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Transaction/Savings Accounts 2.25% p.a. Interest up to $250,000 @ Macquarie Bank

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Transaction/Savings Accounts 2.25% p.a. Interest up to $250,000 @ Macquarie Bank
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Techie4066 on 12/08/2022 - 17:21 macquarie.com.au (1266 clicks)
Last edited 11/09/2022 - 23:45 by 1 other user

Zero hoops. Welcome rate of 3.1% on savings account for 4 months still applies.

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, Friday 12 August 2022, you’re earning an increased ongoing variable rate of up to 2.25% 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.

Financial Bank Account Savings Account Transaction Account

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Macquarie Bank
Macquarie Bank

closed Comments

  • Weshouldgetsushi on 12/08/2022 - 17:23
    +1

    About time deposit rates increased.
    Wish CBA, Westpac etc would do the same.

    • Techie4066 on 12/08/2022 - 17:24
      +1

      Yeah, took a few days :P
      I opened a ubank account while waiting.
      You don't even need a term deposit the way these rates are jumping up.

      • Dslrfirst on 13/08/2022 - 09:54

        La Trobe Term Deposit is currently 4.7% pa for 12 months & 250 QFF points/$1000 deposited.

        • ilikedeals on 13/08/2022 - 10:00
          +6

          La Trobe isn’t a regular term deposit.

          “Credit Fund investment is not a bank deposit & investors risk losing their principal investment”

          • Dslrfirst on 15/08/2022 - 09:58

            @ilikedeals: Backed by mortgages only a very very slight risk for 4.7%pa.

    • twistedbow on 12/08/2022 - 18:30
      +21

      CBA? screw those basturds lol

      • dreamstation on 12/08/2022 - 19:16

        NINE POINT SIX BILLION DOLLARS!

        Insane.

    • Zilch on 12/08/2022 - 22:12
      +3

      Change banks bro, otherwise they'll never learn

  • Techie4066 on 12/08/2022 - 17:23
    +1

    And for existing customers:

    Please note, if the welcome rate on your Macquarie Savings Account is less than the new ongoing variable interest rate of 2.25% p.a., you’ll earn 2.25% p.a. from 12 August 2022 on balances between $0-$250,000. If your welcome rate is equal to or exceeds the new ongoing variable rate, your welcome rate will remain the same for the remainder of your welcome period.

    • HamBoi69 on 12/08/2022 - 19:36
      +2

      Yeah but,

      $200+ Per Month Deposit Required

      • fenric on 12/08/2022 - 19:45
        +6

        If you have a separate account. You can setup a monthly transfer $200 into ubank then $200 out of Ubank back to the first account. Do them on the same day and both accounts will just stay the same balance with minimal effort. Box ticked.

        • Zilch on 12/08/2022 - 22:12

          Wouldn't bank transfers he excluded?

          • fenric on 12/08/2022 - 22:24
            +1

            @Zilch: Nope. Same way you would get paid into the account. Any type of deposit will do. I do this on a Ubank and another account and they both register it.
            Don't know why you were negged for asking a question :/

      • victorheaven on 12/08/2022 - 19:55

        Easy enough for an extra 26.6% interest income

  • DustyAfternoon on 12/08/2022 - 18:15
    +1

    Not bad for zero hoops and up to 250k.

    For comparison, ING can do 3.1% interest for up to 100k, with hoops of a monthly deposit of $1k, and 5 transaction.

    • ginmi on 13/08/2022 - 08:49
      +1

      And a balance higher than the previous month (after interest is paid).
      That's a BIG and very sneaky hoop

      • Scozza on 13/08/2022 - 08:54
        -3

        It’s really not a big hoop at all…

        • ginmi on 13/08/2022 - 08:56

          Depends on your usage pattern.

