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Transaction/Savings Account 4.75% p.a. Interest on Balance up to $1,000,000 @ Macquarie Bank

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Transaction/Savings Account 4.75% p.a. Interest on Balance up to $1,000,000 @ Macquarie Bank
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flud on 15/11/2023 - 14:55 macquarie.com.au (4361 clicks)
Last edited 14/10/2024 - 11:25 by 2 other users

Received this via email:

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.

Financial Bank Account Savings Account Transaction Account

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Macquarie Bank
Macquarie Bank

closed Comments

    • H4nd0 on 16/11/2023 - 10:00

      I experienced that too recently on a 1-year-old vehicle. $1400 for $60K. Adjusted the KM per year and excess to bring it back down to $950.

    • Ade99 on 16/11/2023 - 14:56
      +1

      It is getting dangerous out there….

  • Gavman on 15/11/2023 - 18:32

    Or you can open 4 Ubank accounts (250k in each) and get 5%

    • Igaf on 15/11/2023 - 21:19

      Govt guarantee risk, admittedly small atm

      • sween64 on 29/11/2023 - 12:13

        Same risk with Macquarie

        • Igaf on 29/11/2023 - 14:30
          +1

          There's a risk for any amount above $250K. That's simple to understand if you have above that in a single FI account but it gets complicated where money is spread across accounts which are with the same parent company eg Ubank/NAB. The govt guarantee website shows entities covered.

          • sween64 on 29/11/2023 - 14:44

            @Igaf: So $1m in 1 Macquarie account is the same risk as 4 x $250k in 4 UBank accounts.

            • Igaf on 29/11/2023 - 14:58
              +1

              @sween64: Yes, and $500K in both Ubank and NAB (one entity) as far as the $250K govt guarantee is concerned (a whole range of criteria - assets, investments, reputation etc - will determine whether one FI is a lower or higher risk of failure than another overall).

              https://www.apra.gov.au/list-of-authorised-deposit-taking-in…

              "When determining whether the total value of all your protected accounts with an ADI is below the $250,000 limit, it is important to include any accounts that you hold which have been marketed by the ADI under a different name."

  • altitudinous on 15/11/2023 - 18:36
    +2

    This is a bargain because of the no hoop jumping. I'm going to sign up.

  • ilovefullprice on 15/11/2023 - 19:35
    +1

    How is 4.75% considered high?

    • c64 on 15/11/2023 - 19:55
      +5

      for a transaction account it is friggin' phenominal

      • ilovefullprice on 15/11/2023 - 20:50

        Ah right, and no fees and no minimum transactions or deposits required.

  • SomeCheapAndUse on 15/11/2023 - 20:35

    How about Hiver Bank https://hiver.bank/products/target-saver/
    they have up to 5 mil and 5.5% just no withdraw

    • c64 on 15/11/2023 - 21:50

      great for stashing money you won't use for a month

  • pn09 on 16/11/2023 - 07:31

    I've been getting 5% from AMP since June. Need to put $1k in every month so just have a DD removing $1k and then putting it back in.

    Can withdraw as much as you want as long as you keep putting in $1k every month. I've been down to $0 for a few months and then have some in there again now.

    Transfers come through instantly to CBA.

    Up to $250k

    • Syke123 on 17/11/2023 - 18:17

      AMP Saver Account

      Reach your savings goal faster when you deposit $1,000 or more in the previous month.

      Variable rate effective 01/12/2023
      Up to 5.20% pa

  • Carmen Sandiego on 16/11/2023 - 07:58
    -3

    NAB Reward Saver is going to 5% on the 27th - no minimum or conditions

    • flud on 16/11/2023 - 08:08
      +2

      Receive the variable bonus rate when you make at least one deposit on or before the second last banking day of the month, and no withdrawals

      • Carmen Sandiego on 16/11/2023 - 08:10

        Honestly, that's the best condition you'll get for 5%

        • Igaf on 16/11/2023 - 12:07

          Different strokes as they say. Ubank is better imo (and marginally higher). No withdrawals is too inflexible.

        • spaceflight on 16/11/2023 - 20:16

          No it isn't, it's a horrible condition.

          If you ever need to withdraw money you lose and entire month of interest.

          You may as well be in a flexible account earning less interest.

          Or you could just ubank, have less conditions, withdraw without penalty and get a higher rate

          From https://www.ozbargain.com.au/comment/14567837/redir

          Earn up to 5.10% p.a. on your savings
          Good news for you and your savings! From 1 December 2023, you could be earning up to 5.10% p.a. 🚀

          It’s easy for you to earn more on your savings

          To get the bonus interest rate on your Save account all you need to do is have a Spend account and deposit at least $200 per month into any Spend or Save accounts (not including internal transfers). Simple.

          Your new bonus rate is 5.00% p.a. and is paid on balances up to $250K per customer on top of the 0.10% p.a. base rate.

