This was posted 1 year 4 months 26 days ago, and might be an out-dated deal.

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Business Savings Account 4.1% p.a. (Variable Interest) on Deposits up to $250,000, (3.95% $250,000-$1M) @ Macquarie Bank

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Business Savings Account 4.1% p.a. (Variable Interest) on Deposits up to $250,000, (3.95% $250,000-$1M) @ Macquarie Bank
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onceupon8 on 26/06/2023 - 10:52 macquarie.com.au (208 clicks)

As an update to the deal I posted last month (https://www.ozbargain.com.au/node/774363), the interest rate has now increased from 3.55% to 4.1%

This is the highest ongoing BUSINESS online savings account rate that I could find (AMP & BOQ may have slightly higher introductory rates). As business owners would know, banks give much worse interest rates for businesses (eg Private companies) and are often about 1% compared to the 5% that you can get on personal online savings accounts.

Key points:
* Best for private companies. If you're a sole trader, you can probably just use a personal account and get a higher interest rate as personal accounts pay more interest.
* They aren't accepting trusts at this time. Instead you may be able to open a Cash Management Accelerator Account (CMAA) through your accountant or financial adviser.
* No xero integration - need to manually import statements to Xero
* No fast payments out

Financial Bank Account Business Banking Savings Account

Related Stores

Macquarie Bank
Macquarie Bank

closed Comments

  • stampella on 26/06/2023 - 11:11

    I thought that Xero integration was possible with Macquarie.
    https://central.xero.com/s/article/Macquarie-Bank-direct-fee…
    This is one of the key reasons I was thinking to switch!

    • tommynolips on 26/06/2023 - 12:03

      Only very specific Macquarie account types support Direct Bank Feed :(

      • cplagz on 30/06/2023 - 12:34
        +1

        I can confirm Xero bank feeds work on business vision savings and cash accounts. It was a bit of a stuff around setting it up because Macquarie were trying to ask to setup something between them and my accountant…. And then my bank feeds started working anyway. Apparently they approve them in batches, not as they come through.

  • mistertea on 26/06/2023 - 11:31
    +3

    FYI you won’t be able to sign up for this account if you have EVER had any personal Macquarie accounts, even if they are now closed, which is annoying

    • cumova on 26/06/2023 - 11:46

      This a system issue on their end?
      Anyone know a work around?

      • mistertea on 26/06/2023 - 11:53
        +1

        I spoke to a customer service person about it and they said it was an intentional policy but they didn’t elaborate on why

        • ScottEh on 26/06/2023 - 11:55
          +2

          Likely intentional in that Macquarie couldn't figure out a workaround in their system and gave up

          • cumova on 26/06/2023 - 18:18

            @ScottEh: Tbh that would be unlike Macquarie as they are prob market leaders in the way they are using technology on their backend.
            Disappointing however at these rates I will try

  • Ave Maria on 08/07/2023 - 15:20
    +1

    Great Southern Bank treats Personal/Trust/SMSF/Business setups same way (but application steps & forms vary)

    eFlexi @4.20% no uper limit & no hoops
    +
    Advantage Saver @4.85 (1st $100K) / 4.7% (next $650K) / 4% (for amount over $750K) only condition is to increase balance by $250 each month

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