Macquarie have increased their introductory rate to 4.50% fixed for the first 4 months.
Savings Account 4.50% p.a. Interest for 4 Months on Deposits up to $250,000 (New Customers Only) @ Macquarie Bank
931
Related Stores
closed Comments
- 1
- 2
Jump off after 4 months! Technically bait advertising is wrong but all banks do it and show our weak leader the middle finger.
BRACE for extra bank fees due to come in as soon as they can rush it thru behind closed doors.
Why retain responding lending laws if you can collect bribes from banks?
how to get this rate as old customer?
3.70% p.a.
You don't.
They lowered the term deposit too from 3.90 to 3.80 so for if you’re a customer like me it’s time to ditch them lol. I’ll be going back to bank of Melbourne as they have 4.10 term deposit
You can’t. Once off first time only. I’m not using it as my daily anyway so I jumped over to Rabobank. The % might not be as high (I haven’t checked) but it increases when their rate does, unlike these guys.
It’s new to savings account, right? Not new customer? I have a transaction account with them (due to my shares brokerage) but never opened any savings, so should be ok?
YERRR you beauty, signing up today
Me too! :D
Actually, I am now stuck and looking to go with someone else. 2 bad experiences when trying to sign up as a brand new customer and support being rude and unhelpful - putting me on hold for 20 mins…. called back 2nd person ok but yeah, looks like I will go Ubank after all.
You may want to give another think about going to Ubank:
Just to share my undesirable experience with Ubank CS yesterday. My account was blocked from further transfer after making 2k transfer. After 40 minutes wait and all the verification checks, was told that another team needs to lift the block and would get this done within 30 mins.
After 2 hours, still no call back from Ubank. This on-going bad experience doesn't help to build the trust level and I plan to transfer all my fund out once they decide to fix the transfer block. For me the incremental interest is definitely not worth it.
As of now after 24 hours, the block is still not lifted. The wait time to talk to them is more than 2 hours now.
@F1ngolf: yeah, thanks for the warning :)
I'm kinda stuck between going Macq or Ubank or someone else. I lodged a complaint about the experience and got a reply tl:dr ~ was more or less just an apology
Not a fan of waiting long times on phones. I guess Macq aren't really going to offer me anything else for the poor service yesterday
@nismo: No worries! Happy to share and hope that this may be helpful to some in OzB community. I reckon that for all banks, when there is an issue, in all fairness, customers would be made to jump through hoops to get the issue fixed.
While I'm all for the measures and processes to reduce risks to customers, in the case of Ubank, the hoops were too many, painful and time-consuming - 2 hours wait to talk someone to just get the progress and status is over the top for me.
Just manage to get through after 2 hours and was told that the block issue is still pending and a request to have a senior to send a chaser to the team has been done. Hopefully my account will be unblocked by end of today; else got to make another call tomorrow (another 2 hours wait). Even after the unblocking is done, I still need to make another call to ask to reset the password. This is a real pain and total waste of resources!!
The things I like about Ubank is their intuitive app, sending fund via OSKO and the ability to have almost unlimited daily limit if you can live through 2 hours wait. In short, Ubank works when there is no issues that require a call to support. However, their fraud/scam detection processes on customers fund transfer are over the top.
@F1ngolf: ING is happy to double this offer: Miss one hoop, loose interest for 2 Months, ring them up and wait 4 hrs to talk to a human!
@payless69: Sorry, I should elaborate, it wasn't that I was only on hold for 20 minutes, at that point I hung up because I got the strong impression that nobody was answering. They said they were transferring me and it went nowhere….
The first call was picked up pretty quickly after getting thru the prompts.
Second call (rang back after on hold for 20 mins) never connected to anyone.
Third call was answered and CSO was quite good, but by that point I was jack of their BS.
@F1ngolf: better to be safe than sorry - I'm glad to hear they block suspect transfers that are not normal behaviour from accounts.
@F1ngolf: NAB has done this to me too. I think all (most?) banks do this now, which would be fine in theory if their customer service was quick to clear it up.
