We’re pleased to let you know that we’re increasing your Macquarie Transaction and Savings Accounts variable ongoing interest rates by 0.25% p.a.
From Friday 17 November 2023, you’ll earn an even higher ongoing variable rate of up to 4.75% p.a. on both your transaction and savings accounts.
We’ll automatically apply this rate increase to your accounts, and you can have confidence that with Macquarie you’re earning a great variable rate – with no fees and no minimum transactions or deposits required.
Transaction/Savings Account 4.75% p.a. Interest on Balance up to $1,000,000 @ Macquarie Bank
![](https://files.ozbargain.com.au/g/38.jpg)
Last edited 15/11/2023 - 15:21 by 1 other user
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fingers crossed
I've moved all my fund out of BoQ to Ubank. Their rates dropped below Ubank.
BOQ increased rates half way through my loan application outside of the RBA rate rise…
Interest rates on these type of accounts aren't directly influenced by the cash rate so there's nothing to "pass on". It is demand for lending products that drive the rates for these products - the influence of an increased cash rate is indirect as it lowers demand for lending products, which means banks aren't incentivised to increase cash deposits to facilitate those loans.
We know that the RBA decisions are explicitly designed to increase the costs of borrowing to reduce spending and increase unemployment, so expect the rates on HISA products to start dropping rather than increase with those decisions. Basically as demand for lending products drops, the rates on HISA products will also drop. There's no incentive for banks to hemorrhage money on high HISA rates without their loan books increasing.
Well put.
Basically as demand for lending products drops, the rates on HISA products will also drop. There's no incentive for banks to hemorrhage money on high HISA rates without their loan books increasing.
For the big 4, yes
But for MQG, no
Overseas funding costs for MQG have increased so they are now switching to local funding
This is also why they apply the full rate to amounts above the $250K government guarantee
Some banks (not all) are experiencing/predicting their loan books to shink (or at least not expanding) due to current headwind economic conditions affect lending (borrowers are reluctant or unable to borrow as much as before thanks to skyrocketting interest rates) so they don't rush to have cash from saving accounts to lend out. Supply and demand 101! The RBA latest increase doesn't translate into saving rate increases across the board as a result.
Ubank also has 5% up to 250k and only require $200 deposit a month.
My introduction rate with Macquarie just ended, so I'm moving to Westpac eSaver which will be 5% for the first 5 months from Nov 17th.
Ubank would still pip this though.
Apparently Rabo bank is offering 5.75% for the first 4 months
Can confirm but the bank sucks - needs physical authenticator keypad to log in, can only withdraw to linked account and no OSKO.
At least it's good from a security standpoint?
they are but it is only 4 months but up to 250k
Ubank require a monthly $200 deposit. Not difficult to achieve, given you can withdraw it too. I don't think Westpac has any qualifying rules. Are ubank increasing their rate, because it is currently advertised as 5% also?
As for Rabo, I've also used their intro offer.
The current rate of my saving account with westpac is 1.1%… I'm a 10yo customer.
How many hurdles are there moving larger amounts between banks? Is your source bank going to make it difficult?
Depend. Some just need acknowledge the 2FA code, some set max limit in app for a day, some you have to call them.
Small transactions into these other bank accounts kinda sucks. I had a few issues with moving funds from ANZ to macquarie when i signed up last year. Their system flagged transactions as fraudulent and quarantined my money for a few days. It was pretty shit as they dont tell you theyve done this. The money leaves your account and it doesnt appear in your destination account, so you can be forgiven for thinking it's lost. And yes i called them up. ANZ initially said wait and itll appear inn24 hours and it didnt so i had to keep chasing them up
I signed up with AMP for a term deposit and they just pull whatever you invest out of your account in one go. Much better.
I do occasional transfers up to 50K between various banks over the years, the first transfers were vetted but subsequent ones normally take about 10 secs to arrive (OSKO).
In this case, Macquarie has served me very well as I park my funds there, and I can normally pay out dues as per above timeline
So what, ING, virgin money offering 5% plus
ING up to $1,00,000 and has the conditions (5 transactions, 2k deposit, grow balance)
this doesnt have those conditions
Certainly worth the extra effort for the extra 0.25%
agree & its 5.5 for ING
can simply split transactions at the checkout get it done in 1 go@Homr: hence hwhy it's a savings account
with that said im fairly sure it can grow by 1c or $1 (any amount over the interest paid)
@atlas: Again, only up to $1,00,000. though was wrong its only a 1k deposit
https://campaigns.ing.com.au/savings-maximiserhaving said that
ING Savings accelerator
is 4.7% on balances >$150k
yup, monthly schedule to buy 5 x $1 Amazon eGC. Worth the effort.
Rather keep my cash and gold with me thanks :D don't trust banks with anything.
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Ok Ron Swanson
St George has a 4.85% that pays the interest monthly to another account
ST george is 5% on incentive saver with the only condition that it grows by 50 dollars or more wach month
5% for balance to $250k, and 4.85% for >$250k.
