Paypal's "2.6% + $0.30" fee suggesting you'd make a loss if selling anything for less than 31 cents, at least for the moment you'd simply make 0 cents and owe Paypal nothing.
The only gotcha is that you'll need to use a separate email address to pay the invoice.
Disclaimer: The advice provided in this comment is general advice only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs.
trying this now.
you can also set a minimum payment option, which means you can make one invoice = 2 transactions.
No thanks. Get better interest and similar benefits from me and or Citibank.
from me
Elaborate?
Citibank
Sure. Couple of things I can think of.
Not sure about interest rates, but that was never the focus of this deal
edit: Ah, I see you specifically call out interest rate. As above, was never the focus of this deal.
Fee-free international money transfers
Instantly know how much in AUD you will be withdrawing at international Citibank ATMs
This is why I stay with Citibank for international.
I agree. For International ATM withdrawal, Citibank is still the apparent winner. Good exchange rate, no fee at all while through Citibank ATMs and some of ATMs from other local banks. But this one can be had as a backup plan in case you lose your citibank card or something. It sounds a better deal than 28 degrees for international shopping. 28 degree's rate isn't too bad, although not as good as citibank ATM withdrawal. Not sure how good the rate is with Macquarie. Any comments if I got anything wrong here?
For your first option you would need to pay those bills in person, as it needs to be a card payment to qualify.
And, as I read it, the O/S ATM fee waiver is only good for the first month O/S, as you have to perform 5 card transactions the previous month to qualify for the current month. Looks like you're SOL if travelling for greater than 30 days and enjoy withdrawing cash without ATM fees. Might be less of a muck-around just going with the Macquarie option.
Edit: (added strikethrough) I suppose you could perform those 5 card transactions overseas if you're not getting stung with international fees.
Wrong
Card purchases includes in store credit or EFTPOS purchases, online purchases, regular card payments, payWave, Apple Pay, and Android Pay transactions made with an Orange Everyday Visa card, Orange One or Orange One Platinum Visa card or Nil Interest Visa card provided with an eligible ING home loan. Card purchases made in store or online this current calendar month which settle next calendar month do not count towards the 5 card purchases needed this current calendar month.
Online purchases. Nice. Would've been handy to have that info in the original post.
What exactly is a card purchase?
Eftpos? Paypass?
If so why is this difficult, just use it as the card you use to shop?
Surely everyone buys groceries 5 times or more each month.
What exactly is a card purchase?
See currentfad's comment above.
If so why is this difficult, just use it as the card you use to shop?
Surely everyone buys groceries 5 times or more each month.
It's because any time you make a transaction that isn't either with a discounted either with a discounted Gift Card (Woolies) or Credit Card (for points), you've missed an opportunity to earn points. You do not earn points with this card.
From a convenience point of view, this could probably be the one single card with pretty much everything you need at a reasonable level.
Do people really shop purely with gift cards and amex type credit cards?
I didn't think this was practical because most places that aren't supermarkets charge fees I thought.
Regarding the 5x $0.01 split payments at the self-checkout, I've only been able to do multiple split payments at Woolworths. When I tried paying for a single item at Coles, I was only able to make 1 split payment of $0.01 and had to pay the balance as a lump sum as it wouldn't allow me to split any further.
No one has mentioned their c'arp interest rates.
ING give 2.8% by meeting their requirements. Unacceptable nowadays.
Maccas gives only 1.10% stepped interest rates, with a 4m intro period of 2.65% (Who cares rate).
I'm sticking with Ubank @ 2.87% and Wizard/Bankwest CC's.
Fair enough, but as illumination posted above, interest rate isn't the focus of the deal, as per the omission of that detail in the title and it being the last feature OP listed in the original post.
How can interest rate not be the focus of a savings account? Mac should have called it a transaction account which it essentially is.
That is what it’s called, op mistaken
Macquarie have the best Internet banking platform I've seen. I moved my entire banking relationship from Westpac to Macquarie. Got a better rate in the process and Apple Pay as a bonus.