No conditions either it seems. This bank give you a debit card that doesn't charge international transaction fees as well I think. Perfect for international travel
Macquarie will be as safe as any other Aussie bank with the govt savings guarantee up to $250k
I believe Macquarie are Australia's 5th biggest bank.
Err…if Macquarie goes you can be sure half of Australias economy disappears as well lol.
Dunno why i got downvoted for this. I got PTSD and I'm scared of opening up new accounts where I put my hard earned money in.
I think it is because you compared an actual bank with a no name crypto platform
I was wondering what the hell digital surge was.
Digital Surge was one of Australia largest crypto platform.
It was ASIC and Austrac registered so I thought it was regulated and safe, but it means absolutely nothing - I learnt the hard way
Esuper apparently endorsed them and alot of people have now lost their super
@Homr: Crypto has always been a gamble just like any other investment portfolio. But you can't compare this to a bank.
It was ASIC and Austrac registered so I thought it was regulated and safe, but it means absolutely nothing
For anyone else reading this, these two things simply mean a Crypto company is permitted to exist as a Crypto company. That's all.
There is zero safety net, don't go in unless you understand this !
So you make $3,750 interest on $250,000 deposit in 4 months?
[250,000 * 0.045 / 12 * 4 = $3,750] - Is that how it works?
Roughly. It’s more accurate to divide by 365 days and multiply by the exact number of days in the 4 month period
It would also be slightly more because you still do earn interest on amounts above 250,000 just at a lower rate (2.95%). And also because interest is calculated daily so you’d be earning some compound interest.
Don't forget like everything, you'll need to pay tax on that "income".
Oh. Yes of course… So that's 50% gone already. Almost not even worthwhile.
yeah free money sucks
This means your income already at the highest tax bracket.
3560.62 before tax
Kids accounts eligible ?
Great southern bank has kids accounts. Opened two my new newborn and 2 year old without issue recently. Currently 4.75% and no fees or requirements.
Thank you very much
for interest earned in kids accounts, are they considered as income for parents?
The accounts are solely in the kids name. Even still, you need to read up on what the ATO says about interest earned in kids accounts. If the money is taken out to be spent on kid related expenses for example, the money is deemed to be the parents and interest associated with it counts towards the parents taxable income.
If it’s just a long term account for the kids solely you will be fine and no tax would be paid on it. Just be aware of the max interest kids can earn a year before suddenly the entire thing is taxed at like 66%.
You need to be 12 and up to open. They don't specifically have a "kids" account.
do they ask driver's license?
Either drivers license or passport. If have neither then select that option and they'll email you saying to go see a Justice of peace or someone equivalent and get another form of identification witnessed that way. You email back the witnessed form.
Only for new customers
as it already says in the title..
Does it just mean need open new account?
Mong question but how do you transfer bigly amounts from 1 bank to another.
Is it just by BSB/transfer?
That works. Make sure the bank account from which funds are coming from has a high daily limit to how much you can transfer. This usually requires an authenticator app from that bank.
That's a good question actually. I believe ANZ's limit is up to $10,000 per day normally and $25,000 per day with Shield activated.
BPAY payments up to $75,000 per day and a single transaction limit of $49,999 but that wouldn't apply.
Not sure if you can go into a branch to do a larger amount by showing ID. Or bank cheque?
That's how I have done it in the past, through BSB. There's normally a daily limit on how much you can transfer. Some apps let you up the daily limit, or else you may need to call the bank to lift the limit temporarily if wanting to transfer large amounts.
I always do a $1 transfer first to new accounts to make sure everything is set up correctly and I have the BSB/account details saved properly.
exactly what I do when transferring to a new account, $1 first to confirm
You can go into a bank to do a large transfer Ie. 100k.
PayID, just register email or phone number then instant transfer - https://www.macquarie.com.au/help/personal/bank-accounts/man…
100K limit with the authenticator app - https://www.macquarie.com.au/help/personal/your-account/your…
churning savings accounts feels like nbn churning lol
Idk how u guys keep churning RSP every 6mths
so existing customers just open an account somewhere else.