Ahh I see my apologies
I checked this the other day with St George customer service and was advised there was no limit for 5% interest on incentive saver. Did this change recently?
EDIT: Just checked.. they have indeed applied a limit
Bear in mind that the government's deposit guarantee is only up to $250,000 so if you have more than that, it's safer to split it among a number of sub-$250,000 accounts.
you should really read up on that law…
What’s changed?
The 250k guarantee is per institution so splitting 1m into 4x separate accounts at the same bank won't guarantee 750k
Does Westpac and St. George count as same institution?
Thanks, that's what I meant, but hadn't really considered you could have multiple savings accounts at the same bank.
$989.58 a month in interest based on a balance of $250k
Free money!
For the banks….
and ATO
AMP is 5%
any monthly deposit conditions with AMP?
Yes, $1000 deposit.
but it's AMP…
Nothing wrong with amp. They now have payid and even normal eft transfer to a linked account is instant. I link my amp to my cba account
Apart from their terrible ethical history
Selling off multiple divisions that were profitable doesn't scary you. Don't forget it's publicly traded and the share price hasn't moved at all.
They have one of the highest interest rates for "no hoops" accounts, after ANZ Plus.
Even ANZ Plus have hoops.
If only I was born before the 90s this might actually be useful
Who puts 1mil into savings account lol. Scamming yourself.
That's true, probably more beneficial to people saving towards a deposit now I think about it
I guess the 0.25% increase in savings will negate the 0.25% increase in your mortgage rate.
Why can't ing budge from their silly 100k limit!
its isnt worth to leave anything more than 10K sitting on a saving account, earning 5% interest. better to invest else wer.
Better performance than the ASX though ;)
In some cases even better than houses.
so if you are saving for a house, people should put that in stocks and pray instead?
Please stick to r/wsb and stop thinking everyone is that crazy
Because they don't wanna pay you interest on your excess balance, defeating the wonders of compound interest. They are literally holding millions of dollars hostage with no paid interest just because they pay a higher interest on the first 100k of each account. Pretty damn smart I you ask me.
shared with boomer parents. Thanks :D
Thanks OP, deposited $1,000,000 dandruff
Not worth it if your home mortgage interest rate is higher than this. Just keep it in your revolving credit account. - Source - Barefoot investor.
Or juggle carefully with offset balance- to ensure not greater than the loan amount.
Yep my offset is equal to my mortgage so any extra cash I have now goes to a HISA and ETF's.
Only up to $1,000,000??
Well that's no good for the majority of OzBargainers!
someone deposit 1mil into my offset account. we'll split the difference between this rate and my mortgage rate,.
Trite.
Variable home loan interest rates will change on 17 November 2023.
https://www.macquarie.com.au/help/personal/home-loans/manage…
Good spot! That's rare of a bank to do that though. Thanks for the call out :-)
Ubank offers 5% which is better but they've been offering that for a few months even with the rate increases.
ING have a 5.5% saving and BOQ have one offering 5.4%
And there aren't any no hurdles with ubank IMO. You can deposit the $200 and move it back a minute later. So for <3 mins effort it's a no brainer.
Ubank is still better 5%
It's crazy to think that some people have a spare 1 mill laying around.
1m getting 4.75% per year, or about $4k per month
cash
something u can retire on.
They don’t call it the millionaires factory for nothing
According to Market Forces, Rabobank currently have 19.1 Billion funded to fossil fuels……
Any advice on a formula/calculation to decide between a savings account and keeping the money in my offset? My interest rate was fixed at 2.5% but I know that tax paid on interest through these savings account will diminish it as well.
Are there any deals for amounts more than $1,000,000 ?
Username checks out
Can confirm they have a history (per reddit) of mysteriously locking peoples accounts - citing AML. Recently had it randomly happen to me, and it's a bit of a mare to rectify with customer support as no one will give you a straight answer. Good app though, discounted gift cards! and higher limits for transfers than Ubank if thats important to you (UBank have a 10K limit that you need to call customer support every time to have increased temporarily)
The standard transfer limit for UBank is actually 20k per day now without contacting support, and that includes 100% PayID/Osko unlike other banks (For eg. ING & BOQ's laughable 1k limit)
Macquarie's PayID limit is smaller than UBank at 10k per day. This part can also be important to some.(UBank have a 10K limit that you need to call customer support every time to have increased temporarily)
Did a transfers from Ubank for $20,000 each day for 3 Days in a row, didn't need to call customer support every time to have increased temporarily.
I've been locked while in Japan for 3 days and a lot of unsuccessful calls for a 20c debit they took it for fraud. In the end, they credit $150 for all the hassle.
Got my car insurance today. Gone up 30% in 12 months. $1400 for a $60k car. WTF mate
Comprehensive ? I'm paying $2000 for a 10yo $20k car…
Yep. Man you're getting boned even harder. I feel better now thanks
Edit - Couple of years ago it was $750 or so.
Let's see BOQ increase after they cut rates last month