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Everyday Transaction Account 1.75% p.a. Interest on Balance up to $250,000 @ Macquarie Bank

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Everyday Transaction Account 1.75% p.a. Interest on Balance up to $250,000 @ Macquarie Bank
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Commonwealth Pig on 14/07/2022 - 15:28 macquarie.com.au (176 clicks)
Last edited 14/07/2022 - 15:30 by 1 other user

Macquarie have just upped the interest rate on their transaction account to 1.75% (for balances up to $250,000)

From the email:

Exciting news! We’re pleased to let you know that your Macquarie Transaction and Savings Accounts interest rates are increasing.

This means that from today, Thursday 14 July 2022, you’re earning an increased ongoing variable rate of up to 1.75% p.a. on your transaction and savings accounts.

You don’t need to do anything to access this great rate – it will be automatically applied to your accounts.

We hope you enjoy this boost to your savings.

Previous deal post

Financial Bank Account Transaction Account

Related Stores

Macquarie Bank
Macquarie Bank

closed Comments

  • CyberMurning on 14/07/2022 - 15:33
    +13

    Where is the bargain?

    Lets post interest rate from every bank in Australia

    • twistedbow on 14/07/2022 - 15:46
      +11

      this is for transaction account, not TD. I'm with CBA and my transaction account has 0% interest so I am signing up for this.

      • krisspy on 14/07/2022 - 15:56
        +4

        What's the difference between a transaction account and a basic savings account? Other banks are hovering around 2-2.3% savings acc

      • cumova on 14/07/2022 - 16:01
        +4

        Much better to leave $1000 in your transaction account and sign up to another bank like ubank and get 2.35% and keep the rest of your savings there. You will make much more.
        I don't like what Macquarie have done here. I'm sure they will eventually change it as its been reported they need more deposits.

        • PhilToinby on 14/07/2022 - 16:19
          +3

          I used to do this. Then I got married and had kids, and now I need to leave a lot more money in my transaction account!

      • dyziplen on 14/07/2022 - 16:09
        +2

        I'm with CBA

        Ah, there is your problem right there.

        ING is 2.6, uBank is 1.85 and going 2.35, AMP is 2.10

        • twistedbow on 14/07/2022 - 16:16

          haha yea, just had 'light bulb' moment

        • PhilToinby on 14/07/2022 - 17:28
          +9

          ING make you jump through a few hoops to get 2.6%. Get 1 thing wrong and they pay you 0.05% on their savings maximiser. This only need to happen once or twice a year and you may as well have the Macquarie account and not worry about growing your balance, making the right number of transactions, etc

          • TrafalgarSean on 14/07/2022 - 18:11
            +2

            @PhilToinby: So sounds like Ubank is the better option going forward.

            • WookieMonster on 14/07/2022 - 18:50

              @TrafalgarSean: I guess it depends on how disciplined you are and whether you think you can grow your savings account balance each month.

              In order to receive the bonus interest rate for the next calendar month, ING requires you to do each month:

              • Deposit at least $1,000 from an external (non-ING) account, and

              • Make 5 or more settled (not pending) transactions with your ING debit card, and

              • Grow your savings account balance (and any interest you earn on your account does not count towards this).

              On the other hand, in order to receive the bonus interest rate for the current calendar month with Ubank, you only need to:

              • Deposit at least $200 from an external (non-Ubank) account.

              Both ING and Ubank are running refer-a-friend programs, so make sure to use the OzBargain referral system if you don’t already know someone with a referral code!

              • TrafalgarSean on 14/07/2022 - 18:54

                @WookieMonster: Wow yeah UBank seems the way to go then as I can easily dump cash in, and then push $200 across from an alternate account to accomplish it.

                Who is AMP that is mentioned?

                • WookieMonster on 14/07/2022 - 19:22
                  +1

                  @TrafalgarSean: This company.

                  You may want to read the comments in that deal to get a sense of why I would never want to bank with AMP… and also look into news of AMP’s (prior) bad practices that were brought up during the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry a few years ago (e.g. charging fees to dead customers).

              • rocky7st on 14/07/2022 - 22:31
                +1

                @WookieMonster: For the grow the savings, if you have 2 accounts you can just switch between the two so you can always have one that has next to no balance at the start of each month. But still a hoop to jump through

              • dyziplen on 15/07/2022 - 10:37

                @WookieMonster: The 1k and 5 transactions are easy and given if you actually use the account. You also get ATM fee rebates (x5) for here and overseas,

                They give you an exact amount that you need to exceed by at end of month for the grow your savings balance, so you just need to shuffle money around a bit to ensure you meet that requirement.