Literally opened one yesterday… oh well it was only for 15 days until my BOQ starts earning interest next month.
Fellow Macquarie customer here, just giving all of you heads up. You can't get "cash out" at a eftpos terminal. Apart from that everything else is great! I love the discounted gift cards too!
I haven't seen any reference to EFTPOS in their T & C. However, ATM Cash Out is available via the linked Transaction Account.
https://www.macquarie.com.au/help/personal/bank-accounts/dep…Also can't get refunds on the card from Medicare if they process it on the POS as the card uses the credit account only.
The card is tied to the linked Transaction Account and is therefore a debit account, so if you've got enough money in that account then it should work at a POS.
@MicMac: Platinum debit cards use the 'credit' option.
https://www.macquarie.com.au/help/personal/bank-accounts/man…
@apptrack: I don't disagree with that.
But I thought this thread was about the Savings Account and the special introductory/welcome interest rate of 4.5%.
To open a savings account with Macquarie you need to have a linked Transaction Account, which has a tied-in debit card.
Just a reminder Virgin Money is offering 4.60% and you don't need to lock in for 4 months and it's for existing or new customers.
Conditions and details here: https://virginmoney.com.au/bank-and-save/accounts/boost-save…You don't need to lock in 4 months at Macquarie either. That's how long you'll receive the welcome rate. At any time you can take your money out.
With Virgin you have to jump through extra hoops for that 0.1%. $2000 deposit and 5 transactions each month, plus 32 days notice if you want to withdraw you money.Hence why I put the conditions in the link.
The hoops can be met in 1 minute with zero effort using automatic transfers, eg 5 X 1c auto transfers, auto transfer 2k in then 2k out (if you want to) without lifting a finger, very easy.
You also don't need to be a new customer to always get the best rate, so if you've got your main transactions account already with them, there are no hoops, the criteria will be met anyway..
This is not locked in - it's an introductory offer for a 120 day period. You can withdraw any or all at any time.
edit:- at the end of the introductory/welcome period the variable ongoing rates apply for both the Savings and the linked Transaction accounts (3.7% from 16 December)
Loving Macquarie thus far…
I'm with bank at 4.10%, enough to jump ship?
Technically you are still on 3.85% atm, Ubank is quite behind the curve now on saving interest rate now.
Yep I see it ticks over in Jan though.
That's quite the wait.
Gosh damn what will I do with the other $250k…
What's the Macquarie phone and desktop apps like? The ubank one is impressive and you can see they've put a lot of work into it.
Don't know about phone but the desktop internet banking is top notch.
Phone app is A+
good to know
Signed up a week too early:(
If you ask them, they might be nice
Wasn’t there a post before saying that when they raise interest rates again during your 4 months introductory rate they will increase automatically? Or was I dreaming? 🥸
If the base rate rises above the intro rate you'll get the base rate < is probably what you're remembering.
Whats it drop to after that first 4 months?
Whatever the base rate is, currently 3.45% and 3.7% in a few days.
Opening an account took literally 5mins for me. I've read comments from other posts that it requires approval? Whats the go there?
Depends on the bank. ING takes about a week, ANZ Plus and Macquarie were minutes for me too.
The comments were about Macquarie account
No idea then. I did read a comment where ING took a week for someone else.
Super dodgy. It was super easy and on the second day my account was blocked. Had to call them, wait in line for 45 just to verify my account. They said that’s how they do it. I was so pissed because they could have just said ‘call to verify’ but no, they blocked the account and I had to call. Was super confused. 🥸
really?
100%
Gretel did not get a job at KFC.
But this bank got a cashback on the casting agency.
Momentarily they placed Westpac outside the big 4.
NAB bought CITI operations,
ANZ wasted money (4.9bn) on useless Suncorp.Brace for new bank fees with the removal of responsible lending laws , Biden dictates, Albo nods…..
Does their transactional account have any fees?
no
Do they use Osko fast transfer up to daily limit?
Yes
Since when did they start using payID / Osko?
- 1
- 2
Time to jump?