Macquarie to increase it's rate to 4.25% interest on balances up to $250,000 for the first 4 months, before reverting to a rate of 3.45% p.a.
Minimal hoops, no age restrictions like Bank of Queensland's offering and a higher balance also.
Comes into effect from November 3, 2022.
Read more: https://www.macquarie.com.au/help/personal/home-loans/manage…
Previous deal post: https://www.ozbargain.com.au/node/728455
Pretty sure old rate
well, will existing loan customer rate stay the same too?
As a previous account holder, I can assure you that the old rate will remain.
I did not stay for the 4 month bonus period, as it fell well below competitors current ongoing rates.
I can only speculate that they hope you will not compare rates with other banks and not move away.
It seems like a waste of an opportunity for them, as they got me to open and account and transfer funds to them, only to leave a few months later.
Macquarie itself is pretty good though. Easy access to gift cards.
Yeah, am thinking of starting second* savings account with Maq instead of Ubank to get the gift cards, which I know I will buy..
*I'm not a customer with either of these two (long term ING victim here, need to start again).
@nismo: This is what I've done now. Ubank + Maq.
Maq app / website is the best.
Never touching ING again after they (profanity) me with bonus interest during stage 4 lockdown in vic.
@idonotknowwhy: Were you the guy that missed the 5 transactions because you specifically chose not to use the ING debit card for your online shopping?
@idonotknowwhy: I dont have any issues with ing or the hoops. But I need another bank for different reasons.
can i become a new customer, after closing my current account, then open up a new one after a month or two ??
They usually have a significant time requirement eg. Rabodirect is 3 years.
Apparently not. They seem to keep your customer details for a couple years at least
I have no idea why people upvote Macquarie.
ING got hoops, but its not change banks every month to get the max rate hoops. Besides, how many times can you be a "new" customer?
If you don't want the hoops then uBank. Hoops then ING.
So what's the problem with Macquarie??
This 4.25 is an intro fixed rates for 4 month, and will not rise with subsequent fed rate rises. The ongoing rate is just 3.45. ING's 4.05 which will soon rise and uBank's 3.85 are their standard rates and will be rising each month as the rates continues to climb.
So the high 4.25 is only really competitive for a month, requiring you to jump around banks, opening new accounts, to hunt for the next intro rate, and eventually you will run out of banks and intro rates.
So you might as well use ING because its hoop of 5 transactions, 1k deposit, and grow balance will be far easier. Or if you don't like the hoops, just go with uBank's slightly lower rate. Hell, even ANZ's completely hoopless account is at 3.5 and higher than Macquire's base rate of 3.45.
@Going Broke: Many of us don't have more thank 100k so that's not an issue :)
Much rather the ING hoops than Macquarie, which will only be competitive for 1 month, if that.
ING will no doubt announce their increase any day now, based on their previous rate rises after the RBA announcement.
@dyziplen: Some people have no mortgage, heaps of shares, investment properties and need a cash safety net.
@dyziplen: You can't deposit directly into the high interest savings account with ANZ Plus, it's two steps, ANZ Plus everyday account, then ANZ Plus savings and the same in reverse to withdraw. Macquarie Bank are currently paying the same high interest on both their everyday and their savings account so no need for the two-step process. Just something to consider.
Can one be a "new" customer one time only in their entire life?
See my answer above.
This or ubank?
If you have enough funds for the additional interest that Macquarie will give you to be worthwhile, then open an account with Macquarie for 4 months.
After 4 months (or when the static Macquarie interest gets overtaken by other banks, which is likely to be within 4 months), then open an account with UBank, and transfer the funds.
enough funds for the additional interest
how much is enough?
I have my funds in Ubank but my strategy is to jump to MacBank once rate rises stop and enjoy wtever the high rate for 4 months and then move to whoever is best at the time lol
In the unlikely case that interest rates stay where they are, you can make an additional $333.33 over three months (slightly higher since UBanks new rate doesn't kick in until December) if you have $250,000 to deposit for 4 months. The thing is that interest rates will almost certainly rise multiple times and there's a good chance that, at the end of that four months UBank's regular rate will be higher than the teaser rate.
The tactic for maximising your earnings and actually getting the full $333.33 would be to put your money in a UBank account and wait until it's clear that the RBA are done with the rate raises. Then at the start of the next month sign up for that Macquarie account and get that sweet 4 month teaser rate and use it as a down-payment on a stick of gum or something.
As a Macquarie Group Shareholder, I can recommend this over Ubank without any bias.
You are not the only one! Does our Scott own HN shares?
Why do you hold Macquarie over other banks?
Are these guys covered under the 250k gov guarantee?
I’d say wait till after December’s rate hike, Macquarie bank sure will have another 4 months promo.
I assume after December the next change in interest rates will be in March 2023.
Interesting theory, and it will be interesting to see what happens.
Historically, does the RBA leave things alone for a few months after Christmas?
I wonder if there is any pressure on the RBA to not increase rates early in the new year.
