The Reserve Bank has increased their cash rate yet again.
With no news from the Big 4 banks regarding their interest rate hikes (which is never worth the thought anyways), Macquarie Bank has stepped in and announced that they will increase their Savings account welcome rate for new customers by 1.10 percentage points, to a total of 3.10% for the first four months on balances up to $250,000. This change will be effective from 3 August 2022.
I am not sure still. I did call them to ask and they said that it is for ALL new savings account can get bonus interest. So my friend tried to close her savings account and reopen a new one to get the higher rate and there is a warning on the bottom before you close the account stating "the bonus interest wont apply if you open a new Macq savings account in the future". Sounds like call centre does not know the T&C??
@bargaingalor3
Thanks for update.
I understand that Macquarie Transaction account has:
up to 1.75% interest earned,
Free ATM transaction within Australia, and
Free ATM overseas. (I guess ATM purchase transaction, not sure including cash withdrawal from ATM?)
Is there a way to link other Aust bank account to Mac saving/transaction accounts for easy and faster transfer of funds?
They also reimburse transaction fees if you use another bank’s ATM
Is there a way to link other Aust bank account to Mac saving/transaction accounts for easy and faster transfer
First transfer may be a 24 hour hold if it’s a substantial figure, after that you’ll get Osko speeds so just save the account details in your main account’s address book or whatever your bank calls it and it’ll be nice and convenient.
My first transfer of $1000 was almost instant. Second transfer from same account was flagged for a 24hr hold but all transfers following will be Osko speed
Thanks for your advice.
I added my bank details as payee with BSB & Account number in both banks, so apart from the first transfer which will probably take a while to clear, the rest hopefully should be fast.
I asked them and he said no ATM fees charged by Macquarie overseas either as cash withdrawal or purchase, apart from any operator fees. The rate is as per Mastercard rate, which should be good. I am very happy with this bank offers already.
Interest increases to 2.25% from August 12
https://www.macquarie.com.au/help/personal/home-loans/managi…
Yeah I’m stuck on the rate from 2 months ago and got told bad luck
For any finance savvy people out there.
Q. Let's say I have x amount of savings ($50,000). What is the downside of moving my savings around as different banks offer these incentives?
Can I transfer into this offer, then after 4months move it to another offer, then another, or are there fees for moving around? Bad rep as a customer?
Sorry if basic question, when I'm lost I come to OB for directions.
There is no downside. No such thing as a bad rep in this. The only issues IMO
takes time
need to keep records
need to learn different conditions when swapping to a new account
Try to transfer funds in the morning to the new account so as not to lose a day of interest.
Good info here
https://forums.whirlpool.net.au/thread/360w8x43?p=456
https://forums.whirlpool.net.au/thread/3rp6x8v3?p=14
Thanks cheers for the advice. Looks like my NAB Saver is pretty terrible.
NAB Reward Saver*, ### 1.25% across the board.
Variable base rateVariable bonus rateTotal interest rate$1 - $49,9990.10% p.a.1.15% p.a.1.25% p.a.$50,000 - $249,9990.10% p.a.1.15% p.a.1.25% p.a.$250,000 - $999,9990.10% p.a.1.15% p.a.1.25% p.a.$1,000,000 plus0.10% p.a.1.15% p.a.1.25% p.a
Yes the big 4 have traditionally been bad except that ANZ has recently introduced a competitive rate.
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How do you guys churn for perpetual intro rates? i've had my Macquarie savings account since 2017 so I assume I won't be eligible, but would I be able to create a new one?
Not according to the T&C, you will get the new 2.25% rate soon tho.
Citi has a loophole where you get the intro rate as long as you open a new account. It's variable too so with the rates going up now it does also unlike the Macquarie one. Of course now its been taken over by NAB things may change.
Is Ubank doing ok?
https://mg.co.za/business/2022-05-16-ubank-placed-under-cura…
Not sure I'm keen to put my life savings into them.
Funny but do not scare people like this.
I don't understand? I legit no nothing about finance. Curatorship isn't good though, right?
I might lean into Macquarie instead.
Did you link an article from South Africa?
@ilikedeals: Yes, I just googled and came across it.
Might be a non issue in the end, but doesn't sound good.
@Junk Sifter: Oh..lol. I didn't realise there were two.. haha I thought it was odd NAB was investing in SA.
Does anyone know how Macquarie defines "new customer"?
Pretty sure I opened an account with them 3 years ago, and closed it 2+ years ago. Would I be eligible for this 4-month special rate?
From their FAQ:
Where you haven’t held a Macquarie Savings Account before, the welcome variable rate applies for four months from account opening, up to $250,000.
No mention of any timeframe?
Logic says should be ok if closed +2 yrs, but you can also call them and confirm, otherwise if you open an account and go to account info in the app / website it will tell you the applicable interest rate and then you can transfer $$ if happy.
Is a SMSF allowe to open this account?
Can anyone tell me how to get the bonus rate for first 4months. I created an account but can't see any reference to it on thoer site.
did you click on OP link?
If you opened transaction account, then need to open saving account. If you go to saving account details in the app, it will show the current 3.1% interest rate.
Ah sweet, need to wait for first account to be opened still says pending.
Does anyone know if I should tell them my TFN?
Yes, unless you’re happy to claw back the tax you paid on it when you file your tax return
@kerfuffle: Oh right, I thought they could on tax me once the bank has the TFN. And that the risk is I could be fined for not declaring interested earned.
But you're saying it's the opposite. Gov will tax me anyway, and the bank having my TFN make it more accurate, and potentially not be over taxed?
Appreciate your help
@kerfuffle: "We match this information with the amounts people report in their tax returns to ensure that all income is being declared. If we find a discrepancy, we do adjust tax returns and penalties can apply".
Bugger, better play ball.
@bargaingalor3
Any news about waiting periods etc…?