Macquarie Bank - Savings Interest Rate Reduction (Feb 26th)

CamM on 25/02/2021 - 09:33
Last edited 25/02/2021 - 10:54

Just got an email from Macquarie announcing a reduction in savings interest rates from tomorrow, 26 February 2021 -:

Please Note: If you’re currently earning a welcome variable rate on your Macquarie Savings Account, you’ll keep that rate for the remainder of your welcome period.

Current variable interest rates

  • 1.20% pa on all balances between $0 and $249,999.99
  • 0.95% pa on all balances between $250,000 and $999,999.99
  • 0.95% pa on all balances between $1,000,000 and above

New variable interest rates

  • 0.95% pa on all balances between $0 and $249,999.99
  • 0.70% pa on all balances between $250,000 and $999,999.99
  • 0.70% pa on all balances between $1,000,000 and above
Financial

Related Stores

Macquarie Bank
Macquarie Bank

Comments

  • CyberMurning on 25/02/2021 - 09:36

    oh no… just about to move from ING
    so the intro period promo is still on ? 1.30pct total for what, 3 months?

    • c64 on 25/02/2021 - 09:56

      if opened today, then yes if i'm reading it correctly

      • CamM on 25/02/2021 - 09:57

        That’s my understanding as well.

    • LFO on 26/02/2021 - 20:38

      Isn't ING 1.35 ?

    • Jared17 on 27/02/2021 - 13:40

      Same. After ing added yet another requirement.

  • holdenmg on 25/02/2021 - 09:37

    I doesn't seem (on a time/benefit basis) that I'd have enough deposit to justify my time
    applying, let alone leaving funds there.
    Pass.

  • wiipantz on 25/02/2021 - 09:40
    +2

    Grubs, they knew what they were doing.

    • Donaldhump on 25/02/2021 - 09:51
      +1

      yeh we all went like mad to macquarie and now we have to do u turns

      • wiipantz on 25/02/2021 - 09:57
        +1

        Macq. Boardroom at decision time surrounded in maniacal laughter. I almost made the jump but I still have my 86400 and other goals that allowed me not to switch, I personally am weary of Macq. so decided to waiti it out… seems I was vindicated

  • c64 on 25/02/2021 - 10:02
    +1

    clearly they've acquired too much money in recent times

    • CyberMurning on 25/02/2021 - 10:52
      +2

      thanks to ING and their stupid marketing lie

      • wsqwin on 26/02/2021 - 09:54
        +1

        What's the story?????

  • avoidfullprice on 25/02/2021 - 10:07

    Clearly anticipating interest rates to drop from 0.10%, and bank the profit.

    • whooah1979 on 25/02/2021 - 18:22

      0.00% would be better.

  • Donaldhump on 25/02/2021 - 10:10
    +1

    better than rams at .15 %

  • [Deactivated] on 25/02/2021 - 11:47

    Now, if the market would be so kind as to crash before my honeymoon period ends…

  • Drakesy on 25/02/2021 - 12:17
    +1

    Welp i know what i'm doing today.
    So much for moving from Ubank.

    • CyberMurning on 25/02/2021 - 13:14

      opening MQ account ?

      whats wrong with ubank i thought people quiting ING

      • Drakesy on 25/02/2021 - 13:18

        Closing my MQ account

        • c64 on 25/02/2021 - 17:03
          +1

          the macq platinum card is still a useful card for overseas purchases and travelling overseas

          • CyberMurning on 25/02/2021 - 18:34

            @c64: nope, ing is far better.
            better off closing mq completely and open ING (just for the travelling)
            for real saving, ubank

            • peterpeterpumpkin on 25/02/2021 - 19:11

              @CyberMurning: But don't most OzBargainers have above $250,000 in savings, which would mean they would need a few different savings accounts to maximise their interest?

  • [Deactivated] on 25/02/2021 - 13:22

    Just checking alternatives, lol. The very best Commbank Term Deposit rate is 0.40% and this is the promoted 12 month rate, most are under 0.20%.

    By the end of this, we will be a nation of gamblers. :)

  • darkdinkum on 25/02/2021 - 13:40

    Where to next homies?
    Any other better deals out there?

    • Drakesy on 25/02/2021 - 13:52
      +2

      Ubank is still at 1.1%

      • TheOtherLeft on 25/02/2021 - 13:58
        +2

        yeah…for now….