          Personally, it works for me but may not for others

      • MagpieSilver on 13/08/2022 - 10:20
        +2

        It's a big sneaky hoop, so only works if you're setting and forgetting. Simplest solution (if you're lucky enough to max it and not want to lose interest on any amount over $100k) is to set up the 'round up' savings feature (which rounds up change on a transaction and moves to savings). Then, just do 5 transactions a month (make sure they aren't at rounded up prices - eg: $2) and you'll meet criteria, grow your savings balance, and not lose too much interest on the surplus.

  • dresden on 12/08/2022 - 18:15
    +2

    i got an email last week or so that ubank is going to 2.85% with deposit of at least $200 per month.

    • kerfuffle on 12/08/2022 - 18:27
      +3

      That doesn't start until September 1

      • ripoffmerchant on 12/08/2022 - 22:46
        +5

        Ubanks interest rate for the current month is 2.35% which is still better than this deal

  • jadamd on 12/08/2022 - 18:23
    +2

    Annoying that even though I’m still in my welcome 4 months that I only get 2.25% instead of the bump. If only I waited 2 more months

  • KRiSX on 12/08/2022 - 18:45
    +5

    So… Worse than ubank? OK 🤷

    • HamBoi69 on 12/08/2022 - 19:36
      +3

      Yeah but,

      $200+ Per Month Deposit Required

      • KRiSX on 13/08/2022 - 08:05

        Because that's a big deal how exactly? My wife and I simply get paid direct into our joint savings. Done.

        I even do all our direct debits from it. That way I'm saving more and earning more interest rather than transferring money into a savings account. We manually transfer funds over to a spending account when we need to use our cards and try to keep a certain level of funds in the joint spending account (something that will be easier with an upcoming update).

    • noz on 13/08/2022 - 00:41
      +2

      Another downside of UBank in my opinion is that newer customers now must use a smartphone app. There is no PC-based access anymore. Happy to be corrected if wrong, but I believe this is now the case. Sure, many people prefer to use an app, but many prefer using a PC.
      (Longer-standing customers can still use a PC, but unsure how long that will stay for).

      • machej on 13/08/2022 - 02:00
        +1

        I think this is temporarily the case till they merge Ubank fully after the 86400 acquisition. Supposedly happening in the next month or two.

        • noz on 13/08/2022 - 08:35

          Are you saying that once the merge is complete, all customers will be able to use the PC for banking .. or instead that the long term customers will no longer be able to use the PC at all?

          • ginmi on 13/08/2022 - 08:52
            +2

            @noz: Everyone will have access to internet banking via desktop. Both new and existing customers.

            Ubank is moving everyone to the new shiny tech stack they got through the 86400 acquisition and the legacy core banking platform Ubank had will be retired.

            Existing customers on the legacy platform will be moved across and also receive new debit cards with the rebranded Ubank logo and colours (which were the ones previously used by 86400)

            • noz on 13/08/2022 - 10:17

              @ginmi: Thanks for the clarification..!

            • Yola on 13/08/2022 - 16:31

              @ginmi: Yes, I am a customer of the old UBank and 86400 and shortly after amalgamation I was able to use 86400 on internet banking and use OSKO. Whereas with UBank you can only have fast transfer on the App and no Osko. The :ubank internet banking is very nice.

            • bargainsteve on 13/08/2022 - 19:54

              @ginmi: So how come NAB has two separate branding? I've been with NAB for many years but considering if I should move to ubank.

              • ginmi on 14/08/2022 - 07:13

                @bargainsteve: It's a very common strategy that allows them to capture more market share overall.

                Lots of banks do it:

                1. Westpac has st. George and bank of Melbourne

                2. CBA has BankWest

                3. BoQ has ME Bank and Virgin Money

                4. Bendigo has Up

                5. NAB now also owns Citi's banking business

                6. ANZ is in the process of buying Suncorp 's banking business

                • miwahni on 14/08/2022 - 15:20
                  +1

                  @ginmi: Westpac also has BankSA and RAMS (the non franchised offices)

      • bbking18 on 13/08/2022 - 02:21
        +1

        Until September.

      • KRiSX on 13/08/2022 - 08:01
        +1

        Initially I didn't have access to the Web based banking but by the time I got my cards it was activated. So while initially your statement is true (and the app is awesome), you get it all within a week or 2.