                Sure, there are hoops to jump though, but we are at a place where people will get new phone numbers and what not for a quick freebie, it ain't exactly a tough ask to meet the criterias.

  • silenthillrocks on 14/07/2022 - 15:53
    +10

    So they keep the other 0.25% to themselves

  • Save Medicare on 14/07/2022 - 15:55
    +3

    At this point I'm not sure why Macquarie has a savings account, or why I have one.

    • ilovefullprice on 14/07/2022 - 15:58
      +1

      For the rich who has a dedicated relationship manager at mac bank.

  • GaryG on 14/07/2022 - 15:56

    Sounds okay for an account that doesn't require you to make regular deposits, etc.

    A question for someone who already has one - how easy is it to transfer from/to this account and an NAB account?

    • stockastics on 14/07/2022 - 15:58

      It's instant

      • GaryG on 14/07/2022 - 16:07

        Thanks

    • me1stt on 14/07/2022 - 15:58
      +3

      https://www.ozbargain.com.au/node/710960

      2% from tomorrow. No deposit is required.

      • silenthillrocks on 14/07/2022 - 16:04
        +5

        Half finished app though

      • stockastics on 14/07/2022 - 16:04
        +4

        $5k pay anyone limit.. ANZ crap at everything

        • twistedbow on 14/07/2022 - 16:31
          +2

          I saw MCQ is also $5k but goes up to $100k if you register MCQ 2FA app.

      • GaryG on 14/07/2022 - 16:06

        So aside from the same question - how easy is it to transfer? Is the ANZ account two separate balances? ANZ Save and ANZ Plus?

        • stockastics on 14/07/2022 - 16:08

          Yes. You only get 2% at ANZ save.. transferring money out would be painful if you have a decent chunk of money

          • GaryG on 14/07/2022 - 16:10
            +1

            @stockastics: Shame, only worth it when it is simple to set up and use. Sounds like the Macquarie one for now.

            • stockastics on 14/07/2022 - 16:24
              +1

              @GaryG: Yes. Mac has the best app.. and you get access to the market place for discounted gift cards

              • GaryG on 14/07/2022 - 16:38

                @stockastics: Thanks. Yes, I saw that though I have a few better alternatives on the gift card front. :D

                • stockastics on 14/07/2022 - 17:32

                  @GaryG: Where are you buying your gift cards from?

                  • GaryG on 14/07/2022 - 17:39

                    @stockastics: Through Seniors Card benefits. Appreciate that's not accessible to all but has some good discounts if you can.

  • BBF on 14/07/2022 - 17:43
    +1

    Lame interest rate. If it was above 2.1% I would pause to look.

    So many online accounts way better than this.

    Edit: Citibank & 86400 come to mind.

    • PhilToinby on 14/07/2022 - 20:07

      It's not a lame interest rate for a transaction account. It probably will be next month though!

      Also, Citibank and 86400 are both now owned by NAB, so you might get a better rate going direct to the source (though you'd probably have to talk to someone)

      • BBF on 14/07/2022 - 21:17

        I'd say 10-35 bps lower than two common accounts from competitors is lame.

        • PhilToinby on 16/07/2022 - 07:49
          -1

          UBank don't offer a transaction account that pays interest. They only pay interest on Savings accounts. It does look like you can do bpay from their savings accounts, so they are LIKE a transaction account, but not that same, unless you get one of their SPEND ACCPUNTS.

  • Ryk on 14/07/2022 - 20:24

    ubank 2.35%

  • nickm on 14/07/2022 - 20:26
    +1

    2% with ANZPlus, no deposit minimum or monthly deposit requirements

  • plasmog on 14/07/2022 - 22:17
    -4

    Stupid and lame compared to ING, I would give 20 downvotes if I could

    • ak47wong on 14/07/2022 - 23:41
      +1

      But you didn't even give one?

    • PhilToinby on 16/07/2022 - 07:55
      -1

      I think you missed the point, this is a transaction account, not a savings account. I also earn more interest than this in my AMP account (from next month). Yes, if you don't spend money, then please use ING or UBank, or whoever offers the best rate.

      I tend to keep about $5k in a transaction account to cover random direct debits - various insurances, credit cards, electricity, water, ATM withdrawals, etc. As much of a pain as it is to switch accounts, this would probably give me an extra $100/year. It also looks like they don't charge international conversion fees which is better than my credit card…

  • tdw on 15/07/2022 - 18:39
    -1

    weak effort by macquarie.
    then again, they're also the same bank who took nearly a whole month to contact me about some "suspicious transactions."

  • sunyuanxin on 21/07/2022 - 08:39

    In order to get 1.75% interest, should the total balance (two accounts)not exceed $250,000, or the balance of each Transaction Account and Saving Account can be $250,000?

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