      • darkdinkum on 25/02/2021 - 13:58

        Hi Drakesy, similar to you, I was with Ubank and moved to MQ. I am also looking to return now.

        • CyberMurning on 25/02/2021 - 14:14

          the problem is i have mortage with ubank, so i want to have pair ubank saving + transaction for the mortage exclusively (paying bills and receive rent)
          i dont care if this doesnt receive interest, i only park like $3000 at a time.

          can i have another pair account for salary deposit and personal daily expenses?
          this one i want the highest interest possible.

        • DoctorCalculon on 25/02/2021 - 19:41

          Good thing I never left but I was tempted.

      • c64 on 25/02/2021 - 17:13

        arrghh, their online banking sucks

        • darkdinkum on 25/02/2021 - 19:41

          Yes, totally agree with you. MQ's app and web browser interface was such a relief when I left Ubank.

      • TilacVIP on 26/02/2021 - 08:48

        They may have hit the lead now with their rate as being the best savings/combined account. [Usave/Uspend]

        Image getting 1% being one of the best rates on your money in the bank.

        Time to spend the last few dollars on some quality shares.

        • whooah1979 on 26/02/2021 - 09:22

          Legacy banks get freshly minted notes straight from the RBA. Their AFS licence also allows them to legal lend out money they don’t have. Offering savings products is an inconvenience that they’ve to put up with to be able have access to unlimited money.

          • abc on 26/02/2021 - 20:11

            @whooah1979: Given MMT It’s cheaper for banks to get money from Central Banks than lend out money from depositors. Hence they likely don’t care if they face a loss of deposit customers.

    • Harshmellow on 26/02/2021 - 09:42

      Rabobank has 4-month introductory rate of 1.75%.

  • CyberMurning on 25/02/2021 - 13:43

    i have ING for years.

    so from MQ website i can see saving ac and transac ac.
    this saving is equal to ING saving maximaser, right? (with interest)
    and transac ac is equatl to ING orange everyday, right?
    but MQ transac ac also earn interest whilst ING doesnt, am i right?

  • dyziplen on 25/02/2021 - 15:31

    Up is down to 0.7 from March.

  • xdigger on 25/02/2021 - 16:31

    I posted on the High-Interest No Fees Savings Account: 1.35% pa for 4 Months post on 17/2/21 that "They might just drop their standard rate if there's a sudden influx of signups. You read it here first." and got downvoted to oblivion! And look what happened to Macquarie savers rates today. Sheesh fellas :/

    https://www.ozbargain.com.au/node/605085?page=1#comment-1010…

  • lawyerz on 25/02/2021 - 17:56

    argh i just moved everything over to macquarie >=(

    86 400 i guess. I just wish Up could match 1.2% at 86 400, but I just saw they're going down to 0.7% from March 1st… I also prefer having the option of online web banking and not just the app :(

    https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…

    That leaves… Mystate super bonus… i'll just stick with 86 400 i guess, for now, until they change it..

    • CyberMurning on 25/02/2021 - 18:35

      you have another 4 months with 1.35%, right?
      so just sit back and relax, lots things can happen in 4 months

      • lawyerz on 25/02/2021 - 18:36

        Nah I'm an existing Macquarie member with 1.2% interest. I've had the account for longer and don't qualify for the bonus interest as I'm not a new customer, originally set up for their discounted gift cards.

    • avoidfullprice on 25/02/2021 - 21:35

      I just wish Up could match 1.2% at 86 400, but I just saw they're going down to 0.7% from March 1st…

      Haven't come across that news, but if that's the case 86400 will probably drop as well, along with uBank

  • yoyo6 on 25/02/2021 - 20:27

    website already showing a welcome rate of 1.1%

    • CyberMurning on 25/02/2021 - 20:41

      crazy….
      lucky i openned mine like 2 hours ago and when i go to dashboard i can see 1.35%

  • yoyo6 on 25/02/2021 - 21:23

    I tried to apply and it gave me a confirmation number but haven't received any email. Has anyone else applied tonight?

  • tulip99 on 26/02/2021 - 09:41

    MyState is paying 1.20% with a monthly min deposit of $20. I can't remember getting an email from MyState saying they've dropped the rate so hopefully they haven't.

    • abc on 28/02/2021 - 21:28

      They were on par with ING until recently 1.35%

  • kstockk on 27/02/2021 - 13:52

    Up bank is also reducing their rates next month to 0.70% from 1.10%

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