        • bargainsteve on 14/08/2022 - 15:50

          I agree that ubank is awesome. Literally opened an account, transferred some money, and see the balance live in 10 minutes (faster if you're not triple checking stuff like me)
          I was shocked by how my ancient account was still stuck at 0.01% interest (one of the big 4 under an old scheme; they really should've automatically move customers to the latest schemes, but ey, why do that when they can catch those who never checks their account details) and quickly did this to capitalise on the interest rise.

    • fatal3rror on 14/08/2022 - 21:06

      You have to be an Australian citizen or PR for ubank. Not sure why as other banks (including Macquarie here) dont have this requirement.

  • nonpop on 12/08/2022 - 18:47
    +5

    If you have 500k you could consider splitting it across a transaction and a savings account.

    Both are regarded as separate products and qualify for the 250k threshold (confirmed with MQG call centre).

    Govt guarantee would only be for the first 250k though (but needing to invoke that means a world of pain had happened).

    • stevenmo on 12/08/2022 - 23:37
      +3

      wish i had this problem lol maybe in the future

  • FujiFruit on 12/08/2022 - 19:39
    -3

    Not worth it, ing is 3.1%

    • kerfuffle on 12/08/2022 - 19:44
      +9

      Did you read the first two words?

      Zero hoops.

      Unlike ING.

    • izkai67 on 14/08/2022 - 10:13
      +2

      if you withdraw your money for urgent stuff at the end of month, you'd get nothing with ING, unless you quickly make higher amount of deposit, which we may not be able to do, the requirement to have a balance higher at the end of month compare to previous month will catch some people, if not now it'd be later. thats why i don't like ING approach, it's designed to set you up for failure.

  • angelsun on 12/08/2022 - 19:55
    +6

    ANZ Plus is 2.5% up to 250k no hoops

    • Techie4066 on 12/08/2022 - 20:01
      +2

      Yep. But ANZ :/
      Macquarie has a few advantages like web banking, no international ATM charges (besides operator), no foreign exchange fee, "Platinum benefits" and Macquarie Marketplace. Also 3.1% interest on savings first 4 months.

    • Yola on 13/08/2022 - 16:35

      It has been reported that the daily withdrawal is max $5k per day and no way to increase it. That is very poor in these times of changing rates when you want to be able to move funds quickly.

      • reactor-au on 22/08/2022 - 11:50

        ANZ or Macquire? Source?

  • dorikin on 12/08/2022 - 20:23
    +2

    There use to be a way to sign up for an additional savings account and receive the bonus intro rate. Anyone know if they closed that loophole?

  • chyawala on 12/08/2022 - 21:08

    Does the Platinum transaction account support paying by card and selecting savings?

    • kerfuffle on 12/08/2022 - 21:10
      +1

      Why do you want to use savings apart from at Aldi?

      • chyawala on 12/08/2022 - 21:13
        +1

        Precisely, at ALDI to avoid the surcharge, and small business so as to not jack them. It's not possible with this card is it? Businesses and consumers get jacked when savings gets declined.

        • kerfuffle on 12/08/2022 - 21:15
          +1

          It has no EFTPOS facility so no you can't use savings.

    • eggboi on 12/08/2022 - 23:02

      No idea but why would you, when you can tap your phone and have all the benefits of cc transactions? Ability to chargeback etc.

      • chyawala on 13/08/2022 - 07:25
        +1

        That merchant fee is ultimately paid by you the consumer, and the business. So can't really mention it as though there's a free perk of default ability for chargeback. When there's a surcharge there's no way to avoid it.

    • ginmi on 13/08/2022 - 08:55
      +1

      No. Macquarie has no EFTPOS access. All transactions are processed as 'credit' on the MasterCard network

  • Drakesy on 12/08/2022 - 21:37
    +4

    Still not as good as ubank

  • t_c on 12/08/2022 - 22:41
    +4

    Remind me what is the inflation rate?

