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
Never, ever open an account with Macquarie. They closed my account for no reason and I had to go through this unbelievably difficult process to get my money back. Still haven't got it back yet. The bank is fraudulent and their customer service is comically incompetent, and skating on thin ice with hundreds of thousands of complaints to the financial services ombudsman. NEVER bank with Macquarie. Worst financial institution in Australia by far, immoral and criminal.
It was the Financial Ombudsman Service.
It has been the Australian Financial Complaints Authority since 2018.
In 2021-22, 72,358 complaints were received, not all of which were complaints about Macquarie Group (I assume).
No
no hoops from what I can see?
macq authenticator?
Thanks man, just deposited my 250k with them, 20% in this market seems to good to be true
first time i hear about that .. say more
I would suggest for people to hold off opening a savings account… interest rate will continue to go up for a few more months.
If you are bank hopping for the best rate and transfer from bank to bank all the time and your balance is over the $10k, wouldnt the bank need to report your transaction to AUSTRAC? While this is legitimate funds, your name will keep popping up on their reports? Or does this not apply to digital transfers but cash only, I can’t remember.
I have been doing this for years for amounts over $100k and have had no issues other than from pesky Citi doing their KYC twice. Maybe AUSTRAC has methods to identify genuine customers.
I shrugged this deal off a few weeks ago since I’m normally not the type to move banks much but bit the bullet and opened an account today.
Normally keep all my cash with UBank but the extra money I can earn in this account (also since UBank increases their rate at the start of each month) isn’t anything to sneeze at so opened an account.
The gift card perk is pretty neat too.
Whats the gift card?
You can buy discounted gift cards through Macquarie Bank, I think using your transaction account.
@Ghost47
https://www.macquarie.com.au/digital-banking/marketplace.htm…
You can see the gift cards & discounts here (no login needed), Amazon at 3%, woolies 4%, Coles 3% etc
Nice, I had to dip into my ING savings this month, so just transferred out the balance to Mac bank to maintain my interest earnings without the increase hoop. Was fairly easy!
i am wondering how many OZB did not have MQ account yet.
there must be some like me, just with Ubank waiting for right time to take maximum advantage of MQ 4 month offer.
I’m ready to open the account with Macq Bank (Good bye CommBank). Do I get a debit card and BPAY? Are there withdrawals limits for example Gold Saver account on CommBank if I withdraw a $1 I don’t get any interest.
yes you'll receive a debit card
there's no hoops to jump through, so you can withdraw any time
Thank you so much. Opening the account tomorrow
Still needs to open a transaction account in order to get this deal with new savers account.
Hi all I just opened Macquarie bank transaction account. I can’t seem to open a savings account. It says I’m not eligible to open savings account. I could transfer $10 from commbank to macq bank instantly.
Is there a cooling off period to open savings account?
Hi All opened savings account but my Commbank to Macq bank is still pending. What’s going on? $10 transfer happened very quick but not $1000 or more.
Might sound like a stupid question…when transfer from another bank into Macquarie Bank, can I transfer straight into the savings account? or does it need to go thru transaction account first, then transfer from transaction to savings?
You can transfer straight into savings
thanks!
Direct in and out of Saving Account - no need thru transaction account.
Great that also answers my question. I have been transferring to transactions account first and then to savings account. Silly me.
Can someone confirm if bank ATM cash withdrawals are free in Australia?
Also how can someone transfer over 20k limits in CBA BSB transfer is 20k per day.
I keep getting emails from macquarie reminding me that the transaction account attracts a high interest rate. Do I need to have money in the transaction account in order get get the 4.25%. I must have received 3 emails already.
The 4.25% bonus rate is applied to your Savings Account (for the first four months) and shouldn't be affected by the balance in your linked Transaction Account.
Your post implies that you're not holding any money in the Transaction Account. So I'm thinking the emails are likely just an automatic response to the fact it's at zero balance.
It's probably unusual for an Account to have a zero balance and they are encouraging you to put some money into their Bank by pointing out it attracts a high interest rate (which is true in this case - 3.2% base/standard variable rate (increasing to 3.45% on 16 Nov) is way better than most).
For comparison:- https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…
or:- https://mozo.com.au/savings-accounts/search/results
Try depositing $10 into your Transaction Account - should stop the 'encouraging' emails
https://www.savings.com.au/news/rba-savers-december-2022
The base rate of Macquarie Bank's savings account will lift to 3.70% p.a., while the welcome rate for new customers will remain at 4.25% for the first four-months up to balances of $250,000.
The site is showing 4.50% now
suck that this didn't increase for December!!
I clicked through today and am seeing 4.50% welcome rate :)
link?
the link in the OP? thats what "clicked through today" meant
Would be impossible now a day to find a bank that not offer to apply online for simple saving/transaction account.