  • Mattmbgo on 16/11/2023 - 08:43

    Bendigo offering 5.25% for up to 100k i think. Condition being the balance grows

  • triks on 16/11/2023 - 08:59

    I'd say Rabo with 5.75% for 4 months up to 250k can't be beaten at the moment. ING haven't matched them and are still at 5.5%.

  • VBO on 16/11/2023 - 09:07

    st George has 5%

  • edman on 16/11/2023 - 09:37

    I have a SMSF account with AMP that came off its bonus rate last month so looked up Macquarie based on this post, their SMSF option pays at 4.75% as well. But when I checked AMP my account is reporting the rate is at 5.5% even though its nowhere near that for new signups. Not sure if its a glitch but will do the calcs after the next interest payment.

  • H4nd0 on 16/11/2023 - 09:46
    +1

    Macquarie offers 5.40% welcome rate for the first 4 months. Macquarie also has a business savings account currently offering 4.5%. These increase by 0.25% on the 17th. Plus you can purchase discounted gift cards directly via Internet banking. For example, I purchased Apple digital gift cards at 5% off the other day.

  • chrisie on 16/11/2023 - 11:53

    Received this email today from uBank.

    Earn up to 5.10% p.a. on your savings
    Good news for you and your savings! From 1 December 2023, you could be earning up to 5.10% p.a. 🚀

    It’s easy for you to earn more on your savings

    To get the bonus interest rate on your Save account all you need to do is have a Spend account and deposit at least $200 per month into any Spend or Save accounts (not including internal transfers). Simple.

    Your new bonus rate is 5.00% p.a. and is paid on balances up to $250K per customer on top of the 0.10% p.a. base rate.

  • engin3chas3r on 16/11/2023 - 20:48

    anyone know if ING gonna lift there 100k cap for savings?

  • payless69 on 20/11/2023 - 16:48

    Thanks Gretel.

  • payless69 on 06/12/2023 - 07:29
    +1

    Perfect for Ubank haters.

  • Kobe24 on 13/12/2023 - 09:51

    $1mil limit will rule out most of ozbargainers

  • RichardL on 14/10/2024 - 11:30
    +2

    From 17th October 2024:

    • Savings Account increasing from 4.75% -> 5.00%
    • Transaction Account decreasing from 4.75% -> 2.75%
    • MeesusEff on 14/10/2024 - 19:17
      +1

      So the platinum transaction account most of us opened after ubank is now going to be 2.75%?

      • kerfuffle on 14/10/2024 - 19:20

        Yep

        • MeesusEff on 14/10/2024 - 20:29

          Damn that sucks, what's with all the banks shittifying everything when they get new customers. AMP also lowered their rates

      • terriblebargainer on 16/10/2024 - 08:49

        I moved all my CommBank accounts to Macquarie 3 weeks ago, so definitely annoying.

        Will just have to manage my daily account with a daily saver as well now. Frustrating but the 2.75% is still better than the 0% that CommBank was offering.

        As well as the fact that CommBank made me reapply the bonus interest on my saversevery 3 months to get the 4.x% otherwise it defaulted to 2. The fact that the Macquarie savers are set and forget is definitely an improvement.

        • Shane043 on 16/10/2024 - 15:33
          -1

          The Macquarie transaction account drops to 2.75% but the savings account interest is 5%

    • screensaver on 15/10/2024 - 20:01
      -1

      I got this one too, so I am going to transfer the transaction funds to the savings account (5.00)

  • jaimex2 on 16/10/2024 - 09:39

    It really doesn't pay to save.

  • JakeyJooJoo on 16/10/2024 - 19:08

    Random question if anyone with more banking knowledge than me might know.

    Homeloan offset accounts are classified as transaction accounts for my bank.

    For Macquarie bank, is that the same, and if so, do you get to double dip in benefits? IE, receive this interest rate return in addition to your typical offset benefits.

    I assume the answer is, no that's ridiculous, but thought I'd ask anyway. Never seen such high interest for transaction accounts.

    • blackfalcon53 on 16/10/2024 - 20:20

      You don’t get a double benefit. Anything in your offset account accrues 0% interest - but your saving on your home loan by it being treated as being taken off your home loan amount. It also doesn’t adjust your monthly repayment you just end up paying less interest and more towards capital in each installment and you’ll pay off your loan sooner.

      At the moment it’s better to keep your money in an offset unless you have a crazy low home loan like 2-3.5%.

      The additional benefit of having it in your offset is you don’t pay tax on the interest you avoid paying - unlike interest you get on a saving account which is taxed like income.

      • JakeyJooJoo on 16/10/2024 - 21:56

        Oh yeah I'm very familiar with offsets and how they work, was just wondering if you could double dip at Macquarie as at my bank offset accounts double as transaction accounts. Sounds like a hard NO based on your response!

        • blighst on 16/10/2024 - 23:29
          +1

          I have a Macq home loan. Hard no

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