    • FOX on 13/08/2022 - 02:08
      +2

      6.1%

      • Ade99 on 13/08/2022 - 08:08
        +2

        So only going backwards by 4% in real terms……mmmmmhhhh

        • ginmi on 13/08/2022 - 10:19
          +1

          Before tax! 😉

        • Techie4066 on 13/08/2022 - 12:40

          The inflation rate is boosted by some factors like new housing which really aren't relevant to a lot of people.

          • ginmi on 14/08/2022 - 07:18

            @Techie4066: Not relevant to a lot of people? I beg the differ.

            I don't know many people that don't make either mortgage repayments or rent…

  • k3nnis on 13/08/2022 - 06:38

    Hi all. So let’s say I deposit $250k at 2.25% per year. That’s $5625 in interest earned. What’s the tax rate on that?

    • kerfuffle on 13/08/2022 - 06:44
      +8

      That would depend on how much you earn in total income …

      • k3nnis on 13/08/2022 - 07:01
        +1

        Thx. So that just adds on top of total income eg my salary.

    • SumoJuz on 15/08/2022 - 11:56

      FYI - Principal of 250K @2.25% p.a. compounded daily = $5668.58

  • thisispants on 13/08/2022 - 08:35

    I've been using AMP that's currently at 2.6% with monthly deposit of $250

  • liartellslies on 13/08/2022 - 10:06

    Juicy! Just wondering how trustworthy would be Macquarie bank compare to the big 4s lol

    • miwahni on 13/08/2022 - 12:35
      +3

      They're the fifth biggest bank in Australia in terms of home lending, and the fourth biggest ranked by market capitalisation. Not sure what metric you're applying for "trustworthy" but they're definitely solid.

      • kerfuffle on 13/08/2022 - 15:47
        +2

        Also known as the Millionaires Factory

        • miwahni on 14/08/2022 - 15:21

          Absolutely! They're known to pay really well, in addition to bonus.

  • David76 on 13/08/2022 - 10:32

    Suncorp is giving 2.4% on their Growth Saver Account

    • Techie4066 on 13/08/2022 - 12:41

      Earn bonus interest every month you grow your net balance by $200 or more (excluding interest) and make no more than one withdrawal.

  • lowgo on 13/08/2022 - 11:25
    +1

    Yields that cannot even keep up with the symptoms of inflation (higher prices). Plus empowering the banks. You are an unsecured creditor when you deposit with them, too. Not my cuppa tea. There are so many ways to make bigger returns.

    • Techie4066 on 13/08/2022 - 12:43
      +2

      There are so many ways to make bigger returns.

      Go on then. Don't leave us hanging.

      • lowgo on 13/08/2022 - 13:39
        +1

        Virtually all activities in your business and investment life can yield bigger returns than letting your funds sit in a bank with negative real returns after inflation. Hint: hard assets.

    • izkai67 on 14/08/2022 - 16:11
      +1

      I'm lost, why are you here then?

      • lowgo on 14/08/2022 - 17:31

        To implode the criminal banks.

        • Techie4066 on 14/08/2022 - 21:29

          Is your cash in tubs under your bed?

          • lowgo on 15/08/2022 - 20:32
            -1

            @Techie4066:

            Is your cash in tubs under your bed?

            Whoooosh. That's the sound of you missing the point. Better luck next time.

            • Techie4066 on 15/08/2022 - 21:19

              @lowgo: Right back at you bud. You're not going to have nothing stashed away for day to day spending and for when times get tough. This account and a couple others are great safe options. Bye for now!

              • lowgo on 16/08/2022 - 21:18
                -2

                @Techie4066:

                You're not going to have nothing stashed away for day to day spending and for when times get tough.

                Yes. The banks will help you survive tough times with these generous accounts with a negative real return (after the effects of unprecedented currency and credit creation). Save in dollars and cents!

  • radienarya on 15/08/2022 - 16:47

    Can this transaction account be used for direct debit?

    • Kyle-K on 22/08/2022 - 19:23

      Yes.

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