They don’t meet in January anyway.
If "sleepy Joe" tells them they will!
@Yola: Did you hack their phone? QLD govt has held Sunday sessions to do totall illegal things such as introducing illegal drip charges to rideshare drivers!
(Illegal by fed govt) Question is: Who has priority?
Considering their recent moves, what the RBA has done historically seems irrelevant.
Not sure what is a good time to make the move. I am with ubank.
Move now and move again when better offer comes along, otherwise you will forever wonder.
Probably Feb will be the next hike after Dec.. No RBA meeting in Jan.
Terrible. No loyalty for existing customers.
Pretty annoying how every rate rise this is reposted as a new deal as well
It’s funny that you saw the post, for a rate rise, entered the forum then proceeded to post your dissatisfaction. As opposed to, you know, scrolling past it.
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Anyone know if we can close our account and open again to be considered as new customer?
Following
is new customer just opening new saver acc?
If you are a female: fire hubby, change name and bingo!!
This is how socialism works!!
In before ING post tomorrow, and complaints about simple conditions.
but but, what are the hoops to get 4.25%?
/s
In the Macquarie thread: “how dare they treat loyal customers this way?!”
In the ING thread: “how dare they require customer loyalty?!”
Why such a steep fall after 4 months though?
Because it's a welcome rate … After four months, if interest rates continue to rise, the standard rate will probably be this rate.
Can someone please enlighten me, doesn't this mean you move a bunch of money to another bank and say If you have $150K; you'd make like $500 after 4 months?
Isn't there a bit of risk involved in the process?
It is only risky if you carry a suitcase full of cash from one bank to another.
I have done exactly like that few months earlier. Move large amount of money from Ubank to Citibank. Then after 1 month, move all into MB. Then dumped all into Virgin Money after 2 months with MB.
Didn't do with the suitcase method and money still there.
Most banks move money very slow and keep the interest during this time.
Ubank is the fastest for me and deserves all the upvotes!
OSKO is instantaneous and 99% of other transfers arrive in the designation bank around 10 pm the same day if you do it before their cut-offs on a business day. Unless it is the Commonwealth which keeps the first payment for 24 hours. The Banks have a lot of issues, but this is not one of them.
Same for the business savings account or just put business TFN?
My plan is to create a account after the December rate rise is confirmed by Macquarie, that way my 4 months is more productive with no January RBA meeting.
what date for dec raise?
Can be same (or next) day as the Reserve Bank announced the new rate.
Just my luck! I just signed up last night!
Message them and ask for the better rate?
They will not budge, they have received plenty of complaints and has escalated to product but no deal. Only entitled to the rate that you signed up to.
Bummer, at least you tried
Did I miss anything as HSBC Bonus Savings Account looks more attractive by giving the same 4.25% p.a. Interest for months as long as you deposit $300 or more per month?
Ensure that on the last business day of the month, your balance is at least $300 higher (excluding interest) than the opening balance on the first business day of that month
Have you heard the whinging and whining about ING's requirement for it to be simply higher than previous month?
Ing also keeps pestling you with useless surveys!
Been using them for a decade plus. Not a single survey, maybe just untick the marketing spam?
HSBC is only 2.75% p.a (Base 1.25% p.a. + Monthly Bonus 1.50% p.a.)
Where do you see 4.25%?
I think you’ve misread the page, it’s 2.75% including the base rate and bonus.
Question. Let's say I am a new customer and will put in $250K tomorrow. I should get 4 months of interest at 4.25% right? Thereafter, it would revert to 3.45% right? What if their new "base" rate after 4 months is higher (or lower). Does it become variable? Or would it be fixed at 3.45%?
From my understanding it's the rate for transactional account. Not a fixed 3.45% rate
Spot on
After the expiry of your Welcome rate and on additional savings accounts, our stepped variable rates apply based on your balance
The intro rate is fixed, the ongoing rate is variable
how do u separate intro and ongoing?
after the first 4 months, you will transition onto the ongoing rate, which will change everytime macquarie changes rates.
for the first 4 months, you will get the fixed welcome rate as determined by the rate on the day you signed up, unless the ongoing rate becomes higher than your welcome rate, in which case you will transition to the variable ongoing rate.
It's new to macquarie savings account right? not new to macquaire…
As I opened an account (transaction) last month. And i'm waiting until it's the best rate then lock it in for 4 months. Rather than locking it in now and rate will go up next month again.
yes new savings account
If u create a new saving account having already got a debit acc. Do u get the intro bonus?
yes it applies to first savings account
what if already have macq saver;
can we just open another one for the updated rates?
I just opened an account today with $0 fund can I exit and rejoin?
Is it possible to open an account via online application? Or do you need to go in the branch?
you can open an account online
Beware: Their term deposits are the slowest to open with most paperwork and then default to auto renew at a bad rate!
will existing customer (registered two weeks ago) enjoy the 4.25% ? or be the old 4% rate?